I'm sure this gets asked a lot, so I'm sorry for bringing this up if it does, but I really don't know where else to ask

forex is shit unless it is not your money or you have significant experience. To be honest everything you see on the surface as a popular investment is usually shit and is just commission generator for people in finance

Do you have any previous experience with trading Forex?

If I spend a year learning and practising, all while working and saving part of my wage, then a year later invest that small saving and hopefully have minor success and gain some experience, then I can't see how it could go so terribly wrong. It's not a casino, you wont lose all of your money in a matter of days. You win some and lose some, and keep going at it whilst working a normal job and having more money to invest, and a few years down the line hopefully not need to work a job anymore if I can make enough to live with.

I think it's pretty clear that you're set to lose rather than win initially, that's the only way you can learn from it and improve. It's the investment and sacrifice required.

Maybe I'm seeing all this wrong, but most people who say "Forex is shit" or "Forex is a scam" give me the impression that they didn't invest enough time into it or they incorrectly used their life savings and came out losing. I'm not expecting to get rich with it, it would just be ideal for me to be able to work from home one day.

Take this with a grain of salt. I've been studying forex for a few months and all of my study has been focusing in on how the market is a casino and is absolutely rigged. If you dont see it that way that's fine. But I digest price action with the view of it's being rigged and focus my attention to that aspect. So for example I look for where the stops are and I would patiently wait for price to reach for those stops to enter on a limit instead of chasing price at market.

It's not that it's rigged, it's that the nature of the market inflicts the most pain on the most participants that it can. Keeping this in the back of your mind is helpful (as you eluded to).

It may just be a order emerging from the chaos of so many actors, but like I said the mnemonic that I use to digest price action is to think there is a boogeyman and wait for the boogeyman to tip his hand.

Just try it with an automated system like this: youtu.be/lNbesLS68GE
Invest only a few hundreds first and see for yourself.

it is a flawed idea, at best you're more likely to find someone who has had a sustained period of mostly 'luck'

if you've got a genuine system you're much better off getting proper funding than trying to get retail traders to follow you

realistically most systematic trading programs that aren't intraday will require execution on a bunch of different markets at once to reduce variance - edges are generally small and variance high

Fuck binary options and fuck you for promoting your shitty scam literally every 20 year old and his mum are trying to sell.

I cringe so much seeing all these "my trade group is open to new traders" wannabe traders on Instagram. Even worse seeing people still fall for binary options.

Risky

>people still fall for binary options
What a shame.
Half the appeal is in the name, gives it some veneer of respectability. "Hey guise, it must be like regular options! Trading is trading, amirite?"

I am telling you this from the point of view of a wealth manager.

I know this is a broad question, but what would you suggest I really start learning about and practicing if my objective in the near future is to make a living from home?

The more I look into Forex the worse of an idea it seems, but I can't find anything else that resembles what I would ideally love to do for a living. It's almost like there is no way to make money from home.

Hopefully you wont get the wrong idea, I really do understand that anything takes a great amount of effort, time and perseverance to become good at it, which is why I don't want to make the mistake of investing all my time into something that is set to fail.

How much capital do you have? What experience do you have? I cant tell you shit that would work for you if i dont know these two to be honest

No experience and about 4 or 5000€

It sounds terrible and I know it will take a lot of time, but I'm completely set on my objective of being able to work from home some day.

so you're based in Europe? Which part?

Sweden

Oh boy, you don't want to move? How much are you looking to pull?

Mind explaining the first part?

I don't have a set number in my head, I would just like to make an average salary that maybe one day has a chance to be an above-average salary and see where it goes from there.

I've learnt quickly that nothing will make me rich, and almost nothing will make me money from home or from "playing with money". So the realistic objective right now is to "make money".

31% income tax on the lowest bracket. Lets say you move to Lithuania, which is close to you and has a income tax of 15%. You might think that wages are lower there, but if you are working from home who gives a fuck? Also, cutting your expenses by at least half, turning that half into profit.
Well how much are you spending a month now? Do you live with your parents? Do you own any property?

I spend about 400€ a month. I live with my parents who have no problem giving me a place to live for free and wont pressure me into finding a job or studying anything right now. I don't own any property.

