Is FOREX worth attempting in my situation?

[c218]

One of my brother's well-to-do in-laws suggested I try forex as a way to meet my monthly needs. Here's the situation: I'm a cum laude college grad who just left a very good job so I can be my 12-week-old daughter's primary caregiver, which is obviously paramount. I must make at minimum $1500/month so my heavy equipment operator husband and I can keep the roof over our heads & pay all our bills. We have no savings so I would have to borrow the 5k needed to attempt this. Is it even worth the risk or should I just pursue those "lovely" home-based customer service jobs?

Thank you kindly in advance for your advice.

[FerruFx]

You can give a try to forex ONLY with money you can afford to loose.

FerruFx

[sweettrade101]

Originally Posted by FerruFx

You can give a try to forex ONLY with money you can afford to loose.

FerruFx

Trading foreign currencies is a demanding and potentially profitable opportunity for anybody most especially for the trained and experienced investors. However, before deciding to participate in Forex, you should be aware and reflect on the desired result of your investment.

So you can give it a try! If you study about Forex, you would know that there's a mini account you could trade.. and so as long as you only invest the money you can afford to lose. Learn and practice!

Good luck!

[Wallace]

" Is it even worth the risk . . . " NO

never
ever
borrow money
to bet with

what work have you done you enjoy doing ?
what work would you like to do ?
what home business could you start ? — you have a computer
what employers would allow you to work from home ? don't limit this
to your home town; could you be a company's agent ?
companies that would allow you to take your baby to work ?
would you like to start a small creche ?
do not spend any money on a get-rich idea — no envelope stuffing or
jewellery assembly
use your library's online catalogue then borrow
Oprah's site
Sue Orzman's site
what can you make/create/write that others would buy ?
what women have become financially stable ~ millionaires starting
from home ? what, how did they do it ?

95%+ traders lose money
part of the trading learning process is to lose all the money in one's
trading account — sometimes several times
read 6 books about trading + technical analysis then read a book
about forex trading, in between read fx forums and keep a log of
what you're learning - and not learning -
then open a demo account and demo trade profitably for 6 months
Day-to-Days trading only -
then open a micro account and see if you continue to trade profitably
or if real money trading and losing it affects you psychologically or
emotionally to the detriment of your profitability -
after 3 months of profitable trading you should have sufficient capital to
trade 1 mini contract
or
ask your your brother's well-to-do in-law to show you how to do it with
his/her money which s/he'll use to generate $5,000 to give you to trade
fx on the understanding you'll pay him/her back as soon as you've made
lump sum $29,000 - $2K/m (tx etc deductions) x 12 = $24K + $5,000

[bearprofits]

Originally Posted by Wallace

" Is it even worth the risk . . . " NO

That was all that needed to be said and the appropriate answer. What was described is the recipe for disaster.

Sorry if this is not what you wanted to read, but it's the truth.

fwiw,

bear

[golhuntsleep]

so with 5k you want to make 30% per month profit with no experience going up against professional traders wanting to take your money, because until they do, thier families don't eat.........try this....it's about 5k to get in a PGA tour event......you have the same odds........you will be chewed up and left for dead....do not attempt it.....PLEASE!!!!!



Hi Bear....see you're still giving good advice on here.....

[Summerset]

But it can be Done. U only need to amend yr plan pre-requisites :-

1- DO NOT Borrow Money.
2- Try to raise $1500 of yr own. (Even if U need some time to do so).
3- Yr plan target will be to make $ 1500/month only after a 6 month grace period from account opening. (1st condition)
4- U will not be trading the account, for at least 1 year. Only executing on it. No matter what happens, or how lucrative it may seem. (This 2nd condition is v. important).
5- Use ~ $400-500 of yr raised money to buy an EA or a custom indicator. Here are a few good sites to use:-
http://www.forexrobottrader.com/index.php
http://iticsoftware.com/metatrader-4-expert-advisors.php
http://iticsoftware.com/metatrader-4-indicators.php
http://iticsoftware.com/index.php
http://www.zulutrade.com/Index.aspx

To extend yr search U can check also these:-

http://www.fxservice.eu/index.php5
http://www.pipboxer.com/products.php
http://www.forex-expert-builders.com/forex.html

Do not be hasty in yr choice. Study the indicator and EA statistics very very thoroughly before comitting to it. And ask the developer all the possible questions that cross yr head.

U should be looking for a swing trading EA or custom indicator that generates 2-3 trades per month at most, and goes after large 300-400 point swings during flat market conditions, AND catches TREND outbreaks, when they occur. 120-150 point stops are used for such setups.

EA reliability should be > 65%. This is my personal managment & risk comfort prefrence, but of course U will find many EA & indicator products on these sites, that offer good different setups.

6- Use $750 of yr raised money to open an account and keep $250 in reserve
7- Execute ONLY the EA trades or calls from the custom indicator on the account, using 1 mini lot at 20% risk (150 pt stop). This will give you 5 straight chances before account blows up.

DO NOT TRADE ANYTHING ELSE ON THE ACCOUNT.

8- Whenever, U make money, decrease risk to 15% of account, & raise lot size
9- If U execute 2.5 trades on average per month in this manner, over a 6 month period with compounding, U will have saved ~ $10000. Which is when U can expect to collect ~ $1500/month off such an account in a consistent manner.
10- Once U break the USD 5000 mark, U should begin collecting 1/2 of the account's monthly profits, & adding them to yr reserve account. Once the reserve account breaks > $1500 mark, U can use the surplus for personal expenses, always keeping the reserve > yr original starting $1500 capital
11- Like I said U will be executing, - NOT TRADING. So if U get to like it, use the surplus time to properly study for a CMT. www.mta.org
12- In 2 yrs time, U will have understood trading & become a proficient trader. In 3-yrs time, U will even be offered a good Job at a Trading Firm

It works, & I personaly have seen it done. U only need to keep remembering one thing while at it:- Change is a gradual process that can only be initiated over a lenghty period that is relative to the original build up period that resulted in the aspect of yr life that U are going to change. If U understand this premise very well, it will give U all the resolve you need to succeed.

Good Luck.

Hi Tim, Good to See U around again.

[golhuntsleep]

Ya, It's been a while......figured I'd see what the other side of the tracks were up to.....LOL