Experience or Education?

[ForexVerified]

Why people not understand reality, they can not become millionaire until had no skill to do profitable trading or they had billions of capital where they can make thousands of profit every day. With just some capital as most of the people invest they should not dream a big.

And to become a millionaire by trading Forex you need to have appropriate amount of money in your account (i.e. six figures or more).

 

[iMusingKiMi]

Education then only experience. But as I always mentioned, trading can't be taught. Even education, it is just some text book tutorial learning, you still need some true experience in trading to know what strategy and style most suitable for yourself.

 

[hitfx]

First we have to need proper knowledge about forex and the practice on demo account, both are compulsory for making good result from forex. Keep in mind that forex is fruitful only for those who have good knowledge and vast demo trading experience.

 

[iMusingKiMi]

First we have to need proper knowledge about forex and the practice on demo account, both are compulsory for making good result from forex. Keep in mind that forex is fruitful only for those who have good knowledge and vast demo trading experience.

Yup. It is a step by step process and there are no shortcut if you want to success in trading.

 

[Pharaoh]

And to become a millionaire by trading Forex you need to have appropriate amount of money in your account (i.e. six figures or more).

Or you need a good broker, a great trading plan, $1000, and a LOT of patience.

 

[TheBarron]

If you seriously want to make trading a full time career I think you need an account of at least $20,000 Anything smaller than that and the profits will be too small or the risks too big

 

[iMusingKiMi]

If you seriously want to make trading a full time career I think you need an account of at least $20,000 Anything smaller than that and the profits will be too small or the risks too big

Yup, somewhere near that. Back to many years ago when I decide to shift to full time trading, I need 15k to start up. And believe me, it is not easy life with only this amount to shift to full time. You have to be very save in your living cost.

 

[alextrader79]

Yup, somewhere near that. Back to many years ago when I decide to shift to full time trading, I need 15k to start up. And believe me, it is not easy life with only this amount to shift to full time. You have to be very save in your living cost.

May I ask how large funds helped you to shift to full time trading? Just wondering. As some people tell they started with 2-3K (that is too unlikely, really)

 

[iMusingKiMi]

May I ask how large funds helped you to shift to full time trading? Just wondering. As some people tell they started with 2-3K (that is too unlikely, really)

No way with 2-3k. 15k is already the minimum but I will advice larger are much better. I believe the best is about 30k. I have some tough days too during 15k startup. With healthy money management and with an average of 3% monthly, you still have roughly USD 1k per month earnings but 3% might relatively take a higher risk, so you must have enough discipline. Then after profit track record, you start looking for good PE firms. Once you get the job, then you don't need any of your own capital. In UK, that time I got paid GBP 600 per week for the basic salaries and China after conversion slightly a bit higher. Then it is all about performance time with free risk. I will advise look for PE firm that invest in equities are much more better than those larger investment firm because they have many rules and restriction with lower performance paid out.

 

[James Presworth]

I agree with most already said. Education is needed, in order to understand at least the basic behind trading and the more education, the better. But nothing can compensate for experience.