So you're about 18? No skills, little capital and no advantage of over the market? Tough. If you want to make money online then trading is out of the question. I doubt your parents would be happy if you started flipping shit (buying bulk and bringing it home). What about connections? Family, friends etc?

Nope nothing, it's really just me. I'm 21. I'm not actively seeking a job but in the next few months I can see myself working as anything just to make some more money and out of boredom if I can't find anything to focus on.

Just to be clear, why would trading be out of the question? Is it something not worth learning? I'm not looking for immediate results by the way.

it is not unless you have at least 100k to throw away. All this shit about 15k and what not is nice but only if you live in Thailand. Think about it if you make 10% which is a great return you are getting 1500 a year or 4 euro a day. You can do better begging. If you are looking at his as a means for survival than even with living at your parents place you will basically live for 4 months. So what is the point? All the rich investment bankers get their money from commissions not from trading. I get more money by selling a product that making a profit for a client.

So what advice do you have for me? What could I do to be able to one day be self-employed?

Move and open a business. Learn php and shill the shit out of your services, make blogs websites with a niche, take swedish semi popular blogs and translate them into english, post as your own shit while you have no direct link to websites to avoid copy right claims.

>Is Forex trading something you can realistically make a living off?

for the vast majority of people, realistically, next to no chance at all

>next to no chance at all
which is pretty much the same as anything people think they can make millions on with little to no effort like slot machines and lottery tickets.

if someone wants to put the time and effort into something to the point where they're at least marginally competent they might at some point make some money. moneychanging is just doing it the hard way.

Stupid question, but why wouldn't this work?
>every time you sense a large fluctuation, you buy both long and short
>set stop losses on both
>market fluctuates
>one hits stop loss, other makes gains and also covers the losses of the losing trade
I know nothing about forex, so I'm sure there's a reason why this doesn't work. Just curious why it won't

why lose money trying to determine the direction of a trend when you could just look at the chart?

knowing nothing about forex either - why not do this on the stock market? it should be the same and way easier than fucking around with forex.

the problems are the "sensing" part and the "large" part.
if you figure out what's coming you'll always make a profit, regardless of what market you're on. but what if you're wrong? you've already paid for two sets of options and both might be out of the money.
and what if your stop-loss on one triggers and then the trend reverses immediately?

so yes, your idea works if your prediction about the future is correct and if the fluctuation is large enough.
as pointed out - it's a bit strange to assume all this info but not knowing whether it will fluctuate upwards or downwards and having to hedge that with counter-acting options. because that's all your construct does. given your stop-loss orders any dip or spike will immediately kill one of your two options and then you pray the other makes enough to cover for both before the trend reverses.

It's basically glorified gambling, I've been involved with it for more than 7 years

Here is my track record, i'm retired now: myfxbook.com/members/MetodoeForex/trackrecord/1886018

Just trolling, i make a living, but that link it's just a fake TR to prove you there are tons of liars in this world. My recomendation to you is read Master the markets of Tom Williams.

How risky is it making a living on forex?
How many months/years did it take you to start using real money and making consistent profit?
Would you recommend the forex game, or is there some other market that you like better?
Thanks for the book advice, just downloaded it

Retail traders honestly have a better bet with penny stocks or crypto than forex because its more of a social thing to make money than anything else.

Just put it in some cheap index funds or etf. It'll take 30 minutes and make money for the rest of your life. Then you can focus on other stuff, business or personal. Trading, you have to live the markets and it burns out after a while. Also, the overwhelming majority of traders fail to beat the market.

> Really risky, if you want to make a living just trading... don't do it, spend your time in better business and learn how to INVEST at medium and long term, search value and good management in small and medium companies. Trading nowadays it's not worthy, every year is more difficult thanks to the institutional algos.

>It took for me 4 years to be completely profitable, i go broke at 9/11 2001 for the last time, then i learn to trade proffesionally. And since 2009 i'm an Algorithmic trader. Last month i made $6.500, but my monthly average is $4.000

>Stocks are really easy if you know how to code and you backtest patterns, really easy. Gold and Crude Oil are easy too.

Okay, thanks for the advice. My goal is to be in your exact position. I need to build up a steady $4k/month online income so I can retire to southeast asia or similar place that's cheap and fun

Any other books that helped you?

Well, Fooling some of the people all of the time by Einhorn is a master piece about sell side.

And Hedgehogging, another good book.