Question 1

Can I trade if I have a full-time job?

Accepted Answer

Yes! There are many approaches for how an individual trades depending on their circumstances. It will take you longer than others who have more time to invest in learning but it's not impossible.

Question 2

How much money can I make?

Accepted Answer

Potential returns from trading are a factor of just 2 things: 1) Your individual skill set, 2) Your trading account balance. The output of that equation is practically unlimited.

Question 3

How long will it take to be profitable?

Accepted Answer

This is down to you, there isn't a set time-frame or 10,000 hours invested and you will achieve profitability, it's about embracing the work, learning from your mistakes, and keep moving forward. Then, one day, it will click, but without action and reflection, you'll be stuck in a loop of drawdown.

Question 4

Do I need a lot of money to start trading?

Accepted Answer

No. It's best to invest money you have into education and tools. However, that can get quite costly but this is one of the main reasons I created Meteor Trading, everything you need is here so you can easily total up how much everything will cost you.

Question 5

Do I need to be good at maths to trade?

Accepted Answer

Absolutely not. Any maths you do (such as calculating your position size in order to risk 1% per trade) can be done by Magic Keys on your trading platform.

Question 6

What markets can I trade as a beginner?

Accepted Answer

Any market. However, I would recommend the most commonly traded forex markets such as EURUSD or GBPUSD due to their low spreads and high volume.

Question 7

How much time should I spend learning each week?

Accepted Answer

This is down to your time limits. My ethos is that even if you put in 0.01% you are still making progress. The key is steady practice with quality, not random bursts of quantity with the risk of burnout.

Question 8

Is trading gambling?

Accepted Answer

Without an edge, yes. Once you develop an edge, however, trading becomes more like running a casino than playing in one. A casino isn't worried about one lucky spin of the roulette wheel because it knows the odds are stacked in its favour over time. Through the course I recommend, you'll learn how to build that edge. When you combine this with the law of large numbers, risk management, and consistent execution of your trading plan, short-term wins and losses don't matter. Over the long run, the probabilities work in your favour. In other words, you stop being the gambler and become the casino.

Question 9

What tools do I need to start?

Accepted Answer

The obvious answer is a computer, good internet connection, and a trading platform. The next step beyond that can be found in the Tools page.

Updates

Weekly Overview #27 – Making a Calculated Change to Improve Focus