I am an undergrad student with a 3.7 GPA in an finance program ranked in the top 10 nationally. I will graduate early (this December) and am also studying to take the CFA level 1 in June.
I only tell you this so you know a little about my background and understand I am prepared to LEARN how to trade. I am not looking for a get rich quick scheme, but rather, want to study the art of trading until I can consistently make positive returns on FOREX during my spare time. Of course, who knows, if it goes well maybe it will become my career. More than anything though, it seems really interesting and I would like to learn more.
So, what books etc do I need to read to understand how to trade on FOREX? I understand it will take some work, but can anyone lay out a plan to follow in order to become a successful trader? For example, read x,y,x, while trading on a demo account, then open a real account and do x,y,z etc.
Please don’t recommend trading programs like FOREX tracer etc! There is no way I am going to let a program control what happens to my money and, to my understanding, most all of these programs are scams. I have to go with the old adage, if it sounds too good to be true, it probably is.
Also, for any traders out there…
What’s your holding period return for a typical month and how many hours/day do you trade to generate that return?
If I have limited capital to trade with, will this significantly impact my ability to utilize effective trading strategies?