You need determination, self-belief and the ability to learn from books, others, and particularly your mistakes. Some of the things you will learn will challenge your ego, so at times you will need to be humble.
Go here http://www.babypips.com and click on the SCHOOL tab.
Work you way through starting with Preschool, do this even if you think you are past the preschool phase.
Run a demo account for a while so that you get used to operating a trading platform, choose a broker who does not hassle you every week to open a real account - you will need several weeks. Do not rely on indicators to trade for you, they are only there to support your own decision making process and you have to learn what they are telling you. Make sure you understand that the behaviour of a demo-platform is not always the same as trading the real thing.
Then start with a small amount of real money. Make this work for you, trade for a month or two - or until your account dies. If you fail then sit down and put in the time to understand why you failed. Here are some examples of self-delusion:- "the broker stole my money" "the FED did the opposite of what everybody was expecting" "my stops were always being hunted" "the NFP was up but the dollar went down" (BTW don't trade the news, trade the aftermath if you can understand it).
If you have success then sit down and put in the time to understand why you were successful, this is really important.
If you get to here (successful real-money trading) with self-belief and understanding of how you got here then you are ready for a larger account and trade-size. Psychological factors which you have not felt before will now hit you. This is your next test.
I started losing real money in 2006. At the end of 2008 I had some fantastic success - but I did not understand why, and I did not realize that I did not understand why. After that I slowly gave it all away, starting with a confidence knock which I received courtesy of the NFP. The trading epiphany came to me over the past 6 months.
You may manage this journey in 2 or 3 years, if you are a novice to any kind of trading you will not do it in less than 1 year. My stock trading did not help me much in forex trading, but I learned some stuff here which has been useful for stock trading.
The buck stops with you. Keep trying, and best wishes for shorter graduation period.
Go here http://www.babypips.com and click on the SCHOOL tab.
Work you way through starting with Preschool, do this even if you think you are past the preschool phase.
Run a demo account for a while so that you get used to operating a trading platform, choose a broker who does not hassle you every week to open a real account - you will need several weeks. Do not rely on indicators to trade for you, they are only there to support your own decision making process and you have to learn what they are telling you. Make sure you understand that the behaviour of a demo-platform is not always the same as trading the real thing.
Then start with a small amount of real money. Make this work for you, trade for a month or two - or until your account dies. If you fail then sit down and put in the time to understand why you failed. Here are some examples of self-delusion:- "the broker stole my money" "the FED did the opposite of what everybody was expecting" "my stops were always being hunted" "the NFP was up but the dollar went down" (BTW don't trade the news, trade the aftermath if you can understand it).
If you have success then sit down and put in the time to understand why you were successful, this is really important.
If you get to here (successful real-money trading) with self-belief and understanding of how you got here then you are ready for a larger account and trade-size. Psychological factors which you have not felt before will now hit you. This is your next test.
I started losing real money in 2006. At the end of 2008 I had some fantastic success - but I did not understand why, and I did not realize that I did not understand why. After that I slowly gave it all away, starting with a confidence knock which I received courtesy of the NFP. The trading epiphany came to me over the past 6 months.
You may manage this journey in 2 or 3 years, if you are a novice to any kind of trading you will not do it in less than 1 year. My stock trading did not help me much in forex trading, but I learned some stuff here which has been useful for stock trading.
The buck stops with you. Keep trying, and best wishes for shorter graduation period.
Carbon-Dioxide: the gas of life!