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My job pays like crap and Iím looking to get into Forex trading


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 3 weeks ago '13        #1
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flyguy2000 
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My job pays like crap and Iím looking to get into Forex trading
 

 
So I was in the military for 4 years and got out almost two months ago now honorably. Iím currently working a job in IT but it doesnít pay all that great. I plan to work here for about a year or two to get that work experience and then move to a bigger city and look for a higher paying job .

My question is , anyone know of ways to make money with your money ? image

I heard about Forex trading and it seems like the stock market for this time period . Anyone do this and know if it is legit ? Iím willing to learn it and put up money to make money. I really need some side income.

I also donate plasma and do transcribing through a company called Rev but thatís more so gas money . Iím trying to make some real money through Forex.

Drop some knowledge on this topic if you know about it
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 3 weeks ago '06        #2
damn_ryght 
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been trading for about 3 years now and its only recently that I started making steady money. Nothing to brag about but profits is profits. I still have my fulltime job to keep the bills paid on tims.

This sh*t is fu*kin hard and if you're in this for the money you will fail. Try it out for 3 months to see if its for you.

It will take 3-4 years before you start making money. Probably more but I put all my time and energy in this thats why its taken me a bit faster to learn meaning I didnt have much of a life during that period.

You will lose a lot of money. This is a rite of passage and will test your comittment to this endeavor.

You will lose friends and your family will think youre a fu*king idiot.

Trading isnt for everyone and once you get the hang of it is pretty boring but im a boring guy so its perfect for me.

I hope this helps
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 3 weeks ago '05        #3
pnoi89 
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Learn to save and continually invest in index funds considering you suggest your income isn’t that high and you don’t have much to invest with.... Much easier to grow slowly with much less risk than day trading which is essentially gambling your money. Gamble when you have more disposable income, not when you’re income isn’t great and you’re aiming for easy come ups.
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 3 weeks ago '06        #4
damn_ryght 
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 pnoi89 said
Learn to save and continually invest in index funds considering you suggest your income isnít that high and you donít have much to invest with.... Much easier to grow slowly with much less risk than day trading which is essentially gambling your money. Gamble when you have more disposable income, not when youíre income isnít great and youíre aiming for easy come ups.
Day trading is definitely not gambling although it is extremely hard to achieve profitability and you will encounter a lot more losers than winners in this game so I understand how society can confuse this with gambling. And yes, I would say most people have a better chance of compounding their investments on index funds vs trading forex due to its very complicated nature. Only a small percentage of traders are actually profitable so one thing I forgot to mention earlier is dont let instagram fool you with all the empty promises of lambos and yacht parties and what have yous. This game is not for the faint of heart and the grind will be long and painful.
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 3 weeks ago '05        #5
pnoi89 
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 damn_ryght said
Day trading is definitely not gambling although it is extremely hard to achieve profitability and you will encounter a lot more losers than winners in this game so I understand how society can confuse this with gambling. And yes, I would say most people have a better chance of compounding their investments on index funds vs trading forex due to its very complicated nature. Only a small percentage of traders are actually profitable so one thing I forgot to mention earlier is dont let instagram fool you with all the empty promises of lambos and yacht parties and what have yous. This game is not for the faint of heart and the grind will be long and painful.
Explain how day trading is not gambling..... Unless you have some nice inside trade secrets, the HUGE majority of people cannot and have not successfully predicted the market, as we can agree that a very small percentage of traders are profitable, as you've stated. The game is not for the faint of heart because trading is like gambling in a casino where you cannot successfully predict the market, where the market is even more complex than gaming at the casino.

Going back to my point, suggesting trading to someone with little money to lose in day trading is foolish and negligent, as he'll be jumping into something that's going to be paying even more like crap.
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 3 weeks ago '06        #6
damn_ryght 
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 pnoi89 said
Explain how day trading is not gambling..... Unless you have some nice inside trade secrets, the HUGE majority of people cannot and have not successfully predicted the market, as we can agree that a very small percentage of traders are profitable, as you've stated. The game is not for the faint of heart because trading is like gambling in a casino where you cannot successfully predict the market, where the market is even more complex than gaming at the casino.

Going back to my point, suggesting trading to someone with little money to lose in day trading is foolish and negligent, as he'll be jumping into something that's going to be paying even more like crap.
Too many factors to point out how and why day trading is a legitimate business model and would take hours of dissection to properly explain them. Once you understand candlestick patterns, technical and fundamental market conditions you can definitely make a k*lling in the market. If I can explain in one word the main component you need to succeed in this business it would be DISCIPLINE

And to answer your question as to how day trading is not gambling. The algos that work for big banks like JP morgan chase, softbank etc has to be written by a person who knows the market. Thereís a reason why these people are employed by big banks and thatís how they stay employed. Not to mention the ones we know nothing about and work in secrecy. I know a couple of very profitable traders who like to keep a low profile and work really hard to keep it that way. Like I mentioned before only a few gets to reach this level, im not on the level but I do aspire to be nearby such level. Yes it sounds like bullsh*t to an average person but this is really something that you have to see to believe it. Not trying to change your mind just explaining what ive experienced.
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 1 week ago '08        #7
blazinodadon 
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My advice as far as trading goes you should learn the basics as far as understanding candles, knowing support & resistance how to read the charts cause for real the chart will tell you everything it's up to you study these signs so when they present their self you'll be ahead of the curve I took 3 years and learned on my own trading crypto. But forex is cool i can point you in the right direction I got people that trade as a team hit me up i'll link you... ALWAYS INVEST WHET YOUR WILLING TO LOOSE....


