I realized I have not written much about income generation. Although it is very important to live a frugal life and watch your spending closely, but the income side also very important in the formula to early retirement. With same level of frugal spending, a normal income level can helps you retire in 10 years, but with a high income, you might achieve the retirement in 5 years.
Normal income + frugal life style = early retirement
High income + frugal life style = extremely early retirement
So, I did a simple question and answer session with my friend, Samuel who has some experience in forex investment. Below are the questions and answers; you can take a look if you are interested in learning forex.
1. How did you start your forex investment?
I started my forex investment purely through guessing the market; it is more like a gamble than investment. I lost about 100 dollars during this guessing market period.
After this, I started to source for robot that makes the trade for me automatically based on some preset algorithm. Unfortunately, the robot I purchased was even worse than my instinct; I lost about 200 dollars using the robot.
2. What is the tool you using now for your forex investment?
I am writing my own robot now for my forex investment. I am still perfecting the investment algorithm in this robot. It has been almost a year now.
3. Do you have any resource recommendation for the beginner?
Beginners can go to www.babypips.com to learn more about forex. The website offered free lesson that teach about the basic of forex and things that investor should pay attention to.
4. What are the things you think beginner should take note when they start?
– It will be better if they can attend the entire lesson on www.babypips.com and learn the basic of forex before start their own investment.
– Setup a demo account and try trade for at least 6 months to learn about market trend
– Prepare to lose some money when you doing the real trade.
– It will take about 2-3 years to learn most of the market trend, and don’t be surprise whenever a new market trend appear or a spike in the market
5. What is your plan going forward?
I will continue spend time on perfect my investment algorithm of my robot until it provide a steady income source.
6. What suggestions you want to give to parent like yourself consider the higher commitment level they are having?
– They should discuss among themselves and must agree on what they want to do or achieve in forex investment
– Distribute the work. Have a mutual understanding on who should do what.