Different styles of trading
It all depends on how much time per day or week you have for trading and also on how experienced you are. For example, if you have only a half an hour per day, you’ll probably focus on daily charts and have trades opened for a day or a few. Now, with experience comes strategy; beginners usually get sucked into hedging strategies, intermediate got disappointed in hedging and now are actually starting to understand trading, and finally professionals… well, they are really specific about their strategies that you can not easily say what they do that can be copied – simply unique!
How patient are you?
Usually, if someone sells you an idea that you can be a millionaire by trading forex and it’s the first time that you’ve heard of forex, you get really excited! You kinda want it to happen overnight… so the timeframe here is maybe one year to fully financially independent.
Well, if it was that easy… Anyways, you start investing money, and of course, you lose all – multiple times.
So you discover that they scammed you…but anyways you’re hooked. It’s time to get educated: you read blogs, articles, youtube… then you find some books (btw there are a lot of books), you try to implement some of the strategies.. and finally, you learn HOW NOT TO LOSE MONEY! And whooosh.. two years passed.
Welcome to the intermediate club – you don’t know how to make money, but you’re not naive anymore. It’s too late to quit now. You’re hooked!
Now it’s time to step up your game! This involves building your own unique strategy, changing your habits, getting technical, being able to talk about trading for hours, learning how to code, or at least how to select the best indicators, robots… simply becoming a trader. This phase will take a few more months or years and finally, you’re there – you’re making money!… and funny thing, trading is boring now… but that’s a good sign; everything you’ve dreamed about it now reality.
So, how patient are you?
BUT! The good thing is
Time flies, and with trading, you’re your own boss and you can progress on your own pace and on your own time. Also, the great thing with the internet era is that you have lots of options – small accounts, accessible resources, free stuff, YOUTUBE!
Even if you don’t become a successful trader, you’ll learn a lot! about finances, money, emotions, critical thinking, other people… you’ll just be smarter.