Im just wondering what got everyone into forex to begin with and why you are learning to trade forex. The reason I am learning to trade forex is because I want to work from home. I also have a large amount of debt I would like to pay off and by learning to trade forex I will eventually be able to do these things.
What is the reason you want to learn forex?
What is the number one thing you are or was struggling with your forex trading? - if you solved it how long did it take you and where did you find your answer?
What would be the most important thing you would suggest to someone new (ahem* like me) to avoid the struggles you went through originally?
Well I started trading forex a few years ago while I was still in college. I started trading penny stocks and did pretty well with some luck. I feel in love with the markets and less and less with my major (Computer Engineering). After graduating I decided to take a year off and try my hand at trading for a living because it offers me a chance to enjoy life without the 9-5 day in day out routine. Having said that, I’ve committed way more time than what a normal 9-5 job calls for.
The main thing I struggle with and will probably struggle with is breaking my rules. I have most things in check but sometimes I get a strong urge to enter a trade that I know I shouldn’t enter. It’s getting better slowly with time but I’m sure that feeling will creep up from time to time.
Everyone will have their own personal struggles when it comes to trading. The most important thing is to identify what those hindrances are and work on getting past them. Trading is patience as well self analysis. It’s an art and each successful trader will have their own particular paintbrush that they choose to use.
I started learning Forex so I could sell Forex related stuff as an affiliate marketer. Next thing you know I fell in love with the idea of making godzillions while hanging around my house in pajamas and pressing a few buttons on my laptop. Little did I know! By the time I got with my feet back on earth, I realized that this is one of the most challenging and complex things I’ve ever done and I liked the challenge.
I had a hard time sticking with one thing. It could’ve been anything…broker, platform, software, strategy because I was so curious. I’ve heard all these things about Forex and I was searching probably just like everybody else, just to see what’s behind the curtain. This site gave me a rude awakening and a pretty clear perspective about what’s ‘outhere’. This site, and watching Bloomberg TV non-stop for months in a row. No, I don’t work for either one of them or affiliate with them in any shape or form, is the plain truth
[I]1. What is the reason you want to learn forex?[/I]
Main goal I’ve had since starting was to become financially independent. I’ve relied on my parents quite a bit (yeah I’m 20 and in University) and feel the obligation to help out. Aside from the independence, I’d also like to live comfortably. I’ve been working part time and the one thing that’s taught me is I absolutely hate working FOR someone else. Working for myself, whether being an entrepreneur or day-trader, is a goal I’d like to reach at one point.
[I]2. What is the number one thing you are or was struggling with your forex trading? - if you solved it how long did it take you and where did you find your answer?[/I]
Number one struggle has to be sticking to the rules I’ve set for myself. Every month I do a review of my trading style and how the numbers have stacked up. I’m profitable, but there comes a point where that just doesn’t cut it. I need to become a more efficient trader. For example, a win/loss ratio is great if high, however if pips lost per trade is greater than pips gained per trade, it needs to be worked on. I’m a scalper, hence that issue tends to rise up a bit more than I’d like.
[I]3. What would be the most important thing you would suggest to someone new (ahem* like me) to avoid the struggles you went through originally?[/I]
First thing I suggest is demo-trade till you’re turning a profit for a month or two. Trade ONE system or method YOU create yourself. Don’t rely on anyone else’s method as it may not necessarily work for you. Create your own style.
Second step once that works for you is deposit a little cash (that you can afford to lose) into a live account and use it as a ‘tuition fee’ for learning the real ropes of trading in a live market. You learn quite a bit even with $100. Once you’re comfortable, work on depositing more or focus on compounding.
[B]1. What is the reason you want to learn forex?[/B]
My father-in-law has been trading for many years. I kept asking him questions about forex trading (because it was a foreign concept to me) until eventually I decided to start trading.
[B]2. What is the number one thing you are or was struggling with your forex trading? - if you solved it how long did it take you and where did you find your answer?[/B]
The number one thing I struggle with is fighting against my own nature when a trade is winning, losing, or breaking even (aka ALWAYS). “Fighting against my own nature” refers to breaking all of the rules listed in the next question.
[B]3. What would be the most important thing you would suggest to someone new (ahem* like me) to avoid the struggles you went through originally? [/B]
Manage Risk- Protect what you have
Use Stops/Limits
Don’t go for every pip
Don’t get skittery
Stick with Strategies- Don’t change stops/limits
Stop trying to pick tops/bottoms and reversals. Follow the trend to begin.
Some trades don’t work out. This is what stops are for- Protect what you have.
To catapult out of dayjob slavery. (I thought this was every trader’s goal)
What is the number one thing you are or was struggling with your forex trading? - if you solved it how long did it take you and where did you find your answer?
Learning how to take a loss gracefully and expeditiously; finding that balance between the need to feel “right” and the desire to be responsible in the bigger picture.
What would be the most important thing you would suggest to someone new (ahem* like me) to avoid the struggles you went through originally?
Trade in a real $ account using pennies. Focus on percentages and consistency, such that you can easily ramp-up to heavy $$ when you are ready.
First of all what thoughtful questions from a ‘newbie’, very refreshing.
Yes - it’s always about the money that is the bottom line, and what that brings especially in Forex, you don’t have to answer to anyone, you don’t have to make phonecalls, no emails, no selling, no nothing, and you can afford to sue the arse off anyone who messes about with you.
Main problem for me was psychology, there is stuff you can use to help it along but the biggest part of the equation is screen hours, staring at the damn thing until it don’t get to you anymore.
I don’t know if you can really avoid the struggles, you’ve got to be prepared for the long haul, my regret though is that I didn’t stick to my ‘cat and mouse system’ right from the start and wasted months and months trying to learn ‘The Market’ then went back to ‘cat and mouse’ then that got me into profit, then I could learn ‘The Market’ while earning.
The other being - keep it simple.
Well… making money is great and all, but I think for some (including me) it’s not entirely the focus. I see trading as a strategy game, one that I would like to conquer. As I learn, I realize that it is more about mastering myself and less about beating “the markets.” Money is just a lubricant to get what we want out of life.
I would say my freedom from slavery is more important than that (and I hope acquiring self-sufficiency will give me that). Also, I enjoy the chase, so in a lot of ways its way more fun than work.
I am new to Forex…so of course it is about Money. But also the freedom to determine my own direction, my own schedule. I have worked in the same career for 36 years…I’VE HAD ENOUGH. No more …Bling for you. I want to lay in bed and make a ton of dough…no more 5 am. I want to do more travelling and forex allows me to trade anywhere in the world with my laptop. Just the satisfaction of hanging with some cool Surfer(forex dudes).
