Are all forex courses scams? Never bought one before all the knowledge I have is free from the internet. I now have a trading plan, risk management plan, and I'm going to start trading with a firm starting tomorrow. I'm just curious to the results of forex courses.
Is forex scalable? bad risk management #1 reason why people fail? Less than a year of paper trading?
When I think of investing a lot of time into getting good at something I want it to have potential to be scaled up to the moon. When getting into commerce for example, I can open stores at many different locations. I've seen a lot of people saying that traders who know what they are doing can hope for 15-20% profit a month. With that math, good trader can turn $1000 into 700k in just 3 years and later and at the end of 4th year that number would be at $6m. Of course I don't believe it is possible. I just want to know what's the potential endgame? and how many years does it take for people to reach it? I'd assume in forex volume of trades done each minute is really damn big. What stops someone from putting in 100k, 500k or $1m on a single position and seeing fairly similar results as if he put only $1k?
Next question is about risk managment. When reading various posts I've seen many people acknowledging the fact that they didn't implement proper risk managment strategy when they first started which was one, if not the biggest reason why it took them longer before they saw satisfying results. Is risk management as simple as for example always S/L @ -1% and P/T @ 1.5%? If I stick to it from the beginning and always get out at 1% loss. Can it potentially drastically improve my chances of becoming good at it faster? Are people with the right mindset who don't get tilted as easily and turn off their emotions during trading, set up, for the higher success ratio?
and lastly, for how long should one paper trade? Is it doable to learn enough about forex to see positive results with real cash in 6-12 months? Not that I have anything else to do during covid. I would assume copying working strategies, learning patterns and how to analize charts shouldn't take longer than that
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