I quit my job and skipped education to pursue Forex fulltime!:) What now?

Discussion in 'Forex Trading' started by Johnny, Jul 26, 2008.

  1. Johnny


    Hey guys,

    I have been playing around with stocks the last year and have learned a lot.

    However, I have to admit that most of my success can be attributed to a strong bull market. In other words, I have a lot to learn:)

    The initial plan after quitting my job was to go to school and specialize in finance, but I have now made the decision to work 100% for myself from the start and make a wholehearted attempt at making a living on Forex.

    I`m finishing up a project now and when that is done, I will have all the time in the world to learn Forex.

    How do I proceed?

    I have bought a load of books and gone trough the excellent "School of Pipsology" at babypips.com once already. Repeating that one for sure.

    I have also opened a demoaccount at Northfinance using Metatrader, even though I have traded virtually nothing yet.

    Are there any resources on learning how to use Metatrader?

    Should I read as much as possible before even starting to play around with my demoaccount?

    I have the feeling that as I get to read a lot in the beginning, the path I need to take will become clearer. I.e, what I need to focus on. Balance between study and demotrading.

    I would appreciate it a lot if you guys could help me out to get started:)

    Thank you in advance!
  2. Joab


    Don't take this the wrong way but ... your nuts.

    Go back to school and get a back up plan and base then "try" trading full time after you have 2 year living expenses in the bank.

    You will be sorry IF you don't listen to my advise.
  3. den999


    I have some advise for you but I know you will not take it: get your ass back to school or your job, and try learn forex in your spare time. Learning to make money in forex, stocks, futures, or anything else is harder than you think. 4-5 years to learn? So what do you do 5 years down the road when you still have not learned to trade it, have not been working, and have no education? You've just pisses away a big chunk of your life.
  4. If I knew then what I know now about what it takes to succeed in this business I would have done something easier like Harvard Medical School, or working on solving world hunger. You should get your butt back in school and come back to trading when you finish because if you fail no one can take that degree from you and you may very well need it.
  5. I hope you're not serious... "I quit my job and skipped education to pursue Forex fulltime!:) What now?". You've just said "I've jumped out of the airplane without a parachute!:) What now?"

    Go to school, get a job and study the markets when you have free time. The cost of life will continue growing and you can't afford to be without income. I don't want my taxes being spent to pay for your Welfare-bound ass.

    Good luck.
  6. Well, as these people say, its tough. Probably impossible unless you have some other source of income until you can trade consistently. MUCH harder doing it with real money than paper trading cause psychology is probably 90% of the battle, with money management being the rest.

    In other words, don't waste too much time on trading techniques. Read as much as you can about trading psychology, and institute a disciplined money management system (this is easy to do, but you'd be surprised how many traders never do it).

    I would read both of Mark Douglas's books before anything on strategy. If these so called strategies were so great, they wouldn't be in print!

    "Trading in the Zone"
    "The Disciplined Trader"

    BTW, college is the most fun you will ever have in life. You should go! I wish I could go back.
  7. Allow me to play the devil's advocate and go against the herd mentality. I say screw the school because you will be paying dearly for that useless piece of paper that won't worth much in the end. Having graduated from my old alma mater some 20 years ago, the four years of expensive education that I received turned out to be completely worthless as a trader. Even if you fail as a trader after 5 years from now, I doubt you'll regret the choice you've made. You'll just stubbornly but surely follow the footsteps of every other failed trader like yourself in your quest for that elusive holygrail. "Just do it" is the motto I want to encourage.
  8. clacy


    It sounds like a very well thought out plan to me. I don't see any reason you won't succeed.
  9. ElCubano


    I say go for it. I don't know your age or your living arangements,,,but if it is free, go or it..if you do it the other way around it will be harder IMO...school will always be there....peace...follow your dreams
  10. ElCubano


    #10     Jul 26, 2008