Make a start Frank, but with plenty of research first, here is a good place. Find out how others do it, find a style from that lot that suits your character closely, adapt it, refine it, keep it simple, trade small, risk very small, enjoy your research, enjoy your experiments, but treat this as seriously as a salaried position. When you discovered trading, life handed you a corner office and an expense account - imagine you have to justify your trading today to management so you can come back tomorrow.
Frank, Tom's feedback is spot on.
Don't make it any more complex than it has to be. Leave that to all the vendors and gurus who make a living (and therefore the bulk of their earnings) peddling complex-sounding trading products that make it SEEM like you can't survive without their system, etc.
I know, because I used to work behind the scenes with some of these guys (the original 'good guys' - not the scum you see saturating the market today). However, even the 'good guys' eventually changed their business model to the point that it no longer had the customer's best interest in mind. They were now all bout the "quick-turn profit", whereas before they used to actually care about their customer's well-being. Times are just not the same.
This is part of the reason why I ventured on my own to develop my own custom trading method... one that suits me specifically, and addresses the painpoints of most traditional methods.
It took a while to identify and develop (even though the method itself is incredibly simple, it's the LOGIC behind it that makes it truly potent)... but once I was able to trade it live with real capital, I quickly realized my financial well-being was going to change beyond my original expectations.
With the right commitment, attitude, and foresight (i.e. knowing not to believe everything you read or hear), you'll do just fine. Give yourself permission to blow a small account now and then... we've all done it. Anybody who says otherwise is flat-out lying to you.
Consider it nothing more than a "start up cost" of running a business. It's expected to happen, and in fact, that's how you graduate beyond "newbie" status.
It's how you respond to blowing that account that matters. Learn from it... that's how WE ALL gained our knowledge and insights. First-hand, deep-in-the-trench experience is the best teacher of them all. Don't ever let any guru or self-proclaimed 'trading pro' tell you otherwise.
Granted, a demo account is recommended for all beginners (for obvious reasons), so please don't misinterpret what I'm saying here. My primary point is IF you blow your initial trading account, then give yourself permission to move past that experience. It's okay, because there ARE ways -- some really reliable, low-risk ways -- to profit from the forex market.
You just need to cut your teeth on some of this material in your own way first, before knowing what to look for afterwards.
The guidance within this thread and forum will definitely help you avoid certain disasters, etc... but the question is, WHICH advice should you listen to?
That's the real question, isn't it? How should you know which to follow and which to avoid?
I, nor anybody else here, can answer that. This is where the personal first-hand experience comes into play. Sometimes you'll just have to jump in the fire with both feet and experience the "burn" yourself in order to determine how to prevent such a situation in the future.
You'll do just fine. Keep your confidence intact, and keep moving forward until you find what works for you.
That's honestly what I did, and I couldn't be happier now. If you have any questions, feel free to skype me below.
Hope this helps.
All the best,
Marty
arty:! I'm gonna get me another refill of that!
