Can someone with no previous experience with markets or stocks actually make money on Forex?
Hey everyone! So I am really interested in doing Forex trading but I am unsure if I will actually make any money off it. I am afraid it will be a waste of time. If I open a practice account, and do lots of reading on it, can I actually make decent money?
Does forex trading make sense for someone with a computer science background as a way to make money on the side?
I'd like to make some money on the side. I have a computer science background. I read the Wiki, but it mostly contained educational resources, whereas I'm wondering "does it make sense to trade forex in my position". I see three possible benefits of trading forex:
I trade forex and get some money on the side
I trade forex, get good at it, then program a bot that trades forex (not sure how profitable this is)
I trade forex and pick up some skills that are useful if I'm investing later on in my life (in tech companies etc.)
I'm trying to weigh trading forex against doing freelance programming work on the side as a way to earn extra money. Hence I arrive at my question: Does forex trading make sense for someone with a computer science background as a way to make money on the side? Is it worth it, given that I want to invest in companies later on in my life? Or should I stick to programming freelancing?
My mentally ill boyfriend (23M) with a huge bank loan wants me (20F) to get a loan for him + I’m overall exhausted due to his mental condition
We know each other for a few years, have been best friends for 1y and then we started our relationship (2y being together, almost 2y living together).
Here’s the background:
Even before we started dating, I could see he has some mental problems. Not severe ones but still. I had advised him to go ask for a psychiatric help several times - he didn’t until a few months in our relationship. At the time we started dating, he was in a police academy which lasted for almost half a year. After he finished it, he had worked as a cop for 2 months and this was a really bad time for him. Worse than ever before. We moved out together anyway tho. Then he finally went to a psychiatrist and was diagnosed with depression. He got a sick leave for one month. After one month, he got another sick leave. And another. And so on, finally he was on a sick leave half a year and during this time he was playing on the market (Forex, what a great thing). Surprisingly it was going well for him, he was earning money all the time. Or so I thought. One day he told me he has suicidal thoughts for a long time, he had panic attacks, etc, I had no clue. We had a huge argument and he disappeared. After 1h I called the cops, they found him, he was sent to a mental hospital. After 2 months there, he was diagnosed with a bipolar disorder. A rough type of it (moods swinging from happy maniac to depressed zombie every few hours) what explained why living with him was so frustrating at times. After he came back home, he quit the police and was just making money on Forex. In a few months after that, there was a huge issue since I discovered he stopped taking his meds. Since then, I need to take him to get meds every time, otherwise he will just forget about them (or ignore them, no clue). One day (about a month ago) I found him crying in front of the computer. He admitted he’s doing shitty on the market recently and that he was taking a lot of bank loans in the last year, so now he has to pay over 1k/month for another 4y. I was frightened how irresponsible he can be.
The actual case:
Since I got a good job in another city we both were dreaming of, we are moving there in one week. My bf was at first positive with the idea, we have a flat there already, all the arrangements are made. Now, all the time my bf is ranting that it’s going to be hard, he is going to be poor and working 7 days a week just to make the ends meet, sometimes he thinks of just hanging himself, etc. Even tho I have depression myself, I’m actively fighting it (psychiatrist every month, therapist every week) and I’m so so very happy we are moving out, while my bf just vomits at me with all the negativity and I feel like he does nothing to deal with his mental condition (and overall he did almost nothing from the start of knowing about having it). I love him, I really do or at least I think I do. I want him to get healthy. I don’t want to leave him over his sickness. I hate the bipolar disorder tho. It’s so hard to live with someone with it, especially if you are struggling mentally too. He asked me to take a bank loan for at least 2k and give it to him, so he can continue playing on the market after working. He thinks it will be a lot easier then to make the ends meet. At first I said “no”. He asked me am I really unable to sacrifice myself for him. He told me he won’t ever again sacrifice for me. I tried to explain to him why I don’t want to risk getting into financial problems myself but he doesn’t get it. He is an emotional wreck. I feel so bad with it. I don’t know if I did well. Maybe I should get this bank loan to help him? Is it the thing people in relationship do? I don’t know if it’s even a good idea to keep this relationship going. I’m so exhausted. I already consulted his case with a psychiatrist, so I know what he needs to do. But I have no idea what I should do. How I feel like. Nothing. I’m sorry for the long post, thank you anyone who read that. I’d just love to hear some advice as this whole thing is a huge struggle for me
Hop on the money making train!! Forex is a good skill for everyone to learn.💸
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Why are teenagers making tons of money on r/wallstreetbets while almost everyone at r/trading, r/daytrading, r/forex, r/algotrading seems to be loosing money?
I'd just like to begin by saying that I'm not a real trader. I've only been trading for a year and most of it on a paper money account and a $500 test account that I almost blew up. I'm still not profitable and I have a long way to go. I've only been trading a few stocks and a few forex pairs, so I have no experience with options, hell, I don't even understand how options work (I haven't done any extensive research yet), but I see that a lot of people on wallstreetbets are making tons of money trading options. Are options a magical money printing machine? Are they really good with technical and fundamental analysis? Why is it that almost every trader looses money while they are making tons of money? I hope this doesn't get downvoted, I'm really curious as to why this seems to be the case. I just want to become a good and serious trader, I'm just beginning this journey and I know I have a long road ahead.
