Forex Without a Job (College/Uni Student)

I think you mean IRS as in Internal Revenue Service, not RSI which would be the Relative Strength Index. The RSI could care less about your taxes whereas the IRS is very concerned about them.

wow i just realized that// i guess thats what happens when you spend to much time at the screen//

Quoting serj1

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wow i just realized that// i guess thats what happens when you spend to much time at the screen//

Ignored

LOL = RSI/IRS - Too funny. Serj1, step away from the monitor. Place your hands behind you back, and please proceed to you nearest exit, for some fresh air!

To answer the thread starter's question.
You stated, you've been off and on with the demo. I would get back on the demo for at least 2-3 month. I know it sounds like a long time, but FX isn't going anywhere anytime soon (I hope). Keep practising until you are absolutly sure you will be raking in the green pips on a live account. If you demo and have doubts, best to stay on the demo for another month or so. Remember, don't lose money you could keep in your pocket. The economy is crap right now ... so be sure and confident in yourself and trading skills before trading a live account.

If you are sure, I'd say find one of those affordable MICRO accounts to start with. They're all the same, small starting equity, 400:1 margin leverage, all the indicators you could eat, etc... FXCM MIRCO would be a good start (if you can get accepted), Oanda (trade down to the penny), or one of many MT brokers (stay away from those EA's)

As far as the employment section on those applications, just put Self-Employed and your home address & telephone number. I don't think the MIRCO account brokers care where you are employeed. I do know, some of the Full account brokers (100,000), I do know they care - they want to know where that money is coming from and from what country for their accounting, their IRS tax filing purposes, and regulation purposes. But you shouldn't have to worry about that.

Opening an account is not the problem.. anyone with a paypal account can open one.. you don't even need a credit card...

the problem is doing money and "trying" to live off forex...

brokers try to make all they can to get your money... they make the hard part easy since it's a non-regulated market...

95% lose money in this, what makes you think you will belong to the GIFTED 5% ???

not trying to dissapoint you either, as I'm also in the same train as you and still have hope of jumping into the GIFTED group, but let's be realistic here and honest with ourselves.

now, if you can really do money off forex, easily, then all the other bureaucratic steps are not a problem in this business...

i think u better trying to make money in the demo first to decrease your rick, i have some of my best indicators to try, i will post more from mine if you like these

Years ago, VW bug owners amazed the world with their tales of how many MPG their little cars got, but most of the claims were fabricated --- the brokers will NOT check you one bit.

NOW, from a very sincere dutch uncle, dont open a demo with more than you will actually be putting into a real account because the increased "cushion" you get with a large demo will lull you into a false security, which is just what the the brokers want to happen.

IBFX, after trading anothers 2 live accounts, is the WORST possible shop I have EVER seen in my years of forex trading. Hunting stops is probably their NICEST problem, but try that they NEVER get to the real price reached by most other brokers and if shorting, they choose the reversal point from ANYWHERE within their spread, meaning you cannot even rely on a regular concept of taking profit.

Aside from Crown (they still in business ?) they have to be the absolute worst broker and dont even think of going near FXCM with a micro account --- its a true dealing desk, opens HOURS early on sunday and gaps anything you may be holding, usually forcing a margin call -- CHECK for yourself before you attack what i say, cause its repeated often and plain to see.

other than that, there be much good info here -- pay attention and youll be ok.

enjoy and trade well

mp

You really don't need a net worth or anything just go self employed and put a number in there they will not check anything.

IBFX has a minimum 1 dollar deposit and they have MT4 trader which is great.

Before you start declaring yourself a professional trader, you should try trading live for a couple of years.

Ive been trading for a year and am nowhere near the level of being able to trade as a business. I have just got to grips with fear and learning to deal with it.

When I started off trading I was as keen as you to claim myself the title of 'full-time trader'. lol... This has since waned as I found myself becoming pretentious as I chased this funky title.

I am happy to say that all I want from trading in the future is a change in lifestyle... where I dont have to work full time all the time and be able to be self sufficient.

Good luck matey!

Saw this and though of this thread:

http://www.traderslog.com/category/articles/tax/

Hello

here is the link to FXCM that offers 25$ bonus to start with
http://redz85.com/fxcm-free-forex-bonus-for-2010/

You should not have any problem opening an account with a retail FX broker.

If you tried opening an account with UBS, Citibank, DB Autobahn.. that may be a different story.

It's ok you don't have a job, but they would want to know how you are going to fund your account.
I do have some saving so I just answered them I would do the trading with my own saving. I've opened 6 live accounts so far. Though I'm only going to use 1.

Well, get a full time job after college.

Keep learning forex and try daily/weekly trading but get a full time job.

i'm more or less like you.. I'm in the last year of my course..
I guess you should start learning the basics procedures of this market and then open a virtual account (perhaps in a broker that can offers trades without a minimum like Oanda..you can start with a simple 1$ in your first operation).. Starting being sensitive with the news that you have on forexfactory calendar.. and VERY IMPORTANT, have a good Money management (start with 5% risk ou less!) Even if you're only with virtual money! One of the biggest issues for a rookie is the discipline that don't care about or think don't have time for, on forex!


Regards (from Portugal),
João

You should focus your attention on how you are going to trade & maybe make a decent living from your trades, than worry whether/not your broker to be will accept your acct application.

ENJOY!!

T

my advice is if you're in college do not trade forex even as a hobby or on demo. Concentrate on your studies. If you do well academically you won't need to go through the long hard forex struggle. Your qualification will be with you for the rest of your life. no one can take that away from you, unlike a forex account which you can lose and people do lose even after years of success.

I'll give you an example my sister studied really hard and got into the London School of Economics on a full scholarship for her masters in economics, she concentrated only on her studies and graduated with distinction the third in her class (coincidentally she was also the yongest in her class). Getting a job was no problem she worked for the mutual fund concern of a majot investment bank and applied to Cambridge for PhD, and at the same time got the Rhodes scholarship. She did her PhD in 4 years and the job offers have'nt stopped pouring in. The very first year she started working she was in the top 5% income bracket in the UK.

Besides that good employers give a lot of benefits to their employees. Even if she should lose her job its absolutely no problem her qualifications will insure she will always be very comfortable for the rest of her life. Companies actually call her up and are ready to compensate her for leaving her current employer as well as pay her a bonus for joining them!

My cousin just got his SAT score and he scored 2300 out of 2400 and basically any college he wants to go to will send a chaufer driven car to pick him up.

This is my own experience I've seen in my life. i keep telling kids who are in college study hard and get into a good college and life will be very comfortable. Dont spend time on forex now wait a few years till you finish your education and if u get into the best universities in the world you wont need forex. Besides evn if you do later want to trade forex you can always start after your education 3-4 years late is really no loss especially when you're young.

So study hard and get into not just any university or even the grade 2 universites but get into the best. Its totally toatally worth it in and in the long run life will be much much easier not to mention prestigious and you'll also have a lot of respect from almost everyone you meet and everyone you know.

So concentrate on your studies becayse if you start trading forex you will be sucked into it and its really better to get into the best universities rather than take a chance on forex.