New to the world of Forex

[southy92]

Hi everyone, first post on here so please be gentle!

I'm new to the world of Forex trading, I've been learning for around 6 months and only have started real spreadbetting in the past 2 weeks with my own savings.

I have started with a very small account, as I didn't have much to spare. I'm really just looking for some advice as I am working as hard as I can to move away form my current career and become a full time Forex trader.

I work full time in the UK and have a mortgage, bills etc each month so I'm not in a position just to quit my job and start trading full time immediately. I'm using all of my holiday leave to build up as much in my account as I can and at that point I will evaluate my options. I'm trying to build up at least a years wages so I have fall back in case I mess up and need to get back into full time work.

I'm using IG Index as my broker of choice (They came recommended to me) Everything so far has been great and especially support if you need it, they always answer the phone within a few minutes and are very friendly people. Is the general consensus that IG Index are a good solid broker to use?

On the topic of brokers, if I were to trade full time and quit my current career, do I need a different account type, such as a professional account?

Does anybody have any words of advice, any topics I could do with reading on here to boost my knowledge?

thank you

 

[mlawson71]

I don't think you need a different account if you were to trade full-time, but I would also not recommend quitting your job and depending on forex to support yourself until you are absolutely certain you can do so. That is, until you see that you are capable of making a profit consistently over a long period of time.

 

[Emmi]

I agree with mlawson71. If you quite now or let say in near future, the pressure will be to high - pressure to make a profit, because you will need it for living. And that's excellent position when things start to go wrong.
I wish you good days at your job and of course good trading,

 

[mlawson71]

I agree with mlawson71. If you quite now or let say in near future, the pressure will be to high - pressure to make a profit, because you will need it for living. And that's excellent position when things start to go wrong.
I wish you good days at your job and of course good trading,

Indeed. It takes time to learn to trade with real money. And by "learn" I don't mean theoretical knowledge - that one can practise on a demo account - what one needs to learn is emotional control, which is a very subjective thing.

 

[NVP]

Missed this thread .....hope the dude didn't lose too much....1 post only it seems

Taxi .....

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