Your story is very inspiring Julian! Wish you the best of luck in 2019. In trading and generally, in life. You are on the right track, aligned with the bigger picture of the age of abundance.
I always wanted to get into Forex trading but never did as I thought it was too complicated and I had very little money to invest.
You should do a post on that website you are referring to and how you are trading. Would love to read more on that.
What's that website called anyway?
Thanks @runicar I appreciate your feedback my friend. The website is called 24option.com. One can trade stocks, commodities like metals, and all sorts of Forex pairs. They provide you with extra cash and you are trading on margin, as if you are borrowing. So your trade is much more profitable, but also more high risk if it goes the wrong way on you. Your broker calls you up on the phone - a margin call - if you are about to go bust or reach your limit because the trade you are in is losing too much.
Curiously it looks like I'm not actually buying the Forex or metal or stock. I'm just trading the price movement. It is day trading, very quick, in and out within a few hours or less. They are open 5 days a week 24 hours for trading it seems. Not weekends or holidays like over new year etc. It seems to be legit, as they have already returned my original principal investment which is back in my bank account. So I only have the profit I made on their exchange now, and I trade with that. They also recommended that I go to their page on tradingview.com which has posts coming in constantly regarding trade opportunities or analysis.
So purely based on TA, watching the price movements on the graph, without any info on fundamentals of the stock or currency, I am able to make small profits, buying low and selling high, regardless of the actual price on the day compared to the previous day or week. Also you can short as well as long, or enter a trade as it goes down, as well as up, and make profit if you are correct with your entry and direction.
I will keep you informed as I go along. With my target for end of 2019 at 100 000, I am currently at 3000 in the first week. It's high risk so lets see if i can maintain the growth. It takes up your time of course, as you need to watch the charts and price action very closely, like a sniper, so I've heard it called, lol.
This is only for people who have experience in day trading, as there is no buy and hold facility, as in crypto. If you choose wrongly in your trade, you could lose money there and then if you are forced to sell at a loss. However, there are tactics and strategies to increase the odds in your favour.
Check it out if you are keen.
Checked out the site but I'll definitely have to look into it a lot more before making any trades. Day trading has been rough on me before, mostly because I had so little to play around with but this time I'll only get in if I have at least 500$ to invest in.
I know what you mean, there will be losses along the way. Need to set a stop loss is what I've learned. I also only trade with a small amount of cash.