Last edited by blazinodadon; 11-03-2019 at 07:37 PM..
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 1 week ago '08        #8
blazinodadon 
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 damn_ryght said
too many factors to point out how and why day trading is a legitimate business model and would take hours of dissection to properly explain them. Once you understand candlestick patterns, technical and fundamental market conditions you can definitely make a k*lling in the market. If i can explain in one word the main component you need to succeed in this business it would be discipline

and to answer your question as to how day trading is not gambling. The algos that work for big banks like jp morgan chase, softbank etc has to be written by a person who knows the market. Thereís a reason why these people are employed by big banks and thatís how they stay employed. Not to mention the ones we know nothing about and work in secrecy. I know a couple of very profitable traders who like to keep a low profile and work really hard to keep it that way. Like i mentioned before only a few gets to reach this level, im not on the level but i do aspire to be nearby such level. Yes it sounds like bullsh*t to an average person but this is really something that you have to see to believe it. Not trying to change your mind just explaining what ive experienced.
everything this brother said is the truth... If you don't have the discipline to stay in a trade you will never win a trade if that makes sense. Just cause you see red don't mean your losing you only lose when you sell
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 1 week ago '07        #9
willie_s 
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 blazinodadon said
everything this brother said is the truth... If you don't have the discipline to stay in a trade you will never win a trade if that makes sense. Just cause you see red don't mean your losing you only lose when you sell
Ok you only lose when u sell, being down a position is losing weather you sell or not the capital is tied up and if y dont sell u have to wait hold the bag and u dont know if its ever going back up
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 1 week ago '08        #10
blazinodadon 
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 willie_s said
Ok you only lose when u sell, being down a position is losing weather you sell or not the capital is tied up and if y dont sell u have to wait hold the bag and u dont know if its ever going back up
Right but you shouldn't be in trades you don't believe in if something goes down trust me it will go back up

 1 week ago '06        #11
damn_ryght 
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This is what I usually tell those who are interested in trading:

Its going to take atleast 3 years to sort of figure this out and thats if you dedicate most of your time learning/backtesting. For an average person might take 5 years

Tell me the things you’re prepared to give up

How’s your pain tolerance?

Are you ok losing lots of money as your “tuition fee” to the market?

Do you like watching grass grow?

Do you like sports?

 1 week ago '15        #12
WightAroundYo 
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Idk nothing about trading but if you just got out, it will behoove you to look into your va disability
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 7 days ago '04        #13
Tastemaker331 
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Anytime you see someone talking about Forex, it means that they are approaching rock bottom
Read any honest post from an average Forex trader and they will tell you that they are operating in the Red

 damn_ryght said
And to answer your question as to how day trading is not gambling.
By definition, all trading is gambling. You'll hear that from someone on Wall Street
I think you're getting offended b/c of the connotations a*sociated with gambling
But when it comes down to it, trading stocks/commodities/etc. is the same process as using a sportsbook. There are different intricacies, but on a macro level, its the same thing

 5 days ago '06        #14
damn_ryght 
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 Tastemaker331 said
Anytime you see someone talking about Forex, it means that they are approaching rock bottom
Read any honest post from an average Forex trader and they will tell you that they are operating in the Red
forex has a 93% failure rate so your comment is more or less spot on. Most come in here with a belief they can get rich quick. And then they get their a*ses handed to them. I've been in the game for a while and no I dont have a lambo or a million dollar house but I am a profitable trader. Matter of fact I still have a 9-5 full time job and the plan is to quit within the 3-4 years.

forex is a game of probabilites, position sizing and risk management. I would classify it as just another form of business. I mean anyone who starts a business takes a certain amount of risk so going by your logic business is gambling so if you want to call it that then be my guest you're entitled to it. Don't forget, there's a small percentage of gamblers with a proven system and profits on a consistent basis aka proffesionals

 5 days ago '04        #15
Tastemaker331 
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 damn_ryght said
forex is a game of probabilites, position sizing and risk management. I would classify it as just another form of business. I mean anyone who starts a business takes a certain amount of risk so going by your logic business is gambling so if you want to call it that then be my guest you're entitled to it. Don't forget, there's a small percentage of gamblers with a proven system and profits on a consistent basis aka proffesionals
This may be the slimiest thing Iíve ever read on this site
You really compared Forex to a business? You clearly donít run a business.
Thereís also no such thing as a proven system in gambling. You sound like a lowlife homie. No disrespect intended
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 5 days ago '06        #16
damn_ryght 
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 Tastemaker331 said
This may be the slimiest thing Iíve ever read on this site
You really compared Forex to a business? You clearly donít run a business.
Thereís also no such thing as a proven system in gambling. You sound like a lowlife homie. No disrespect intended
Cant have an informative discussion with a person who doesnt even know the true definition of a business. Glad normal society thinking hasnt changed its views on currency trading, iíd love for it to stay this way.

Its all good big dog go getcha paper

 5 days ago '04        #17
Tastemaker331 
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 damn_ryght said
Cant have an informative discussion with a person who doesnt even know the true definition of a business. Glad normal society thinking hasnt changed its views on currency trading, iíd love for it to stay this way.

Its all good big dog go getcha paper
Homie Iíve been running a pharma company for the past 2 years. You are not going to tell me anything about business
I get it though. All you have is your ego. I already know how this is going to go
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