But how much time usually I'm poor now and don't want to be there for too long. I have been doing it for over a year and I still lose on average 50 dollars every two weeks how do those guys turn 50 dollars into a few thousand dollars with 50 to 1 leverage?
Nothing in life is cheap/free if you want true knowledge of the markets etc.
If you want to truly succeed (not just in Forex, but in anything in life), you do not have to re-create the wheel as such. You will find many painful lessons and probably give up. What you need to do is find someone that is successful in the discipline you are after, and emulate their success. Learn from them and be shown the pitfalls and lessons rather than learn them the hard way.
So many people go into Forex, play with a demo account for a while, make a killing off it and then lose all their real account money with novice mistakes. Learn the basics of Babypips, find someone who is willing to help you along on your journey. Make sure they trade in ways that resonate with you and act like a sponge off their knowledge. People always put their little bit on it as well, but I find that is the most effective way of learning with all things in life.
I cannot boast about having a huge live trading account, but I can say that I have been consistently profitable and have not ever blown a forex account. I believe it is due to my way of thinking above
Hello, it's my first post here after joining the forum for some time
I started live trading about 6 months back. Before that, I was doing demo for only two months. Dangerous? Actually I find that demo account is good for me only in that it allows me to get used to the trading platform. When I started in demo, I tried to trade 0.1 lot, but somehow it gave me an unrealistic feel that you are moving large amounts of money. In any case, I would not have started a live account that lets me trade 0.1 lot. I guess a number of newbies got lucky when the period they demoed happens to be a trending market, and they may post winnings of 20k to 30k in a month, before thinking of "hey, if I had done that in live, I would have been rich!", only to bust their account when they do go live.
While I didn't win at demo consistently, I thought that the best way out for myself is to trade live. My main reason for wanting to trade live is that every mistake is "costly", so I tend to learn better and remember them well. If you have not started live, I just want to share that trading 1 lot in demo account and trading 0.01 lot in live account is a totally different feeling altogether. You won't feel the pinch losing $200 in demo, but it's "Ouch!" when you lose $2 in your first live trade.
6 months on, my $1k live account has gone up and down. When I was up for 3 consecutive weeks, I thought it was the start of my consistent profits, only to give it back in one week when the market starts to range. I trade only lot size of 0.01 to 0.03, sizing them according ot my money mangement rules, so it's usually in the range of $5 - $10 win/loss for every trade. As of now, I have done 237 lives trades and is down 15%. I don't know if it's consider good or bad, so I still carry on the same way.
How many friends do you have that trades forex and can discuss trades, strategies and all that trading stuff with you? Sometimes I feel that trading is a lonely business, but on deeper thought, most of our friends are online, across the world, and there is no stopping you from asking anyone about anything! Any one on the same path as me, just keep going yah! So for the pros out there, I do need a bit of thoughts from you guys
Over the past year, I have read a lot of trading books and perhaps the best advice is to focus on building up trading psychology, so I am not panicking about my account, yet. If I have been able to bring my account to 10% profits before, I will be able to do it again. I do keep trade records, weekly analysis, jot down in my notebook on setups, strategies, mistakes, pointers and etc etc... I have been changing a number of strategies and trading timeframes and is now most comfortable with trading H4.
However, my main problem is that I have been asking myself "What's next?" Do I just keep trading, reading, learning? Is there some point at the start of your trading career where you hit such bottleneck? If yes, I hope you can share how you managed to overcome this.
Last edited by RookieForex; 05-29-2012 at 03:26 AM.