Hi Nicolas,
I feel honored, but some what intimidated by your post. Almost like Grasshopper from Kung Fu! Or Keymaster to New Member!
I write this for all members not a direct response…
I started out in commodity futures and options then moved to index futures. I now trade Forex exclusively simply because it is so available and cheap to do so. As a working UK resident my spread betting gains in this market are tax free for the moment. That’s not bragging it’s just a huge benefit that is legally available. I feel that I should try to make the most of it.
I have a concept that I am trying to realise, hence the need for a more versatile platform. As you know I am trying to migrate from MT4 to PRT.
I have always been a lone wolf. Family and friends do not appreciate what I am trying to achieve hence the reason for the avatar.
This is my first venture into a forum.
Tip 1: Clearly define your relationship with your market of ‘Choice’
As with any endeavor we have to make a commitment in terms of time and resources. Our expectation is sometimes jaded especially for newcomers. This is what I do I am a trader, I am not salaried, I stand each day as if it is my first but not my last. Unless you are an institutional trader there are no safety nets in place, and even then they have performance measures in place. Failure is not an option.
Define what you have available. Your time commitment, your financial resources. You cannot cut down a tree with a Swiss Army knife within an hour let alone a weekend! It’s not about the whole, more about the little chips we get along the way.
Find the instruments that can deliver for your time commitment. The deeper your pockets the more you can do within your time frame.
Seasoned veterans aside, everyone one else is just cannon fodder. A huge number of accounts blow out every day, so the brokerages push very hard with incentives to attract new customers.
To survive you cannot gamble everything on one last trade.
I feel I have rambled enough. There is more than enough out there to make a living.
To make a fortune you have to try harder, but you already know that!
I shall continue with my my concept and let you know how I get along.
Try to find your place, stop chasing it, define your presence and see what comes to you.