What's your progression?

[laramay]

Hey everyone,
I’m Lara i am a complete newbie to trading full stop.I just wanna know what the progression is and how long before you start to making money?

I have recently graduated from University and gone straight into work into a contract research pharmaceutical company. It’s an office job and i hate it!! Although i do have lots of free time that i have decided to look into making some extra money on the side if possible. Any tips and tricks would be very welcomed!

Thanks so much,
Lara

[PanchoVilla84]

My progression in trading has been something like this.

1. I take 1 step forward
2. market knocks me 2 steps back
3. repeat steps 1 and 2 for a few years.
4. I take 2 steps forward
5. Market knocks me 1 step back.
6. Repeat steps 4 and 5 for a few years.

Im hoping to get to step 7 soon .

Best of luck to you

[ponponwei]

I just wanna know what the progression is and how long before you start to making money?

That’s a dangerous question that makes you vulnerable to people who’d want to take advantage of you!

What have you done so far to educate yourself on forex?

[laramay]

Just started looking into courses. People charge mad amounts to train you. One of my friends directed me to this site and I have just been looking over the courses in my free time and reading articles. In a few weeks, depending on my learning, I may open a demo account and have a go! @ponponwei

[tommor]

Effective trading training is available but what you’d be mostly paying for is for the effort somebody else put in to collate and present a lot of knowledge to you in a very short time period. So its a short-cut for convenience, its not a necessary or guaranteed route to profit. Most people find they still don’t make money after the training anyway.

If you need a quick answer to whether you can trade or not, say because you have an alternative business in mind which you need to move quickly into if you’re not going to be trading, training is OK, but if not, just learn for free at your own pace.

In particular, understand what other new traders do which causes them to fail. Mostly, they trade intra-day, they trade reversals, and they risk too much of their account per trade. So do your best to learn how to avoid these traps.
Good luck.

[laramay]

Thank you. I have no reason to rush. I have plenty of time to watch mistakes of others and learn from them. I want to learn and get to a suitable level before I even begin thinking of a demo account let alone a live account. Also I would like to save up some money as I am fresh out of University and in some serious debt.

[tommor]

Not all debt is the same. What sort of debt have you got?

(Students get government-backed loans in this country too (the UK) but nothing is payable until you have a good income, at which point payments start but they don’t ever rise as your salary rises. Doesn;t affect credit rating either.)

[laramay]

Only my University fees and what I owe to my parents.

[macilme]

Hello @laramay… It isn’t such a bad idea looking into forex for some side income. But you have to be sure you’re ready for the ups and downs involved.

Forex trading is much like starting a business from scratch. That journey, the length of time it takes to build it up and the end result of it all (failure or success) is different for everyone. So it is very likely you may get answers that worked for others but may not necessarily work for you.

If you’re really serious about trading for steady income, then avoid looking at it solely from the income perspective and how long it should “ideally” take to get there as that’s what usually leads to bad planning, trading and eventual failure as a trader.

I’d focus on learning as much as possible in the first month or two if I were in your shoes, then take things from there.

Going through the Babypips School of Pipsology here will provide most of the answers you seek.

Goodluck to you on your journey.

[laramay]

Thank you so much

[dpaterso]

Wow. Things around here sure aren’t what they used to be some years ago. With an avatar pic. like that there would have been messages being queued!!! The site would have thought it was under a DoS attack!!! LOL!!!

Mind you. Nowadays and with all this politically correct BS: man can get sued for opening the car door or insisting on paying for dinner!!!

Carry on.

Oh and good luck by the way (whoever you may or may not be).

(Don’t sue me).

[ponponwei]

In a few weeks, depending on my learning, I may open a demo account and have a go!

Sounds exciting! The sooner you open a demo account, the sooner you’ll learn!

[Mantleea]

I am very sorry to hear that you hate your current job. If you are searching exit in Forex, then you should consider several facts. First you need to spend several months learning and practicing, and then start gaining experience on live account.Dont expect to make your living solely through trading