Hi I’m Terry, I’m a newbie, have been dabbling at trading on an off for the last few years but with more losses than gains, have decided to start from scratch and have really enjoyed the online training,in your school and have realised how much I have to learn. I am semi retired but need additional income for the luxuries and need something to keep my mind sharp. Used ETX Capital but they are not on your list and I am not happy with their Android app, Live in South Africa so would like to find out if there are others from SA and find out which Broker they recommend. Open to all advice and
This is good. You are returning to forex with a sound recognition of the risks involved and an awareness of the work that needs to be done to be consistently profitable. You will not be diving in head first with your eyes shut.
This is good. You have time to work on your development. Use it wisely and constructively and methodically - step by step.
This is good. Feed it with a consistent learning programme and cover all aspects of your trading - your strategy, your risk managment and your money management, building it into a comprehensive whole - as you would any kind of business. And take [I]pride [/I]in your business.
This is bad. If you focus on your dollar results and expectations right from the start, before you have even earned any, you will distort your trading method by concentrating on each trade’s pip progress separately rather than your progress overall. Your method should have an edge that earns a net profit over a period and is not [I]just [/I]focused on the trade in hand. Trading involves losses, you have discovered that already, and this is bound to influence your new venture into forex trading. But losses are normal and anticipated and built into the strategy beforehand. As they say, “No pain, no gain”. Without accepting losses you cannot explore your full potential. They are the “overheads” of your trading business.
Therefore focus entirely on your strategy and risk/money care…and the profits will look after themselves.
Only trade/risk what you can afford to lose - but I think you know that already - good luck 