Hello traders,
I just spotted this simple but sober article by author, analyst, researcher, and trader Jean Folger:
How To Start Trading: Trading As A Business | Investopedia
It is in nine parts, but worth a read… especially if you are a newbie, or coming back to trading…
Enjoy, and good luck trading.
Trading shall always be treated as a real business if you want it to work. You have to keep a professional mindset and be very discipline about it.
Exactly , i think so about trading as business , i have desire if i can be a profession as forex trader like businessman running successful business . So i treat forex trading as my real business , hope one day i can be successful businessman from doing this job
The problem with leveraged trading is that it gives false hope to those of us who begin this activity underfunded: nobody would start, say, a clothing business with $/£500, or a bakery, or an ice-cream parlour, or an orthondontist’s practice… To start a trading business with too little funding is possibly a way to fail: instead of taking few, high-probability, low-risk trades, we trade too frequently, leveraging too high, in attempt to grow our capital… Nobody investing, say, $/£ 10,000 would do that: capital preservation avoids over-leveraging like the plague…
Sadly, it is true that money makes money… So if you have no savings and have to work long hours just to keep body and soul alive, then trading a leveraged product is probably the wrong business: saving money in the bank is probably more suitable…Do not shoot me, these are just my thoughts, after two and a half years of trading.
I wouldnt say putting your small forex account say £500 to £1000 in a bank is preferential to trading it in a forex account, a bank is going to give you 5% a year at most. so your going to get £25 or £50 profit a year, yes forex is more risky but its also a lot more rewarding than giving your money to a bank, with large amounts of money yes a bank might be a better idea say £100,000 a guaranteed £5000 a year sounds much better, tho i would rather trade it.
I agree , partially, with what you say; the problem with bank accounts in the UK, for example, is that they are offering 0.5% annual interest, which is ludicrously uncompetitive; however, if you think that you do not have the time to invest in trading, then put that money in a savings account, absolutely. Looking at time needed versus returns in my trading, for example, it is disproportionately imbalanced, with hundreds of hours of forum time, of reading, of chart reading, of video watching, etc. versus tiny returns… So it is not something suitable for everyone…
Margin, be prepared, rise early in the morning, sleep late in the evening, learn, learn, learn.
Sometimes you seem to go down a dead end street, you spend months doing so, you think time wasted.
Like the businessman running… it is far from easy, work, work, work - never give up.
Adopt this attitude, then you will absolutely drop the word ‘hope’, it will become 'one day …
I absolutely agree. Plenty of the same principles apply and the same mindset is required. You can’t start a business and think that in six months you can retire from it. It takes plenty of years and hard work and so does forex trading! The same applies to funds required to trade.
Six month is a less time to test our abilities. Six month is a trial period when you learn about basics of forex and forex business. To establish fores as a business we need couple of years. I started earning after 2 years, I got only small amount of profits in 2 years after it it was possible to make good return form forex trading.
I would say that as a newbie trader you should give 1 year of time and practice doing trades in the Demo trading accounts because only after that you will be able to understand Real trading 
[QUOTE=“mrquickbuy;696443”] I wouldnt say putting your small forex account say £500 to £1000 in a bank is preferential to trading it in a forex account, a bank is going to give you 5% a year at most. so your going to get £25 or £50 profit a year, yes forex is more risky but its also a lot more rewarding than giving your money to a bank, with large amounts of money yes a bank might be a better idea say £100,000 a guaranteed £5000 a year sounds much better, tho i would rather trade it.[/QUOTE]
Yeah putting the £500 to £1000 in to forex instead of the bank makes sense as depending on your leverage, you could just open a position 0.01 in size (so £1000) in favour of a currency with a higher interest rate eg. AUD.
Obviously a favourable trend would be desirable too but my point is that with 100:1 leverage, you’d have tied up £10 to gain the interest on£1000 so if price didn’t move, you’d still make money. Obviously this isn’t a trading method but in the carry-trade section of the school, it does mention this.
With the interest rate at 0.5%, you’re better off doing almost anything else with your money other than leaving it in the bank. My wife & I were just discussing the other night whether to look at 10yr bonds or another buy-to-let property as the money isn’t working for us in the bank so we need to look else where. Hopefully a few years down the line that “elsewhere” is my FX account.
Edit: Here’s the link to the School section:
Just my 2 pennies, but if you trade a whole year with play money the trader is still going to have the hardest part to master His/Her emotions.
demo learn platform for 6 months then do micro that’s where the real learning will start.
I think the time limit for a trader spend time depends on an individual trader, if a trader can learn in a short period, then its good for him.
Frist of all I want to say that Forex in its essence is no more risky than any other financial investment. It is as risky as you make it if you are trading yourself. Each trader chooses the risk himself and if he is over leveraged, its his own fault not FX fault. I am tired of people complaining about how risky it is and how they lost their money because of it. Its simply not true, they lost their money because they were over leveraged and didn’t know what the heck they were doing.
I have been in this business since early 2008 and have blown a couple of accounts early in my career. Never even tried demo, I started with real money and I think newbies shouldn’t be demo trading since it is completely different than live. If you want to be a successful trader, you have to treat it as a business. My goal from the beginning was to trade for living and I have achieved that after 4 years of hard work.
If you want to trade as a business I would suggest reading, “Turning Pro” by Steven Pressfield. Going from amateur to pro is difficult and one can suffer much sacrifice but the way of life after going through the tunnel of transformation will be the reward.
It is a good business to adopt but you should be very good in trading as you won’t be able to generate monthly income from 1st month of yours in this business.
This is great in theory and works for some individuals, indeed. But how to deal with an average human nature ?:34: I mean what moves mostly people who starts to deal with Forex? What if not greed, strong will of fast money and “golden American dream” to become rich fast, and I mean fast 
This is a true good story. I’ll take it to my inspirational “box”
That’s what I want to do in life.
Thank you.
I don’t know why you say that … You can generate profit from the 1st day if done right …
Profit from 1st day? might be possible but keeping this habit every day, impossible 