It`s interesting to see that two sides are arising here However, I thank you all for your input. Limiting beliefs have never helped anyone, but one should not escape the fact that this will be difficult. However, I`m not going to adopt the belief that "This will take five years and you will need to XYZ". Who established that belief? The 95 %? The short term plan is 3 months of full immersion and then I`ll reconsider how things are going. My backup-plan is school next fall. I`m living with my parents, so I`m not going to starve anyway. It will just suck for a period, but I guess that is a luxury problem. Consider this. School is most likely 5-6 years now PAYING LOTS to learn and it does not end with school. There is also a ladder to climb when one get started for real as well. My fear is that if I keep having trading as a hobby, it will remain so for a long time. I would love it if you guys had some concrete steps that I should take or any material to recommend
fail as a trader after 5 years? what's he supposed to live on? yuou assume he'll last 5 years? anyone who quit school, job, etc for something he doesnt know how to do is likely ill-equipped for it. if a guy says "hey, im trading consistently & i have an edge, im gonna give it a go FT", then go for it! but not :hey, i wanna trade, how do i do it?"
You can spend 4-6 years and still find out you are a member of the 95% who lose. What is worse, is that this does not mean the other 5% win. It much more means that most of those 5% break even, hang out hoping, make a little money, have a good year and then implode, etc. Most of those claiming success here are successfully only in their wet dreams. It has nothing to do with drive, intelligence, or planning. And the 95% failure rate applies to everyone. It cannot be suspended because one thinks they are different. Get the education. Your odds are much higher..
Just buy pairs that will go up and short pairs that will go down. You'll be a mult-millionaire in no time!
It would be wrong if i didn't put my info on this.. I used to help people improve there forex trading through my group meetings and if you think your going to gain anything in 3 month your only wasting your own time... THE TRUTH!!! It took me 3 years and and countless $$$ to get to a point where i actually knew what was going on and trust me i traded futures and stocks i wasn't a rookie, and even then i needed to develop better strategies, money management, and psychological part... not to mention when i actually got it i realized im not just trying to beat the market but now my dealer and the market makers trying to screw me out of my trades... If you honestly intended to make a living in forex it will take you atleast 2 years min if your lucky(even a guy with a phd in quantum physics). a year should be spent studying technical analysis, money management , and psychological trading... and after that a year studying market patterns and learning how to beat the other side, knowing when they expect to load/unload there position around strong price area's and having the knowledge to be able to set entry's accordingly... Anyways it's by far the hardest game to play... take it from someone with experience.... GO Back to school get your degree and learn to trade it first while at school.... you will thank me later... good luck and don't be a gambling schmuck... a gambling trade is a loosing trade...
Let us ask you another question. How much seed money do you have to trade? How much money do you need to make per year to live comfortable?
Is it just loosers present on this board who don`t want anyone else to succeed as well? I appreciate your warnings and I`m well aware that there is an element of truth in what you are saying. Still, what I wanted with this thread was to ask some practical advice on how I should arrange my studies. I didn`t know who this Jason is, but I did a quick search and I don`t think we`re comparable at all. Obviously he took up a loan just to be able to sustain himself and he planned to make a living on it after an extremely short period of time. Personally I have no debts. I have savings that will last me at least a year and I live with my parents at the time being. I might very well get a part-time job or even a fulltime job further down the road, but for now it is FULL IMMERSION for three months and then I`ll revisit my plan. I don`t mean to sound arrogant, but when I worked as a Carpenter I exceeded everyone at my crew in a short period of time even though I was the youngest guy there. My skill level was at the same level or even more than the oldest people working there. The reason this happened was not because I had excellent mentors at my company which I absolutely did not, but because I took great interest in my craft and studied it fulltime after work even though I did not give me any additional pay other than the satisfaction of mastery. Most guys just study the mandatory one book and some not even that one. Me, I bought loads of books and DVD`s from the states, and learned a ton that most of my fellow Norwegians have not even heard of. I learned a lot on an american forum I found. There we discussed ideas and shared pictures. Glory times! So, what I have learned so far in life is that I usually have to put in more effort than my fellow man because I`m not smarter than the average. What I do have though, is a burning passion and desire to succeed and learn and that that is which creates results in my opinion. My logic is that if someone is making money on Forex, I should be able to learn it as well. So if anyone would like to start contributing to this thread, I would appreciate it a LOT!
Carpenter:eek: .. hoots of laughter! You ought to be able to hit the nail on the head then .. you are just another fantasist but not smart enough to realize it. What you get at ET is a bit of realism from anyone here that has had some effective experience.
You`ll be surprised how much knowledge you need to build an excellent house from start to finish. Give it a try wiseass. It`s more than hammering a nail. If Forex is impossible to learn, then why does anyone bother at all? What is the purpose of this forum?