There are many ways that you can fund your forex education, it takes a lot of time to learn and if you are intending to do it full time, that is a lot of time that you won’t be earning. You can either supplement this loss or you can get frugal like I did.
The Extent Of My Frugality To Sustain My Forex Education.
The first thing I obviously had to do is stop smoking, for someone that needs a few thousand pounds to start trading eventually it made less sense than ever not to stop. I did the calculations and figured that my disgusting habit needed stopping, in one year it probably wouldn’t be far off £2000, in 2 years that’s half decent trading capital I thought, and so it was, I quit and in the process saved thousands of pounds. Smoking is not a good thing in itself for forex trading at best, having that addiction to deal with all the time as well as trying to focus on your charts can’t be good. Also there is that smoke you need when your trade goes wrong and the one you have to celebrate a winning trade, I’m pretty sure it didn’t help at all with my forex trading. I would always walk to the shops, every penny counts and petrol ain’t cheap these days, and besides a good walk helps to clear your head and take some much needed breaks from my trading. I stopped putting milk in my coffee, there were dietary reasons for this too, but do you know, over the years it has probably saved me a few hundred pounds, besides when you get used to it, you’ll never want to go back to taking milk with coffee, it spoils the taste. I was also very careful with what I ate, cooking a little differently added up to a whole lot of pounds coming off my waist and into my bank account, and those were lost pounds that I wouldn’t miss. Learning forex trading can cost very little, there is so much stuff on the internet about it, forex brokers, forex mentors, forex this forex that, so then I had to learn to be frugal with my time. I found I was spending hours and hours watching and reading stuff but I was looking at the same thing over and over again but just a different flavour. So I had to be careful with it, I skipped through everything first quickly just to make sure I wasn’t starting on very similar lines again. Doing all this made me quite proud and more determined than ever that I would succeed, what it didn’t help with though is patience, living so frugal does have it’s drawback, I would get frustrated and try and jump too soon all the time, it made me want to get out of this hole as soon as I could and forex would always be my only choice.
The End Of Frugality And The Pressure On Forex.
After I realised that I always had this pressure on me to succeed I decided to do other things to bring in a bit of money, and take a more stand offish attitude to my forex trading, I would still do it in the background amongst other little projects but I wasn’t staring at the charts all day. This helped me tremendously, I wasn’t trying to work out what was going happen next all the time, the pressure had gone to put trades on, I started just putting clear cut trades on, I didn’t need to have a trade on. My patience with the market improved tenfold, there was no reason at all for me to be in the market unless there was a clear cut setup that I’d previously anticipated for. Gradually I became more confident, everything started to become clear, I started trading off the daily chart, it is much less paced than trying to scalp and day trade. I started planning my weekly approach to my forex trading, marking where turning points might occur, taking the weekly timeframe into consideration, and if there was no clear opportunity I just wouldn’t trade. A week would easily go by without placing a trade, and over time my losers become fewer and my winners more frequent, and on the road to my Beverley Hills Mansion……