Awesome Jorge! A huge smile arose on my face while reading this excellent post. This is truly the kind of advice that I hoped receiving. If you don`t mind, I would love to ask you some questions per private message as most people writing in this thread do not seem very interested in the actual education needed to succed in this. PS: We`ll see about those Norwegian girls!
Go to school and learn to write code; C++ or something like that. Probably 6-12 months. In your spare time code a mechanical system to trade highly liquid pairs, and include date and times for economic releases. Base your system on what you have learned in books DVD's and your interpretation of the market. Forex requires both fundies and TA. When you have finished learning to code, go to school and learn some stats. probably 12 mths. Use this stats knowledge to understand the edge your system might have. And the sgnificance of any variations you might make. When you have an approach your are comfortable with trade a demo account in real time to practice placing orders etc in real time. Fund an account and trade 1 contract with cash you can afford to burn. Good luck, pneuma
Hey Johnny, you're welcome. I suggest trying different dealers, platforms and charting packages on demo accounts. Use the one that you like the best and feel most comfortable with when you decide to trade live. I will be the last one to tell you what you should do because when it is said and done, it will be your money on the line not mine, not anyone else on this thread. Listen to those that are giving you sound advice for long term success. You seem smart enough to be able to figure out good advice from bull. The crazy thing is, everything works if you know how to use it properly. The hard thing is finding out what works for you. That's why knowing yourself was #1 on my list of 10. I wish you all the success you can handle!!!
LOL You would think they could come up with something a bit more original for a change, or at least something a bit more amusing!
Johnny, i'm asking u a very simple question, not your trading plan..just your indicators.... forex market is more complex than this question... anyway..goodluck...boy...
pneuma, Thank you. Sound advice there. You mentioned DVD`s. Are there any good ones worth buying? ThePipProphet, Thank you once again for the kind words. limau, Currently I do not use indicators as I do not trade anything at the moment, neither live or demo. In the past I have just been lucky because I was in the right place at the right time. I used a combination of fundamentals, newsreleases and very simplistic technical analysis(support/resistance and volume) combined with stop-loss. Having realised that most of it was luck and also loosing some money, I decided to put my money in a safe bank account until I know what I`m doing Thank you, Johnny
To the OP Sounds like you made a wise choice my friend by putting your money in a bank account before you make any rash decisions. I didn't read all the posts on this thread (quite a bit of responses) but someone said if they knew now what they know then they would of tried something easier like harvard medical school or solving world hunger! I honestly don't think you will get better advice on et! I'm 18 years old and have been involved in the markets since I was 11. I make more money now at 18 than what some of my friends parents make. However do you have any idea of how hard I worked and how much time and effort I had to put into trading in order to be successful? I have given up so much and risked so much in order to learn and thrive in this business, however naturally im a risk taker and don't no the meaning of the word failure (something my dad taught me). Believe me buddy you should certainly rethink the whole trading full time thing. Otherwise you are competing against guys like me who live, breath and sleep the market. Not trying to be an asshole here but I don't want to see new guys like you lose all their money and have absolutely nothing to fall back on (chances of getting laid greatly decrease when you are a middle aged loser with no money, no college degree, and no job). This is not a get rich quick scheme like you see on tv! The marketplace is a place of business where the successful traders treat it as a business and their sole purpose is to take money away from the weaker, less capitalized, less knowledgable people who are just trying to take a gamble and make a quick buck. Remember for every dollar made their is a dollar lost. Good luck and if you still want to go ahead and give it a shot let me know and I will try to help you out the best I can. YT
youngtrader, Awesome to hear that you have made it so well that you can make a living on this. Congratulations! Thank you for your response and warnings as well. I`m starting to become aware of how hard this will be. Even more so after this thread I have not made a final decision on school and it definitely is a backupplan. I won`t be to late to start next fall. For now, I think I need to try this with full force. Perhaps I`ll change my mind further down the road, but I want it to be a decision based on my own experience. So yes, I would be very interested in whatever advice you got for this naive young kid Do you trade mainly Forex or what? Kind regards, John
Now you sound more realistic. Pick your sword (chart&indicators) and your battlefield (market) carefully. Not all market worth fighting by sacrificing your money and your (life) time. -Limau old soldier of fortune