New here and new to FxMentorPro. Started trading a few years ago. Back then I wrangled the first half of a $5k training package for free, was prepared to lay out $100/mo for their pro signal service with ongoing training. But then their custom software wouldn't run on my computer, and no amount of tech support from their end or from HP could make it work. Trading on a small mini account I was frustrated by dealing desk shenanigans. Had to close account to pay bills. Took it as a sign from God.
Now I lost my job (boss and I heading in different directions) and my elderly father is getting to the point of needing more care during the day. I have a decent nest egg to put into a serious account. Spent long days searching and for something simpler, something believable and not just slick marketing. LMT, STT, and M1/M2 seem to be the ticket.
Hello Don
And welcome to the forum. I think you are at the correct path. Having time and money. Two important elements. Now you have to deal with the third and most difficult part. Yourself. Discipline is the name of the game. So start small and grow big. If you can make 100 dollars a week, every week you can make 100.000 a week.... but first you have to be certain that you can make the 100. Not for 1 week not for 2 weeks but for sometime. How much time? This is up to you but I would say at least till the end of the year. Then your aim is not going to be 100.000 but something smaller like, let's say 500 a week for another 3 months etc etc.
Take care and do not hesitate to ask questions and participate in our discussions.
I would add to Capsmart that you should be very very careful and give yourself a plenty of time. I would personally add, better take a time and spend more of your dough for running expenses and try to make them smaller than put into account and blow it. I wouldn't put any more than 30% of money into trading unless I am a seasoned pro (which I am not haha). Having a pressure of necessity to put food of the table by trading is the worst evil, truth to be said, it will put a pressure on you and make you lose, revenge trade and lose more. Try to find a mindset and arrange your situation is a way to reduce or remove pressure as much as possible. I was and still am in a similar condition as the company I manage/work is in debt restructuring and having serious hits every day and any day may be the last day, so FX will be my sole income, and I am yet to produce any stable trading outside of news trading which is lately does not work since brokers show a middle finger. Good luck and keep up!
Yes, back in the lean-and-hungry days I closed out the account to pay bills. Now I have enough for a well-funded account and to pay bills while my trading skills stabilize.
Back then I did a demo account for months before I opened a real account. I had to because it took me that long to find money to put in trade. I did OK, made more money than I lost. Didn't like the trading desk and couldn't pay bills with such a small account and less dependable strategies.
I've been reading Marc's analysis for weeks. His Sunday blog posts are available from 2009 up to May. I already learned a ton, and I've been using a net demo for a while, working on discipline. Now I'm on an MT4 demo, learning the tools I couldn't use on the other demo. It's been fun.
With continued study I conclude that M1 won't work well for me, out here on the west coast of the USA (California). I can't stay up late enough to see which way a breakout goes, nor get up early enough to catch things before they've moved too far.
I'll probly still look for late breakouts, but it simply can't be a normal part of my trading. Which is a shame, cause it is a great way to do intraday trades.
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