Advice & Opinions appreciated

Hey gohrayson I have been there. I could start by telling you that it will take you a little more than a year to start seing good trading results. If you make it past 2 years, you're on your way to success as long as you devote yourself. The only thing i will tell you straight up though is: "DON'T EVER TRADE BASED ON EMOTION". Which will be hard as knowing your whole family is currently in need of financial freedom, but aren't we all?

Cheers, don't give up!

On the whole degrees arent worth the paper they are written on any more in the UK. Anyone can get one now. Is it also worth getting into debt for a degree when alot of employers prefer experience nowadays? When I was working in IT I only had GCSE's but because I gained experience on the job was preferred to graduates. Im speaking from IT point of view it maybe different in the financial field.

My advice is get a job, save as much money as possible and demo trade whilst you are working. The important thing is not making money straight away but is developing a system that works for you and averaged out over a period of time makes x amount of pips. Once you have saved a good amount of money give up your job and start trading live with your system . After 3 - 6 months trading live you should know wether you will make it as a trader.

If the trading experiment fails then go to University. Lots of people take gap years!

I am currently in the early stages of my trading live trial, if it fails then I go back to working 9-5 in IT. The important thing is to try as it is a potential path to riches and freedom. Your life of a 9-5 job will always be waiting if you fail!

One more thing.. Logically if brokers and analysts were so great at their jobs why are they not trading for themselves? Surely you would not work for a bank earning 40k a year if you were so good?

Many of those that fail in trading have simply never had access to the right kind of information to even have a chance of succeding, so its no wonder that 95% fail. Coming to FF was a good start. Get a job, any job to pay the bills.

 

1. Find out all you can about money management
2. Learn, learn, learn. Go for some experience first and then go for the money
3. Find a system that works for you (apply it to 1 pair first)
4. Demo trade until you can show consistent profits

Also have a look at the threads here Harmonic Wave Journal by Traex and Cable (GBPUSD) Trend Trading by Why oh Why.

This will not be easy but its really up to you. If you think you'll fail you will, if you think you'll make it you will, be careful of what you think of you might just get it.

It may come easy but probably it will be the most difficult thing you ever do, having said that get it right and you'll never have to work for anyone else again, ever.

Best of luck.

i say yes to all that reccomend study and trading,... you can see trading as live economic lesson in progress and if it is about money, it is about economic, it will widen your way to see how the money flow, and then wether you success in forex or not, you are still advanced in one dirrection
and you may become specialist of something in economy

you have chosen your way to study economy right?

yes, economics and finance

That's the number I've heard over and over from successful traders, those making a living at it - it takes about 2 years.

Only 17 months to go! Hooray!

It took me 4 years to get a bachelor's degree so that I could be exploited like a commodity and make a "decent living" with no chance for real wealth. Then I get to the age where I don't put up with a lot of horse$hit (never did, really), and can't run my body 140 mph for 80 hours a week, so that doesn't go over well. Add to that a psychotic manager + criminal corporate operations = resignation.

There, you're nothing more than grease for the cogs, once you're worn out, you get flushed, the new crop arrives, and on it goes.

It's your decision. 4 years hard work for "security" (ha!) or 2 years work for unlimited potential.

Do something for yourself. Learn to trade. It can never be taken away.