Take a look here: This page may be out of date. Better if u have passive income too if you want do FX Trade, Visit our blog: Read the article in German: This article is golden, thank you Rolf. Such a way of thinking shows an amateur mindset. Educating oneself on the risks involved and building a strong trading plan are absolute musts before partaking in any trading activity, but when you're highly leveraged, it becomes even more paramount.
Forex trading can’t really be compared to your full time job – where the more effort you put into it, the more money you get out. Forex is the opposite, the more hours you spend in front of the chart, the less success you are likely to see.
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Depend on your business size, you will have to hire employees. You have to deal with the customers and clients. You have to spend several days, weeks, or even months to launch, and then at least 8 hours per day to maintain the business. You will have to shut it down, and so, most of the time and money you have spent on it will go down the drain. Refer to a local mall and talk to the businesses there and see how many of them are making money.
Many of them struggle, lose a lot of money, and file bankruptcy finally. This is impossible to achieve with any other businesses as far as I know. At least, my friends and me are like that. We spend only few minutes on trading every day. Maybe some people like to suffer. In fact, I have never seen a day trader who makes money consistently: I have so many trader and investors friends. All of them spend few minutes per day checking the charts.
Of course you will have to spend more time on it while you are learning it. For example, at the beginning you can spend several hours per day to read and learn. But once you reach to the live trading level and you become a professional full time trader, you will have to spend few minutes only. This is what we do. You just need to read and learn. Do you think it is too hard to do that? You are wrong if you think so.
They are not on the right track definitely. No matter if today is the first day you have heard about trading, or you have been working on it for several years and you have had no success yet.
Once you reach the live trading level the way it is explained in the above article and the articles listed in it , you can open a small live account, grow it slowly and patiently and turn it into a big trading capital.
Then withdraw half of it and keep on trading with the other half. You choose to become a trader. You learn, practice and you finally become a professional and full time trader the way I explained above.
Maybe there are some other ways too, but I think my way is the best and easiest way, because it is free, it is too easy, it takes the less possible time, and it is risk free. So you follow my way and you become a professional and full time trader finally.
How does it feel? You are at least one step ahead of those who also dream to have such a business and be financially free, but have not taken any step toward it yet.
Can you please write articles on leaving a trade open and allow it to run for two weeks or three weeks respectively. Hi Yomi, Thank you for your comment and sorry for replying you with a long delay.
Honestly, I have been considering looking for another way to earn income until I stumbled on this website. May God bless that day.
If I had known that this platform will give all I needed to trade successfully, I would have written the date I first found myself on this website on my diary and celebrate it like birthdays.
I have blown up a good number of demo accounts and live accounts. It has never happen to me to recover a lost account and take it to a good profit level. We will write about brokers. At the meantime, you can read this one: Unfortunately I can not recommend any broker here, because it can create legal issues.
You can google and find them. If its not possible to share your broker name on this site for legal issues. Kindly send the name to my email pls. I just want to be sure im trading the best broker for.
I just want to trade stress free during the day and sleep at night. Put the stock trading on automode using my own program link to takion and enjoy manual trading during the day.
I just enjoy trading and i dont know what to do during day time. My main accounts are with banks, not brokers. I trade currencies and stocks through the accounts I have with banks. I do have accounts with brokers but they are small and I use them to monitor the brokers activities to warn my friends and students in case a problem attracts my attention. Thanks for this articles, it is a lot of help to me! I would love to learn more about Bollinger bands and candlesticks!
We have several articles focused on the candlestick and Bollinger Bands. Make sure to read all of them. This article is great motivation for me, Chris what is your motivation teaching us?
Chairman, no amount of greeting is enough for you. GOD just sent you to help the poor. My God we surely give eternal life. The last one is a bit of a headache where I live though! Great inspirational article, thank you!
Does it attract the attention of the broker? Will they start trading against you? Can they once you pick the too strong setups? Which other risks do you see? You mentioned once that a fellow trading buddy of yours used to trade with tens of lots and his SL was not triggered.
As a result he lost a lot. Do you mean such risks? My friends loss was related to Taking lots positions is not a big deal now. The limit is related to your account size. The bigger and the more liquid the market becomes, the better services you will receive from brokers.
What do you mean, exactly? When a broker offers a Leverage has nothing to do with profit. It only enables you to take bigger positions with a smaller amount of money. Why do you differentiate between them? Which are the particularities between each of these markets? What should we be aware of when switching from to stock, futures or options?
Should we take care about the reduced liquidity, about price gaps, do volumes play a more important role, and so on. Of course unde the assumption that we use the same trading system: Candlestick patterns and BBs. IT professionals are going to make money when they write a line of code or fix an IT bug. In this regard, FOREX trading is more unpredictable, since there is no fixed model of how to make money.
Clearly, this is opposite to the environment of other professions like in IT, marketing management, social work, or engineering. These are clearly structured jobs, and the same goes with investment banking jobs. Company portfolios, spreadsheets, financial data, etc. It can be counter-intuitive at times. In fact, being able to think outside the box could be your biggest edge in trading! While the other five job types aforementioned proceed on a regular pathway, FOREX trading is more of a gamble.
Career-wise, you really would not know what to expect even in the near future when trading. For the unprepared trader, this career path might not be the best option. You could consider trading only as a hobby. It is not necessary to jump into this field even if you feel well-prepared.
I do try to warn newbies and experienced traders alike against the dangers of trading. This can help you choose a more consistent career as an IT consultant or another full-time professional. In the meantime, if you choose to be a full-time trader, you will need to equip yourself with a lot of patience.
Being an IT Professional requires a high level of technical knowledge. It may take a long time to learn, but at least there is a lot of available data out there to study from. The same goes with engineering, and you have board exams to tackle first. FOREX trading, on the other hand, does not have a fixed model where a trader can study clear fundamentals.
Unlike in other professions where you can learn from case studies, FOREX trading is highly dependent on practical experience and even then does not mean one could be successful. What makes it even tougher is that there is a strong influence of politics, economics and black swan events in all markets. All these factors could change anytime.
Profitable trading is probably one of the toughest jobs in the world. Perhaps the toughest part of being a FOREX trader as compared to other jobs like in marketing management, social work, IT or engineering is that the income does not come on a regular basis.
Trading When in a Full Time Job
If your aim is to create a second income through Forex trading, then you'll know the difficulty of fitting trading around a full time job. We’re all on the verge of a time management crisis. Luckily, with the right approach, the amount of time required to trade can fit easily into a busy schedule. Can someone with a full time job learn to trade forex? This is a question we get quite often. As part of our forex trading course and on going education, we provide daily market reviews in the members area. The video below is the review from March 15th of last week. The forex markets are incredibly difficult to read, as an individual trader our job is to see patterns and work through a strategy to try and get our pips profit per day. Some days we will lose, but if we can hit 60% winning trades, with proper stop losses then there is no reason why you can’t make good money through the forex markets.