ok johnny; if you know what to do when you failed in forex, then you'll be okay. may i know type of your indicators to trade forex ?.
This alone is a huge advantage and a critical aspect of survival. After schooling you will have debt and your parents may kick you out of the house.... As far as what to do and how to start...open an account....peace
I'd say go for it. Whats the worse that can happen? I did the same as you, and it was tough, make no mistake. But so's working for a boss you hate too.
It's easy as pie to cut a loss quickly when you're paper trading. Can you toss your ego aside and do that with your real money on the line after you've made what you were sure was a good trading decision? Then when the pain's too much and you bail and blew half your account, how fast will you need to "get it back"?
Exactly! The guys here are talking about my plan as if I`m risking my life or worse. The worst thing that can happen is that I have to get started working fulltime again or apply for school after my savings run out. Boooohooo, I`m shaking Could you please tell me more on how you did it? How long time did it take you? Are you making a living on it now? On another forum I got recommendations on guys providing mentoring. Could absolutely provide useful after I get my feet wet if they are the real deal. I heard there are lots of scams out there. Peter Bain, Alexander Elder and Jay Lakhani were the names that was mentioned. Anyone familiar with these? Thank you!
Alright Johnny, I am going to be honest with you from my perspective. I am sure you got the message that most people here that responded to your thread is still at the beginning stages of trading currency....ie. loosing money consistantly and blaming everyone but themselves. The broker taking opposite positions to take your money, yadda yadda yadda. Here is the deal, the books are great for getting the basics of currency trading. Don't get caught up in thier philosophy on you must do this you must do that bull. You have to know what type of person you are, and if you don't know, trust me currency trading will figure that out for you. Truly knowing yourself will help you determine what type of trader you will be. If your're an impatient type can't sit still to long look into scalping. If you're an analytical type with a daily eye on the other markets as well, then day trade. If youre a play it safe investor type that believes fundamentals are the be all to end all then long term swing trade or carry trade. Here are some long term successful currency trading must knows. 1. Yourself 2. self discipline 3. money management 4. support/resistance (Major/Minor) 5. Trend identification (Long, intermediate, short term) 6. Your Broker (execution, customer service, widening spreads..etc. 7. Your tradestation 8. Your charting package. 9. Basic economics 10. The people around you (they will encourage, discourage or be brutally honest) pick them wisely You live with your parents now so take advantage and immerse yourself and be ready for a lot of sleepless nights. Currency trading is a learn by doing skill!!! So demo trade NOW to start the process of...feeling the euphoria of winning trades the devastation of loosing trades and blowing up accounts, getting whipsawed in economic news releases, being part of trending markets, range markets and consoladating markets, understanding currency pairs and what moves them. But most of all, understand yourself on how you responded to those things. Please please please, keep a journal, a daily journal because that will help you understand the what why where you successeded or failed when you go back and read past journal entries and accelerate your learning curve. Don't get discouraged because getting hammered by the market is just part of the process. It's like the nerd that gets beat up by the bully daily, the nerd hits the weight room take some self defense classes, gets some inner confidence and kicks the bully ASSSS repeatedly. Which one are you? Good luck!!!
By the way Johnny, there are no short cuts, so don't waste your time or ours by looking and asking for one!!!