by your posts i can tell you've already read a great deal and done a great deal of research already.
it's time to stop reading now and get some actual experiance.
go open a demo account
alot of what you say makes sence and is stuff i would not disagree with but at the moment you do realise you are the forex equivlant of a keyboard jockey, don't you.
i don't say that to be rude, but only to highlight the fact that you need to actually take the next step now..
You are correct that I am a keyboard jockey. For past 3 years I've been reading lots of forums and sites regarding stocks, investing and daytrading. I keep hearing different information, but something is consistent from all people: discipline, strategy, no emotions. I understand that if you have this, you must be successful, but I'm very unsure of myself, so once I finish babypips and choose a strategy at forexfactory, I will start with a demo account. If I am profitable with demo account, I will switch to real money, starting with 5-10k$, which is not considering my savings. Only once I am able to profit consistently in small incriments, I will increase the sizes slowly but in a way that it doesn't matter to me emotionally. I got into Bitcoin and was super stressed about it, but now I don't even care anymore if it goes up or down, I've seen lots of jumping, lots of people going crazy, but it's all emotions and bullshit. I have accepted Bitcoin as a speculatory investment or a gamble that might go up in long term or burn to the ground.I am still having problems with this:
How is Forex better than trading stocks swing trading?
Can anyone help me with this?
I don't really think it is better, I think it is different. The only reason why I choose forex is that I believe in stocks you need at least 30k$ to start out with, and that kind of money will make me nervous. With forex you can start with less money. Also, stocks are a bit harder legally, considering taxes and all, need to pay for account maintenance and commissions only don't matter if you are trading $100k+.
Then again, stocks are real businesses with underlying value. It's not just a greater fool theory, it's actual value being created. You invest in McDonald's, they open a restaurant in Yemen or something, you get money from it by stock appreciating in value.
What are your thoughts on this?
by the way you write and articulate yourself i could tell that you'd done your research but by 3 years in you really should have opened a demo and gone live long ago.
disiplin, no emotions, and strategy are all key componants yes, ..but just because you have them doesn't mean it's a reciepe for guartnteed success. 95% of people are still loosers and i can assure you most of those 95% are reading through forums like yourself and many would have come accross that. competition is feirce and to be able to live off forex [consistant
returns] you will atleast need to be better than 95% of all traders.
better than 80%?
not good enough. you'd probably be just below or round abouts break even in the long term
you might think you're doing yourself a favour by studying for so long without taking action and opening some sort of account but your not. you seem like an intelligent guy but your inexperince showed when you were just ready to take people at their word for how much money they are making. look around the forums, there are 1000's of threads by people where the OP claims or gives the strong impression that he is making money and he is showing his strategy for all to see. do you really think it's as easy as that to make money? you really think all you need to do is pick a thread and you'll be soon rolling in dough? you really think in an industry where 95% of people loose most of those threads are making money? you really think your rival traders don't know about these threads and that is the reason they are loosing? a big part of why they are loosing is that most of these threads are BULLSHIT .. and have a few lucky months or days but in the long term
are not profitable.
by asking for a myfxbook you can help you find that diamond in the rough thread which actually lives up to it's claims, as the bullshitters will always ignore you when you ask for a myfxbook or make up some weak excuse as to why they can't show or display it.
you were asking those people in this thread to share/teach their strategy. what do you think happens if someone with a long term loosing strategy teaches it to another? you think the student will be proftiable?
yes, it possible to sometimes spot people who are profitable without a myfxbook, but this takes experiance. experiance you won't have. at the moment it is better for you to ask to see a myfxbook before learning a system. some can take AGES to learn. and there's nothing more annoying then spending weeks learning and trying to master a system only to finally twig that it's a shit system and the guy teaching you it is not making any money over the long term.
forex is better than stocks for the reasons already outlined in this thread.
also some stocks will suffer from liquidity issues making getting out of a trade cumbersome
and as for bitcoin. by the time the media started going crazy about it and the public started jumping in, it was already too late to make any serious money. the people who got in and made of a bit of money were lucky, as it soon plummeted and far more lost their money.
when i heard about the bitcoin hype, i knew better than to try invest in it, as it was already too late..
you'll learn that too eventually. anytime the media is going crazy over a stock saying it will keep rising the stock is almost always at the end of it's bullish or bearish run and a turn around is imminant.