Looking for Advice from Experienced Traders

Hi There,

This is the first forum i have joined and my first post. My partner recently bought me a course from the Academy of Financial Trading which i have just started and i am finding it very interesting. I will finish the course in a couple of weeks and will open a demo account to try and apply the things i have learned.

In the meantime I was hoping that some experienced traders might want to give their thoughts on a few different questions:

One thing that strikes me is the large number of teachers showing you how to become profitable on the markets. The tutor on this course has said it is possible to make 80-120% per annum. Why would these people dedicate their time to teaching if they knew how to trade successfully? This leads me to believe that the gains are much lower than stated. What returns do you manage and how long has it taken you to get to that point?

Where to start? which markets did you start in as beginners and what experiences did you have

I am being taught that it is as simple as sticking to a strategy whilst using good risk/rewardmoney management techniques?

I am only looking for peoples actual experiences in trading, please no comments like “everybody loses in forex” or “its easy to make 100% a month” like i have seen in so many posts on this forum!

I look forward to hearing from you all!

[QUOTE=“uktrader81;662693”]Hi There,
One thing that strikes me is the large number of teachers showing you how to become profitable on the markets. The tutor on this course has said it is possible to make 80-120% per annum. Why would these people dedicate their time to teaching if they knew how to trade successfully? This leads me to believe that the gains are much lower than stated. What returns do you manage and how long has it taken you to get to that point?
[/QUOTE]

Sadly, it is much easier to make money being a ‘guru’ and to teach trading then it is to be a consistent trader. Most gurus (this site has a share of them as well) dont have a shred of evidence that they are as profitable as they say they are. Don’t trust a guru who can’t show proof of performance. That being said, 100% returns per year is not far fetched, from what I’ve seen, expect to be in the market for several years before you get to the point of consistent profits.

Advice of experienced trader is so must important and helpful for all newbie in Forex trading business. Every newbie need to suggestion for learning Forex knowledge. So need experienced traders suggestion to newbie for their good performance.

This is one of those situations where I can say, I wish I knew then what I know now. First of all, a course might give you some basic principles, but you can really learn everything you need here and on the internet with just a little research and a lot of study. Those who can, do, and those who can’t, teach. My advice is don’t waste a dime on gurus. Instead, open a demo account and don’t trade a dime of real money until you have three months profitable trading in a row. That might take years, or it just might never happen for you. At least expect to wipe out a few demo accounts before you can survive in demo. If you can’t, consider yourself lucky. Most, maybe 90%, lose a lot of money just to learn it’s just not for them. If you can get three months in a row of profitable trading in a demo account, then open a live account that will let you trade microlots. Trade the absolute minimum. You’ll find trading real money, even 10 cents a pip, is much harder than trading demo. Once you get 3 months profitable trading in a row trading real money, you can slowly increase the trade size. That may take more years, or it may never happen for you. For the vast majority of traders, it will never happen. If you are the lucky 1 in 20 or 1 in 100 that makes it, try to help someone else along the way. Best Success.

Thanks for your input everyone, I am going into this with no great expectations, It is just something which has always interested me and I now find myself in the fortunate position of having quite a bit of free time on my hands to learn something new. I will definitely take your advice graviton about becoming consistent on a trading platform before risking real money. I feel that if, as i have been told, emotion is in fact one of the key reasons people fail in trading then i may possibly have an edge as i have always been able to control my emotions and be objective and practical. However only time will tell!
I may start some sort of thread detailing my journey and experiences along the way.

Thanks again everyone!