On my way to becoming a successful trader...
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  1. #1
    Join Date
    Jun 2008
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    8

    Default On my way to becoming a successful trader...

    I have read that after you margin call 2 times then you are ready to begin your journey to becoming profitable...

    I must be on my way

    But I am going to do more then just assume that after 2 strike outs that I have learned what I needed to know to start succeeding.

    I am going to change my strategy and outlook.

    When I first started trading I wasn't familar with indicators so I just used basic S/R Levels - this is when I was doing good.
    Then after trading for a bit I tried to get fancier and try indicators - which lead me to my 2nd margin call.

    Now it is back to basics and I am going to CandleStick Trading and dropping the the lagging indicators to follow the (price) action.

    Also I am going back to demo trading for about a month to clear my head of the losses then I am coming back. Will keep you posted.

    Let me know if you have had a similar experience.

  2. #2
    Poco's Avatar
    Poco is offline Newbie
    Join Date
    Jan 2008
    Location
    Springfield, VA
    Posts
    30
    That's pretty much how I got started. I was using Gain Capital, making little trades here and there, and tripled my initial investment. "Well," I said to myself "I must be really good or really lucky, so I will try to make more money!" I lost my money faster than I made it and got margin called. Whoops!

    I've been using demo accounts ever since then and have been tweaking my strategy very carefully, and will be going live next week.

    One thing that I now remember: My strategy must allow for me to have 20 losing trades in a row. If I can't make 20 bad trades, then it's a bad strategy.

    For me that simply means having small lots sizes as I start out. (I got in trouble when I went from 1 lot to 4 lots in an attempt to quadruple my gains!)

  3. #3
    ramzu is offline Junior Member
    Join Date
    Dec 2006
    Posts
    88
    [QUOTE=kjcallaway2;67523]I have read that after you margin call 2 times then you are ready to begin your journey to becoming profitable...

    I must be on my way

    But I am going to do more then just assume that after 2 strike outs that I have learned what I needed to know to start succeeding.

    I am going to change my strategy and outlook.

    When I first started trading I wasn't familar with indicators so I just used basic S/R Levels - this is when I was doing good.
    Then after trading for a bit I tried to get fancier and try indicators - which lead me to my 2nd margin call.

    Now it is back to basics and I am going to CandleStick Trading and dropping the the lagging indicators to follow the (price) action.

    Also I am going back to demo trading for about a month to clear my head of the losses then I am coming back. Will keep you posted.

    Let me know if you have had a similar experience.[/Q

    The best thing is you back again to the demo trade and practice the demo trade until you make winning trade there. IF you don't make winning trade but always lost your trade and you account always showed minus , you can't open live account . Live trade for those make a good winning trade and he know what he doing , how to analysis the charting correctly ,whenever he want to create a order. You need to use 3 to 4 indicator because most of the solo indicator given false signal . So when you combine with other indicator then you risk will be low.
    The biggest mistake for the New trader is they just practice demo account for 1 months and or less then that . Then they start to open live account with small amout. When they are in demo trade , they use high leverage , example 1:100 . They can easier increase the demo account whereby the broker often offer 100k account. Once they step in live account, they will open account with lower amout but still using the same leverage. For example , they will open live account with $1000 to $5000 k . they will win the 1 or 2 lot , then they will start to increase the lot size for earning more profit , they will try to double the capital that they invest, at the eand, when trade goed agaist them, they lost all the money . This is why i had read article said 90% of forex trade lost their capital easier to their broker.

  4. #4
    TheRumpledOne is offline Banned Master Contributor and Member
    Join Date
    May 2008
    Posts
    449
    What is everything you have been taught and told is BACKWARDS?

    NEVER LOSE AGAIN!!

  5. #5
    ramzu is offline Junior Member
    Join Date
    Dec 2006
    Posts
    88
    Quote Originally Posted by TheRumpledOne View Post
    What is everything you have been taught and told is BACKWARDS?

    NEVER LOSE AGAIN!!
    If you read properly my post , it a advice .

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