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Think of it like a really extreme freelance career, working for tips at a seasonal bar or restaurant. Every day, week, month, you have to put in the work to build your revenue stream. One Friday, you could pull in $800. Memorial Day weekend, $2000. Then for all of June to August, $50 a week, or worse, you spend more on bus fare just to get to work. Same for trading. First you have to build some kind of personal track record. No one else needs to see it. No one else cares. It's just for you to know what you are actually capable of. You can't plan a monthly budget on an income you haven't proven yet. Calculate your rock bottom monthly expenses. Rent, transportation, bills, food. No entertainment or other discretionary spending. Compare to your hypothetical track record for trading. What's the worst month you had in a year? The best month? The average? How many months did you not make enough to pay your bills? From that, figure out how much of a savings buffer you need, to afford that many months of bills, and no trading income (or worse, trading LOSSES). Normal budget planning recommends 2-3 months of living expenses saved, plus an emergency fund. For volatile jobs, I'd say you need at least 2x that much. I've heard of some old school traders who only saw $0 or losses for 2 years straight. There's this penny stock trader guy Ross, who sells Warrior Trading education courses. In 2017 (?) he did a challenge where he traded $500 up toward a goal of $500,000 in a year -- he posted account updates (as far as one can trust them), and showed that he reached $335k by the end of the year, but had SIX MONTHS of zero to negative returns in the middle of his year. In 2012-2014, volatility died, and a lot of traders couldn't hack it in those conditions. With price movement dead for two years, how would you adjust for the lack of trading opportunities and income? Your living costs need to be as low as possible, and your trading income needs to be sufficiently high, so that even your low months are consistently able to cover your bills. If your living cost is currently $2500 a month, and you have a $50,000 job, then one example might be to downsize your life (take on roommates, whatever) to reduce your cost down to $1500/mo and aim for a trading account size combined with personal trading method that gets you an annual range of $50k-$100k. That way, even in a bad year when you only make $25k, you'll still be able to pay rent. And just as they recommend for people who make good tips, save the extra income from any good month or year, until you have that huge safety cushion to live off. It sucks immensely to trade under pressure when you don't have rent money. It's one of the big rules -- never trade with money you can't afford to lose. If that all sounds too unglamorous, keep a part-time to full-time job, and trade in the evenings/plan your setups on the weekend to juice your income. Keeping a base income means covering your bases (so long as the job market is good), leaving you to trade stress free. Even if you blow a $1000 account, hopefully you can build that back up in a few months of saving from your normal job. By the numbers, 93% of new traders quit or fail within 5 years. And only less than 1% of traders are profitable after expenses, per year. That means anyone who makes more than $0, so there's a long way to reach an income you can live on. Work towards being that successful guy, but make plans to survive the initial X number of years where you haven't yet proven your ability to be that guy.
I am a Alberta resident (20) and want to trade forex
You need to be a accredited investor i found out today but i have seen other people who are not and are still able to make a account and trade currency with out being one just looking for help or other options (not into trading stocks)
My dad wants me to trade forex in the future, how do I change his views? any advice is appreciated.
So a long time ago, my dad clicked an ad that brought him to ufxmarkets, which promised him a lot of money. So right away he put $3000 and lost it all eventually because it was a scam. He recognized it was a mistake but he still wanted to trade forex, so now he's moved on to fxcm.ca, which I read may be a scam, linklink2 Yesterday, he told me he getssignals from a "guru" in New Zealand or Australia, I don't remember, and he basically wants me to replace him, that way he doesn't have to pay for one and always rely on someone he didn't know. He said that he made $160 just yesterday, so that surprised me. He then told me to study about it, and if I don't wanna do it, I don't have to. So today, after researching, I've seen people say that forex trading is unregulated, high risk and is basically gambling, (no skill, all luck), and online trading (what my dad is doing) are scams. But some people say otherwise. So basically my questions are, is forex trading a whole, a scam? And is fxcm.ca a scam? Should my dad stop forex trading? He thinks forex trading can be his main income if I help him, and he also finds it fun, so is forex trading pretty much his way of gambling,? Gambiling is prohibited in our religion so clarification on this will help.
So.. My birthday just past and I have been debating on where to treat myself. I decided I want to trade forex live. I have been doing it off and on since the beginning of the year. Now I want to start a live account but with a few hundred as I am willing to lose that. My two questions are.. 1) lets say put in 500 in my account I buy a lot and it goes down to -500, will my account just shut down and not go any more negative than that? 2) if it does go -500 will I be able to open up a new account later on under the same brokerage (I am using Forex.com) thanks all
I chose Webull because I absolutely love the mobile app and desktop application. However, eventually I will want to trade forex and crypto but I don’t want to have to use another broker in order to do so. Do you guys see Webull offering these in the future? Why don’t they currently offer them?
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The maximum leverage offered by your Forex broker in what you want to trade (leverage varies from asset to asset and country to country); and. The minimum position size you can trade with your broker in what you want to trade (this is usually 1 micro lot). There are a few Forex brokers allowing trading in a minimum position size even lower than 1 micro lot. This lower size is 1 nano lot ... How to trade Forex like the banks. It is usually a vain and unprofitable effort to trade against the banks in the long run. So, it only makes sense to learn to trade with them and not against them. Here are tips on how to trade like a market maker. The first thing is to learn to trade on larger timeframes. Banks don't trade on minute charts. It is sure to quench your desire of, “I want to trade Forex”. The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC. Start ... Want to Trade Forex? Get Used to Losing. In today’s world, losing is avoided at all costs, seen as a sign of weakness and failure that you should hope to avoid again in the future. In finance especially, losers are looked down upon and barely given a second thought as the focus shifts to winning at all costs. The reality of trading – and life really – is that losing is one of the best ... Here are 4 steps on how to trade forex: Step 1: Learn how the forex market works. The basic concept . Forex trading involves simultaneously buying and selling two currencies. For example, if you are buying the GBP/USD, it means you’re buying GBP by selling USD and if you’re selling the pair, you’re buying USD by selling GBP. In the foreign exchange market, forex pairs are divided into ... Want To Trade Forex: Here’s How To Start? By. Brendan Byrne - Jun 15, 2020, 11:47 am. Forex, or FX or currency trading or foreign exchange is a decentralized global market where the global currencies trade. It is the biggest and most liquid market globally. Even if you combine all stock markets, they won’t come anywhere close to the FX. Thus, the FX market offers immense opportunities ... You can trade forex online in multiple ways. Steps. Part 1 of 3: Learning Forex Trading Basics 1. Understand basic forex terminology. The type of currency you are spending or getting rid of, is the base currency. The currency that you are purchasing is called quote currency. In forex trading, you sell one currency to purchase another. The exchange rate tells you how much you have to spend in ...
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