Can you imagine how great it would be if you could travel to the future and see how your choices worked? Like every time you have to make a decision, you just ask your future self: “Hey, was it a good idea?”
Guess what? If possible! Well, not the part of the future, but knowing how things work before you really dedicate yourself to them. If you want to know how your conversion to trader could be, just check out these ideas from traders who have already been there.
How long does it take to learn to operate?
They say that good trading is 80% experience and 20% theory. What does this 20% include?
- Basic knowledge of economic theory
You need to know what supply and demand mean and have a general understanding of how money works.
You need a total UNDERSTANDING of the indicators because you will use them to make predictions. Learning them will take a week at most
- Trading patterns
This is the most challenging and time-consuming part of your studies. You need to know them by heart. Well, not necessarily everyone, the basics will be enough to start.
- Market theory
Here, “Technical Analysis of the Futures Markets: A Comprehensive Guide to Trading Methods and Applications” by John J. Murphy is all you need. People call it the bible of technical analysis. Reading time: 16 hours.
Simply put: it will take you about 1 month to learn the basics and about a year to learn it from beginning to end.
And what about the initial investment?
“How much money do I need to invest if I want to make a sustainable profit?”
This question probably annoys future traders more than anything. Well, there is a clear answer:
Around $ 50,000
Wait, don’t panic and don’t close the article! This is the amount you need if you want to earn $ 2,000 – 4,000 a month without pain and without complications.
Can you enter the market with a smaller amount? Of course, there is no problem, this is what most people do. If we talk about trading as a full-time job, the greater your initial investment, the better. However, many people consider trading as their secondary income. In this case, you can enter the market with $ 100 (consider the FBS Trade 100 Bonus) and carve your way to the top.
How about work hours?
It depends on many factors, but in general, traders do not have rigid schedules. However, planning your day is a good idea to systematize your processes. Here is an example of how your workday could be:
- 9 am Wake up, have breakfast, watch YouTube videos, the news, some memes
- 10-11 am Check your open positions
- 11:30 – 16:00. Analyze your peers/instruments, trade, read market news
- From 4:00 p.m. Free time
After that, you are free to do what you want. Well, in reality, traders are never completely free because you have to track the signals and make decisions all the time, but this only takes a few minutes.
What are the advantages of being a trader?
1. Freedom of action
You are your own boss, nobody supervises your work or forces you to do things that you are not willing to do.
2. Flexible schedule
You can set or not a fixed work schedule for you depending on what is most comfortable for you. Many traders don’t even bother. Anyway, you can go on vacation whenever you want or reorganize your plans without damaging the progress of your work.
Forex is full of money. In addition to real trading, experienced market participants can monetize their experience and organize seminars, be tutors and consultants. Traders can get around 10% of their budget on a regular basis, and sometimes they have the opportunity to double it / triple it / quadruple it if they are lucky.
There is no “unique” scenario, the routines in trading can vary from one person to another. The best thing about Forex trading is the fact that it can be adjusted to different lifestyles: you can find a combination that works for your specific needs, no matter what. Obviously, one thing that each trader needs to have is an analytical mind. If you are really bad with numbers, you should stay away from trading, this is the only essential limitation.