I believe you can do it. Although, I also need encouragement because i just started too but I am not as old as you
I am close to your age. Just restarted about a year ago to make side income just like you.
Visit Van Tharp site, and read his books. Learn and control yourself on psychological aspect and money management (position sizing), then make your business plan. Lots of free materials are there, also his books may be available your near by library.
At the same time, get on one of the brokerās demo trading site. Hopefully the one you can use MT4. Find ānon nonsense forexā page, his youtube and podcast programs, and learn trading technique from there, but you need to develop your own trading rules and strategies at the end of the day.
Treat Forex and/or any trading as your business.
Do not be hasty to start live trading until you make constant positive result on demo account.
Good luck!
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Omigod, call 63 ripe??? Iām 74 and have just started another company as well as FOREX. My father went on working to 92 'cos nobody told him to stop. Ageing is all in the mind.
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Age is no barrier. I am almost your age. Just look at this comment! The trick is making the money, that is where it lye. If your up for a challenge and donāt mind learning something that may or may not make you any money then go for it. But you will learn and you will make mistakes and you will lose money, but the key is to make more money than your losing. Learn the basics, paper trade then give a live account a try.
Challenge and risk, thatās what itās all about!
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Iām 63 also and just learning. You have to continue. Where will you be at 75 if you donāt?
I find this as such a cute question āAm I too old?ā. You can be old only if you wish to be old. Forex does not recognise your age but your trading skills. If you are ready to learn and dedicated to make success on Forex, it does not depends on your age, but from your will for achievement
People who lay on the financial markets would consider forex is a hard thing to understand.
Well mental and intellectual capabilities decline with age, so learning curve wonāt be so steep. I guess it will take longer to understand theory and apply it.
Back in June 2011, on another forum, there was a great thread which to my thinking has not been surpassed as a pointer to successful trading.
The OP had a username of Optiontimer, and the thread can be found here:
I was a participant in that conversation.
The strategy was based on a Daily charting approach to futures and commodities, which Optiontimer said was quite adaptable to Forex trading.
It is based on the principles espoused in the Book by STANLEY KROLL: " Futures Trading Strategy" which is available on Amazon, and also as a free .pdf download. I will try to upload it to this post for you, but failing success with that, a Google search should find it for you.
So here - I have given you two things:
- The thread that discusses this strategy
- The book/.pdf that it is based on.
The .pdf is 212 pages long, but by combining information from the thread, with what strategy and examples can be easily found in the book, there is no excuse for not becoming a success in trading, if you are serious.
It is not necessary to read the whole 212 pages in order to understand the method.
But even so, I hope more than the usual 5% of readers will take advantage of the opportunity for success here, and take a look and apply it.
In my own case, I didnāt have the capital, after squandering it all on earlier fruitless attempts to make trading produce a cash flow for me and my family. That much I really regret, and today I wish I had never heard of trading and markets.
Traders need to be aware that there is always ā¦ A-L-W-A-Y-S ā¦ that āBlack Swanā event that can and will wipe the floor with your trading account.
Ask those who got caught in the January 2nd 2019 'Flash Crash" YouTube
or the EURCHF correction of 15th January 2015: YouTube when the Swiss Reserve Bank removed the cap on the CHF without warning.
There are also multiple examples of smaller, yet just as effective account-cleaning market moves to be found. Brexit was one on 23rd June 2016, when there was a feint-parry-thrust move in the GBP that fooled traders into going long, before the 2000+ pip reversal within a couple of hours that also cleaned accounts, unless you were at your desk and fortunate enough to close out fast enough.
Still want to be a trader?
Stanley Kroll on Futures Trading Strategy is a .pdf file, and as such can not be uploaded to Babypips forum.
However - all is not lost.
You can get yours here for free with a little bit of concentration to traverse the maze of advertising and false links: Kroll on Futures Trading Strategy - PDF Free Download
Just for those who really want to succeed, and who have the funds to trade the daily charts.
This is a good thread, as mentioned earlier:
trust God with us. you can do it.