Well, I think most completely ânew subjectsâ probably look complicated, at first? Weâve all been there. Nobody was born knowing how to do this stuff, so in that sense I think itâs probably ânormalâ for it to look complicated; yes.
As Tommor says, the [I]trading itself[/I] becomes fairly simple - itâs more the [I]learning-curve[/I] of becoming able to do it successfully thatâs complicated and time-consuming: according to Dr. John Bormanâs research into this âlearning-curve processâ, the typical/average time-period for âgetting itâ is something like 3 years, so you might think of the typical forex-trading learning-curve as being roughly equivalent in terms of duration to a college degree? But Iâm sure it varies quite a bit, too.
Iâm also a newbie and I think that if youâre looking for whatâs pleasing then Trading isnât for you.
If one guy has an opinion about something (âthe only way to be a millionaire off forex is to be a billionaireâ) It doesnât mean that heâs right. How could he possibly know that only billionaires win in Forex? Canât he think of anyone (who isnât a billionaire) who is successful in Forex ?
Everyone has his own biases. Donât believe what other people say in forums unless they give you a good reason/proof/logic of what theyâre talking about.
The failure rate in Forex seems scary BUT itâs about the same as the failure rate in startup businesses! Should people be scared to start a business ?
Most people (+90%) fail in about everything worthwhile !
You want to make 30ÂŁ on each trade. Does that mean that you want to win every trade (100% win rate) ? Thatâs highly improbable, especially for a newbie !
I think what was meant wasnt that only billionaires can succeed, but that the only way to become a forex millionaire is to start with a billion and lose most of it, leaving you with just a million
Lexys post r power!!! Really enjoy reading it.
Hope I donât miss out anything??? yeppyâŚ
Trading is not a game. It also not a job. It is a business, it your very own business. Will u start a business when u not familiar with the kind of trade u want to do? Iâm sure u donât want get busted in your pocket buddy. And forex is a kind of business which u also must hv interest in it. The more interest u have in it, the more u want to know more about it, understand it and conquer it. Less speed u b smooth. Cheers***
If you learn how to trade, practice on a demo account for some time until you are sure you have a strategy that works, a good return would be 5% per month - doesnt sound much but when banks are offering around 1-2% a year its actually a lot better
Yes 5% a month return seems very little. âSeemsââŚ5% appears to be little but actually it is NOT ! You said it yourself in your previous reply âdoesnt sound muchâ.
Maybe words like âseemsâ, âsoundsâ mean different things to us ! We all meant the same thing.
However, I donât know any place where one can get a better return than 5% a month.
If you get as far making a steady-ish 5% per month (which, undoubtedly, a [I]very small[/I] proportion of aspiring traders eventually manage - it took me many years - you might be faster?), then about ÂŁ15 per month.
[I][U]Key concept[/U][/I]: the primary aim of trading with ÂŁ300 shouldnât be to make a lot of money from it, but to gain experience, practice and education, until youâre confident of being able to trade steadily without losing money.
Long-term, successful trading isnât about profit maximisation: itâs about risk-management.
The development of risk-management skills isnât trivial, for most people, most of the time, because it depends on acquiring some working knowledge and experience of probability and statistics, which are themselves non-trivial and rather counter-intuitive subjects.
Sorry if this comes across as disparaging or pessimistic, but âit is what it isâ.
The realities predicate that nobodyâs going to get rich from trading forex with ÂŁ300, and at least 99% of those who try to get rich from that amount are probably going to lose most of their money.
Slowly buddy. It take mi 3 yrs on demo. After tat start real account. My hand shake even when I start on demo account. It take time⌠Forex is your business have to manage it slowly n carefully.
Yes, everyone also just want a little bit of money. But seriously u really need to discover yourself. What kind of trader u want to b. And u also really need to come up with a strategy that suit u best. Just to share with u a example. This is my trading platform. My strategy may look complicated and disaster to u. But it suit me. My strategy is hunting for price reverser. So every trader trading habit is dif, so u have to find the best that suit u most.
I have the habit of sounding âcautiousâ about questions like yours, in the forum, simply because I know that many people have very unrealistic expectations about what theyâre likely to achieve through forex-trading, and how quickly theyâre likely to achieve it: it seems to me that many people greatly [B][U]over[/U][/B]estimate what itâs possible/likely to achieve quickly (but they also perhaps tend, overall, to [B][U]under[/U][/B]estimate what itâs possible to achieve slowly, with patience, discipline, education and practice).