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My journey into forex

Anything related to bitcoin, crypto, blockchain

Great vitalis

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Apr 21, 2022
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Good morning all
After reading amazing threads and amazing stories here I've decided to start something. anything at all even if it doesn't fit within the cents framework
I've lurked here for a year occasionally checking around and reading whatever I could find I believe it's finally time to start something.
Am currently 17 so there's not much funds for anything huge

Firstly I tried sports betting to get a capital lost a lot of money so quit the idea
Got a side hustle that pays about a 50$ a month
Thuo it's not much but the working hours is negligible so I have time to focus on school and other activities
Am thinking of investing the whole 50$ into forex for a year
I made a lot of research and forex thuo a little shady has prospect if I research well enough.

So this is my first major post am going to practice with demo account and then eventually invest 50$ I will be sure to drop an update every week on my progress

NB: thank you all for the inspiring message you drop here everyday really inspires the majority of us that don't post or comment.
 
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UK_Mike

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Sep 10, 2020
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Forex is one of those things that has a stigma to it - I'm sure there are people who make money from it, but I'm also sure that the vast majority do not. It's become linked to people offering to teach you how to trade forex, which tends to be how those people make their money rather than the actual trading. It's not impossible, I'm sure, and maybe you can be one of the few.
 

Great vitalis

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Apr 21, 2022
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Forex is one of those things that has a stigma to it - I'm sure there are people who make money from it, but I'm also sure that the vast majority do not. It's become linked to people offering to teach you how to trade forex, which tends to be how those people make their money rather than the actual trading. It's not impossible, I'm sure, and maybe you can be one of the few.

Forex is one of those things that has a stigma to it - I'm sure there are people who make money from it, but I'm also sure that the vast majority do not. It's become linked to people offering to teach you how to trade forex, which tends to be how those people make their money rather than the actual trading. It's not impossible, I'm sure, and maybe you can be one of the few.
Thanks for the motivation
I've been making a lot of research and with practice and. Pure focus for a year I want to see the result am only 17 so Time is my only friend.
 

UK_Mike

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Sep 10, 2020
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Thanks for the motivation
I've been making a lot of research and with practice and. Pure focus for a year I want to see the result am only 17 so Time is my only friend.
Yes, sorry, that came across as overly negative, if you've done any research at all you'll have found out how many sharks there are in that market, with the fancy cars and apartments and stories of how well they've done. I get a small return from Forex trading, but I don't do it myself - someone else is handling the actual trades, so in that way for me it's just another investment.

As you say, you have time on your side.
 
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TheJon

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Hi there, learn technical analysis and be prepared to be glued to the news to watch for the events that drive currency. I'm not super sure forex will let you trade on $50. You might have to do some in person dirty jobs and get that up a few hundred (like scoping dog poop or something). Also not sure you can use that platform at 17

Finally don't forget that speculation = gambling. So you can make some cash but just like sports betting you can lose it quick
 

Subsonic

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Aug 16, 2022
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Good morning all
After reading amazing threads and amazing stories here I've decided to start something. anything at all even if it doesn't fit within the cents framework
I've lurked here for a year occasionally checking around and reading whatever I could find I believe it's finally time to start something.
Am currently 17 so there's not much funds for anything huge

Firstly I tried sports betting to get a capital lost a lot of money so quit the idea
Got a side hustle that pays about a 50$ a month
Thuo it's not much but the working hours is negligible so I have time to focus on school and other activities
Am thinking of investing the whole 50$ into forex for a year
I made a lot of research and forex thuo a little shady has prospect if I research well enough.

So this is my first major post am going to practice with demo account and then eventually invest 50$ I will be sure to drop an update every week on my progress

NB: thank you all for the inspiring message you drop here everyday really inspires the majority of us that don't post or comment.
Why dont you go out and cleaning windows like so many people here and make up to 30k a month without needing to go enterprise level.

Trading forex is using all your time for the hope of making like 5-10% ish alpha a year. Thats what the big boy hedge funds with quantum comuters make, mind you.
Also remember that just making a few precent gains is NOT good. Why?
Because you need to subtract the ammount the market grows in general from your gains. That is because if you make less than the market by activly trading you are wasting your time and money, since you could just put your money into a indedx fund and make more passivly.

So if you dedicate a year to it and can get to 2% a month of gains (which is very optimistic since many hedge funds dont make that much) that is 1. like 5€ at most with the money you can invest and 2. subtracted by the market growth in a non crash year, your left with 12% to 14% of alpha. That means your doing full time work that does not teach you valuable skills, does not bring you connections and that is not fun, for ~50€ a year more than you would earn by investing the money into a index fund.
That means your hourly rate if you trade 20h a week is : about 2ct.


WHY would you do this ?
 

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