What is the average lifestyle like for someone that makes a basic living through short forex trades? As in, what degree of skills are required to reach a point where 10k~20k a year is fair game? I am a bit more dedicated than the average person, I excel and learn very quickly and have since I was a child. I have been quite interested in forex for a number of years and want to merge it with my love of bitcoin, but my forex skills and understandings are much further behind my bitcoin skills. To what extent do you need to understand currencies and currency valuation before you can predict patterns with reasonable accuracy? How do people understand the phenomenon that produce spikes, slow growth, steady growth, etc? I have done enough reading and digging to look to the last decade's results, but it seems like there has to be some consistent staples and guidelines for expecting currency growth. Any advice appreciated. I'm already self-sustaining and am a minimalist with low needs, so this is something I can do freely without a lot of concern or chances of losing very much, considering I have a history of finding the signal:noise ratio quite quickly.
Well you are competing against people with decades of experience and faster access to the markets. So I really wouldn't even start with the expectation of making 10-20k per year. You obviously are interested in this so go and give it a try but don't expect to make a profit, much less to be able to afford a comfortable lifestyle. Of course there are people who have manage to do it while profiting enough to support themselves, so it's not an impossible goal.
Hey crimsonghost747 - what kind of expectation of annual profits do you think is realistic for the first few years of Forex trading? I'm assuming an entry-level education in these types of stocks? I'm not thinking of it as my only source of income but it looks like a really interesting way to make a part time income for a few years.
Like in any other area of life, forex trade requires discipline to avoid hasty decisions or greed which will likely result in mistakes. Make sure you have goals on what you intend to achieve. The method of trade you choose should be clear. You can use fundamentals which are suited to long term trading or technical analysis using charts which are suited for short term trades. You have to look for a reputable broker in order to succeed in forex. If you follow these basics, you can only get better with experience.
Yeah, I'm usually successful on my first go around of things is the thing. As long as I have access to the right information, I fully expect to be able to create wealth within the first year or two, it's just a matter of how much more than whether or not it will be there. It's such a big market that I can't imagine walking out poorly when it's so easy to recognize 2-4% changes and calendar patterns...
I am likewise a beginner in the field of forex, stock market and mutual fund investments. I attended a few seminars, consulted a few articles and books and tried to make sense of the fluctuating figures before me. Anyhow, it'll take some time to master everything but learn the basic principles and work with an expert. With constant exposure and experience, you'll get the drift somehow.
I agree. The forex market is an arena with great minds competing so if you have faint of heart then do not dare to be there. But on a brighter note, a beginner can learn a lot from observing but better from a tutor. And if a comfortable lifestyle is in your mind, I guess that's a wrong foot to start your career in forex. But for a sideline, you can take your time to learn little by little. A part time income would be good but still you need to have focus on the trading and not on the lifestyle that you dream of.
Zero. I would not go into these things with the expectation that I am better than the average person doing it. Especially since a majority of the trading is done by robots owned by banks etc. Lets put it this way: if it would be easy to make a profit then wouldn't everyone do it? And by the very definition of a forex market, if you are making profit with your trades them someone else is losing in theirs. Feel free to give it a try. It IS possible to make a profit but it's not easy.
Yes it's not easy to making profit, but still possible, maybe any beginner they can trying copy trades of use signal provider, but will good if they willingly to learn with their own selves, it will making better understanding with this busines because experience is the best teacher for us
Well I think that the most important factor is having mild expectations to begin with, so the pure fact that you are asking the question to me means that you are approaching it correctly. The last think you want to do is expect to make a lot of money right away because you can certainly find cases where that did not work out. I would merely say do a lot of research, and then go ahead and do some more.
