2006-07-30 07:52:26 · 3 answers · asked by Anonymous in Business & Finance ➔ Careers & Employment
a good start? answer quest for clients. is that a good way to learn the business?
2006-07-30 07:53:22 · update #1
Yes, I have two separate college degrees, computer science and engineering.
I am currently meeting my goal of 15 to 20 pips per day, average. My account is up 40% for the month.
I'm not quite sure what "forex customer service" is about, but it sounds like a good way to learn the business from the ground up.
You'll want to work toward getting closer to the traders, being their assistant, doing their research, helping them with computer problems and running their simulations and backtests.
There are so many indicators out there, and so many different time frames, that we all could use help watching for signals, and setting up the criteria for those signals. I use five 21" monitors, with 4 to 9 windows on each monitor, and it's impossible to keep track of it all. If you study hard, learn what it all means and how to interpret the different correlations, you would be invaluable to a trader to help him keep track of what's going on.
If you're just doing it for the money, you'll tire easily. You've got to really love trading and the business, and devote your life to it for a few years to really know whether you will be any good at it.
It sounds like you are starting a new venture, a new future, so I'm going to expound here. You're thinking of becoming a trader, and you're going to get a wide range of experience and maybe even a mentor by starting at the bottom and working your way up. I like that.
What separates a successful traders from failures?
Many very intelligent people have failed to answer this question. Intelligence has very little to do with it, surprisingly, as I am a test of that premise. I am not overly intelligent, yet I am successful.
What a trader lacks in intelligence, he makes up for with study and hard work. Perseverence is a must, passion is a must. If you are just doing it for the money, it will grow tiresome, and will be too much work.
Although a trader is probably intelligent, he need not be, but he is certainly knowledgeable. I have over 100 books on the subject.
Like any vocation, it takes hard work, lots of study, and the testing of your theories, learning what makes you tick, learning your own particular time and stress levels, and fighting the emotions of fear, greed, and loss of hope.
Most traders spend their entire time looking for the Holy Grail of indicators, and that's why 85% of all traders fail.
Your success or failure lies within you. Part of the key lies in finding the right combination of which markets and which time intervals to trade. For example, I am no Day Trader, although I do Day Trade sometimes. In choppy markets, it is a must, like now in the Currencies and even more so in the stock market.
Some say that psychology is 50% of trading. I would guess more. The markets weeds out people who are unable to be honest with themselves. Trading is one of the most self-revelatory things that a person can do. Day in and day out you’re confronted with all your primal emotions.
Many traders react to uncertainty by hoping it would just go away. They fruitlessly try to deny the implications of change. But change is commonplace in trading, and it's vital that you accept change and think of creative ways to deal with it. You must learn to accept the market on its own terms; hope must go out the window. After a trade is put on, it will do what it will do, and no amount of hope or fear will change it. Without a firm committment to this psychology, if you chase your tail in worry, the markets will eat you alive.
Most novices focus on how much money they can make, which is bassackwards to what they should be doing. If you focus on risk control and money management, you might stick around to play the game another day.
There are so many places you can go wrong, and only a few right ways of thinking will help you. Your ability to concentrate fully and intensely can mean the difference between consistently taking home huge profits and barely staying above water. It's vital that you pay attention to multiple sources of information, sift through them, prioritize each separate piece, and make an astute decision once all information has been scrutinized. You can't be distracted and unfocused while formulating a trading plan or monitoring an ongoing trade.
It is vital that you develop your intuition by trading with a variety of methods under a wide range of market conditions.
This has become an Essay. Maybe someday you can write your own.
Good luck, and happy trading.
2006-07-30 08:37:57 · answer #1 · answered by dredude52 6 · 2⤊ 0⤋
If you are thinking of making thousands and potentially millions in Forex as a beginner, i suggest Forex Customer service or anything relating to it maybe a good start. Many professional traders have their trading equity zeroed only making it after much much perseverance. I know it looks easy, sounds easy, yes the potential is there but the good ones have battle scars and stories to tell. Keep in mind please :Forex trading is not just Technical analysis, Methods of entry and exit. The more crucial part is money management and trade management. How do you handle profit and loss ? Where does gut feeling begin and logic ends ? These will be your companions. Forex is 24hours. You have to decide are you a day trader or position trader. Read books on it. I have compiled some below take a look.
2006-07-30 21:55:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I suggest you check the website below for help with Forex trading. They are the best currency trading platform available. The system enables you to trade with small amounts as little as $25. After getting familiar with the system, you may increase your level.
Check the website below for full details.
http://tinyurl.com/mu3pt
2006-07-30 19:41:47 · answer #3 · answered by Rosie 2 · 0⤊ 0⤋