Don't Dedicate Good Times to Trading

carol1992

Trader
Jan 21, 2021
4
2
7
29
The forex market is appealing to many people, especially the youth, for the high degree of flexibility and unlimited possibilities. The first easy gains will delude some into believing they wield it. Mistaking luck for skills is a poison for trading.

While making money by chance is an easy thing, investors will find it hard to earn profits all the time. It will take three to five years to build up a stable money-making strategy, during which you have to keep learning, repeat the trial-and-error process, and endure losses.

Will the problem be solved after five years? No. Because you're at the age of raising a family, and most of your savings will be used for tuition. The suddenly increased financial pressure will force you to make heavy investments, rendering the hard-build strategy useless.

With that said, young people are advised not to dedicate themselves to trading at their golden age. Otherwise, you can only shed tears alone when others are riding on the crest of success.

How to get rid of the winding course?

1. To arm yourself with knowledge and take your job seriously. By this way, you can have more options even finding the trading not acceptable in the future.

2. To invest in moderation and never take out a loan. The funds invested should be no more than 30% of your net worth.

3. To study indices rather than read papers only. Traders should learn to stay in awe of the market.

4. To keep learning from your failures.

Trading is just a small part of your great youth. Don't let it dominate your life.
 
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Reactions: Jerry_Ken

hk_09

Trader
Oct 30, 2020
86
12
9
37
The second point is really really important. At the end it is all about money here, and if you're not starting with your own funds, but borrowed money, there are major chances that things don't fall in your favour.
 

Dora_WalletInvestor

Active Trader
Aug 17, 2020
213
28
44
walletinvestor.com
I don't think there's anything wrong with dedicating time to trading when you're young. Sure, don't let it consume all of your time and hold you back from doing other things - but that can be said about most other things in life, too.
 

forexking

Newbie
Feb 15, 2021
28
3
3
31
I feel, it’s no harm in devoting time to learn about the forex market. It’s the trader’s own decision whether to trade or not but acquiring knowledge is not a waste of time.
 

danielbro

Trader
Nov 26, 2020
60
11
9
39
I don't think there's anything wrong with dedicating time to trading when you're young. Sure, don't let it consume all of your time and hold you back from doing other things - but that can be said about most other things in life, too.
Agreed with this. Young generations these would actually consume all of their time on one thing and does not know how to hold back.
But I think the sentiment of the message is that you are still young and you should spend more time on quality leisure for the majority of the time and should not be spent on trading.
 

wanorbit

Master Trader
Oct 11, 2010
393
11
49
good time to focus on trade and make money, the pandemic is still out there, not everybody has been vaccinated, so stay home and trade to dusk, no harm done to being out there and prone to covid-19
 

Shahzadahmed

Trader
Mar 24, 2021
4
0
6
33
While making money by chance is an easy thing, investors will find it hard to earn profits all the time. It will take three to five years to build up a stable money-making strategy, during which you have to keep learning, repeat the trial-and-error process, and endure losses.
 

vicjon1995

Active Trader
Sep 29, 2020
219
30
29
26
While making money by chance is an easy thing, investors will find it hard to earn profits all the time. It will take three to five years to build up a stable money-making strategy, during which you have to keep learning, repeat the trial-and-error process, and endure losses.
How long have you been trading?
 

Jerry_Ken

Trader
Dec 11, 2020
57
5
9
31
The forex market is appealing to many people, especially the youth, for the high degree of flexibility and unlimited possibilities. The first easy gains will delude some into believing they wield it. Mistaking luck for skills is a poison for trading.

While making money by chance is an easy thing, investors will find it hard to earn profits all the time. It will take three to five years to build up a stable money-making strategy, during which you have to keep learning, repeat the trial-and-error process, and endure losses.

Will the problem be solved after five years? No. Because you're at the age of raising a family, and most of your savings will be used for tuition. The suddenly increased financial pressure will force you to make heavy investments, rendering the hard-build strategy useless.

With that said, young people are advised not to dedicate themselves to trading at their golden age. Otherwise, you can only shed tears alone when others are riding on the crest of success.

How to get rid of the winding course?

1. To arm yourself with knowledge and take your job seriously. By this way, you can have more options even finding the trading not acceptable in the future.

2. To invest in moderation and never take out a loan. The funds invested should be no more than 30% of your net worth.

3. To study indices rather than read papers only. Traders should learn to stay in awe of the market.

4. To keep learning from your failures.

Trading is just a small part of your great youth. Don't let it dominate your life.
That nicely stated. It will help people get rid of the big misconceptions people have about forex.
 

btseen

Banned
Jan 17, 2020
42
13
19
41
I feel, it’s no harm in devoting time to learn about the forex market. It’s the trader’s own decision whether to trade or not but acquiring knowledge is not a waste of time.
Well said, everyone has a choice. If anyone is interested in trying forex trading , they should actually pursue their passion. But they must remember that it requires as much effort and knowledge as any other profession/business. Its not a game of luck.
 
Aug 5, 2021
78
7
14
26
I’d consider myself to be a young trader (26) but I do agree with some of your points, especially regarding taking a loan out for trading as I don’t like them in general. I feel that trading can pay off if you don’t go into debt trying to do it and there’s no reason not to start young if you’re willing to put the time into it. For example, trading helps me bring in extra income as a stay at home mom, so why not do it now?