For analysis market I love it
For up income
I love trade
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Ignore the second part for now and focus on the 1st point. Money follows good trading and not the other way around.
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Welcome! Go straight to the education section and start Pipsology!!
Hi and Welcome,
That is a good question, which I think too few people ask themselves before diving in. The great decision you made was to join this forum where many members are genuinely interested in other members being led in the right direction, not to be taken a ride of by some internet junkie who is just after other people’s money for no good return. Sometimes referred to as scammers.
Anyway, in answer to your question Why Start Forex, I often challenge new members to think a bit more broadly about what brought them to Forex, and in particular to the Babypips forum.
I always ask people to consider their intended Strategy, which is basically a What, and Why.
The word strategy is sometimes referred to loosely on this forum in substitution for a “Plan”.
The differences between the two are (in my opinion).
That a strategy is very high level and asks fundamental questions about intent, that can be related to other words such as Vision, Goals, Objectives.
A plan is how you intend to succeed with the stated strategy.
So whilst the Strategy is What, and Why?
The Plan is Who, When, How, Where?
It’s the five Ws with an H (how).
Without stating the obvious, by far the majority of people who are newly interested in Forex either speak to someone or read something that tells them that by studying and participating in Forex they can become quite rich quite quickly, and that they do not need much money to start.
This could not be further from the truth. It is generally accepted by people who have spent more than a few months participating in Forex that a sensible plan may be to be able to earn about 10% to 30% return on invested capital per year. So if you wish to replace a salary of $50,000 per year, then as well as becoming a successful Forex trader (perhaps between 1 and 5 per hundred participants) you would need capital of between $166K and $500K to start with, not to mention the additional capital you would need to fund your $50K spending habit whilst you made no money at all learning how you can actually make 10% per year.
As another member here will advise you, the first plan should be to learn how not to lose any money, and in that respect, start with the BabyPips Education tab at the top of the screen and complete the School of PIpsology, then don’t even think about opening a real money Forex account until you have practiced on a demo account.
I hope your love of market analysis is sustained in the next few months as you embrace Forex as a passion.
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Even though forex trading is risky and highly volatile, it offers traders opportunities if they study the market carefully. The hours are flexible: you can trade from Mondays to Fridays anytime. Forex can give traders the luxury of obtaining financial freedom and being the boss of your work.
Welcome to the community, @SadRa. Hope to hear more from you in the future. Good luck on your fx trading journey.
Welcome aboard and you like chart analysis that’s a good start .
Focus more on successful trades before the money you could potentially make and you’ll be fine