Good morning people. I will be exploring my business using the most common questions I have come across. A few villagers have expressed their interest in becoming FX traders from time to time. My posts will shine a light on some dark corners. Please be advised that I do not offer mentoring and tutorship classes as of the time of this writing neither should the writing be interpreted as such.
Also add your question(s) concerning this strange business otherwise know as Commodities and Forex Trading. See you in the following posts.
This will be answered in the fourth thread.
However, to give you the gist: your skill level and stats during practice trading will give you a roughly accurate figure. The rest will be multiplying/dividing by 10 depending on what you can afford. It is not a fixed number.
The bottomline. You cannot do this part time and expect to make a killing.
You’re better off getting a broker in that case. Just as in any other field/career/pursuit, you have to be totally dedicated, have a passion for it, even that does not guarantee success. However it will enable one to learn, master and avoid the pitfalls.
This guy might be a good forex trader, who knows? BUT, there are lots of ‘Forex traders’ out here who promise ridiculous returns if you ‘invest’ with them, please! please! If you want to invest with them, fine! But you might as well wipe your ass with those elephants and flush them down the toilet because that’s what’s going to happen with your money.
My trading time is London open, 10:00 am to 6:00 pm. This has everything to do with the currencies I specialize in. A fellow trading Japanese Yen or Australian dollar will have to start 2:00 am and close by 11:00 am thereabout.
You are correct and coincidentally my next thread is talking about that; realistic targets. Also, I am only answering questions and shading light. Not seeking investors otherwise it won’t be an interview, will it?