Unathi Kwaza RT from Marco: @Unathi_Kwaza Same banks have done it 20 times over again but more sophisticated. It’s banking and called making a profit on forex conversion. Just because the ANC lost money does not mean the system is corrupt. It means it costs money to convert ZAR into US dollars!
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Hi, so I am writing this not to tell you a magic strategy or specific way to win in the market, but I do want to state making money on forex doesn't come down to just simply a few indicators and resistance... I Started trading in the US Stock market for about 4-5 Months and I lost around 1500 dollars trading which was what I was willing to lose financially. I then took a break for about a week, but my slight addiction and determination brought me back to the market, but I knew the US Stock market wasn't for me so I switched to Forex. My journey in Forex went a lot better than before and I ended up making around 600 dollars within my first few weeks, but I was then met with the few mistakes of not looking at larger time frames for patterns and also refusing to take a loss which took about 1000 dollars away from me once again. At this point and time, I was frustrated and was on the edge of giving up so I took a week-long break once again. I then started trading with 300 dollars so I didn't lose too much money but I could also make trading worthwhile if I did win. Once again I lost 100 dollars. Around this point, I began to develop some skills of patience and I made around 75 dollars which was great when compared to my account size and position sizes. I was finally consistent for more than 2 weeks, and I thought I was ready to start making some real money. I went ahead and deposited 4000 dollars and started trading larger position sizes. I immediately lost 1200 dollars within a week with two bad trades that I let run way too long. This is when everything changed... I began to notice something unusually similar in Forex, it moves in a specific direction and almost always begins to form some kind of pattern. Short term patterns on a 30 min chart are based and leading up to the 4 hour and daily chart patterns. Despite having a bull flag on the 30-minute time frame, the 4-hour chart was showing a bear flag formation. My point being is depending on your style, I would highly recommend trading based on the higher time frames, It makes it a lot easier to find your perfect exact entry points. You can even day trade the patterns leading up to the bigger move if you want to catch some smaller profits throughout the day which is what I do before the big move. I know this is long, but here is what I learned ... The charts never lie, and every move happens for a reason. Trust the trend and patterns and use technical analysis and also the news to determine if the market will continue a move or if the move will go in the opposite direction of a breakout. Use indicators to prove that you're on the right side of the market & Please be Patient!! If you are right on the movement of the stock, It will move to your exact entry point, If it doesn't then you know you are wrong and you need to re-analyze the charts. Don't let your emotions get the best of you! If you get an entry point and it moves against you showing it is not following your pattern, then get out and take the loss because you were wrong. Don't be afraid to take a loss it will help you make more money in the long run. Anyways this is my story. I am happy to say I have made my 4000 dollar account back to where I started... 4000$. Which were 1200 dollars in 2 weeks. Have I made more money yet, no I haven't, but I have full faith in myself now and I am for sure positive I will be making the money I have been working my ass off for 8 months. A few other tips: 1.) Don't focus on the money, focus on the exit point. 2.) Play it safe by putting your fill price at a guaranteed price level. 3.) USE CHANNELS!! I can not repeat how using channels is so useful. It enables you to find entry and exit points. 4.) Begin to understand price action and candle patterns to confirm your trade or tell you something is going wrong. 5.) Keep practicing, and know you are going to fail when starting out. 6.) Size your positions accordingly, maybe use larger sizes on the big move, but use smaller sizes on the moves leading up to it. 7.) Keep practicing!! I would also like to note, I don't care if you believe me or not, but I know what I am doing is working and if you want to use anything I have learned to benefit you please do, if not fine with me. Keep Trading!
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So, if you are looking for making money through Forex, make sure not to give your hard-earned money to anybody. Also you don’t risk your money to trade Forex on your own. For Newbie Forex Traders. For a newbie, Forex and currency market is nothing but a money sucker. It only wastes your time and money. That is it. Forex brokers often don't charge a commission, but rather increase the spread between the bid and ask, thus making it more difficult to day trade profitably. ECN brokers offer a very small spread, making it easier to trade profitably, but they typically charge about $2.50 for every $100,000 traded ($5 round turn). Trading foreign exchange on the currency market, also called trading forex, can be a thrilling hobby and a great source of income. To put it into perspective, the securities market trades about $22.4 billion per day; the forex market... Often times, many novice traders give up without making a dime. But do you really have to trade to make money on Forex? What if there was a way to invest profitably without actually having to trade? Investors hope to paint with forex trading sellers through intermediaries. Regardless of the profit or loss suffered by position traders, forex trading brokers cash in cash through commissions and handling fees, many of which are implicit. Forex brokers’ proprietary way of making money will enable you to make the best brokerage business decision.
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