Hello Friends,
Patience and knowledge is must for trading. To manage your investment portfolio is necessary. Build your own trading strategies and keep your self updated with market news and analysis. Go for more and more knowledge about forex and its trading.
Make you trading skills sharp and play with this market. Take help of all the trading tools etc.
Happy trading.
Interesting post. Just to be clear about what you say, what you mean is it’s much better to “play” a good number of small orders than to focus on some big deal. Like, as a rookie trader, I should use a solid amount of micro lots.
Busting your account is a myth . . . IF you prepare accordingly. I recommend 3 things: 1. Do not open undercapitalized. I opened with $3,000. I have taken some losses, but I’ve also gained them back, and am getting more savvy by the day. 2. Do NOT over-leverage. 3. Watch ICT’s videos. ALL OF THEM!!! REPEATEDLY!!! Do that, and you may never have to join the ranks of FOREX kung-fu theater.:42:
Hi everyone,
jawnlooi I’m a noob too, although I have done lots of studies, and I feel ready for the big jump.
I have to say I can see myself in what you do as I’ve also setup my mind in thinking that my test account is to be considered like my live account. Did it really work or not, I don’t know, but each decision to buy or sell a pair was carefully thought.
I think couple of reasons are missing on to why people blow up their accounts:
You don’t have enough knowledge in FX, so you seek information in easier things such as indicators. And you only trade based on those charts that look much more like christmas trees than trading charts. I think you should be able to spot a pattern, and then use indicators to confirm. Not making the indicators the main part of your strategy.
You underestimate your environment, how many screens you need, which information you think you should access quickly, can you stretch your legs, is/are your screens to bright, can you lock the door when you start trading or do you have your little baby coming up every now and then to play with daddy etc… Each distraction that will take you out of the screen can have an impact on your trading. Even feeling unconfortable on your chair will add up stress on your mind.
Those things I think are external factors which can influence your daily trading, but are we all aware about those factors ?
So when you start trading, those external understimated factors can contribute in blowing up your account 
The OP was a guest on the site, and this thread is over 4 years old now?
Why was this dragged back up? lol
Regards
Sanj
if we put it in percentage, and lets say people who succeed in forex trading are the 2-5%, now imagine how big is 95-98% of the rest who are striving to succeed, meaning to say yeah there is a big number of people who blow up their accounts when going live for the first time, I encountered blowing up an account way back thinking I was ready, LIVE was not easy,you might have the basics but I was not prepared mentally 
and its OK and a lesson learned and I’m glad Im still in the game, I’ve read somewhere here in the thread that you might as well start with only half of your supposed capital, and I’d say that is good. I hope I’m making sense >.< cheers
Trade with .01 lots (I believe Oanda allows with that).
Good MM
understand markets psychology
Use Leading indicators (Chart patterns, R/S), Candle Stick patterns, e.tc.
No indicators, period! most indicators are lagging. I trade with blank charts.
No emotion allow when you trade.
Have a winning trading system! Create the system that fit for your self and your style of trading!
cut your losing trades fast before it gets worst!
Set a realistic goals (7-12%) monthly is a great goal!
how many new bies try to go for 3,4,5 10%/day and fail big time? I see it many many times.
Do not listen to anyone but yourself!
Good luck and happy trading
Around 33% of traders end up being profitable. So while the odds of becoming a loser are high, they’re not impossible to beat.
edit: just realised that this thread had been necroed. :46:
I threw my first $10k live account into a margin call in 08’, very quickly. Thought I knew how to trade.
I had since wiped out a few more accounts since then.
I was a slow learner.
But not a quitter.
If i’ve learned one thing in forex, it’s patience …which equates to proper money management.
No getting rich quick in fx.
Don’t get me wrong, I’ve made $15k in matter of minutes (on one live trade), as I am a scalper, but at an insane risk (margin).
But after you lose a couple $5k trades in a row …you get over it real fast.
What i’ve learned is, is that to absolutely guarantee making a small fortune QUICKLY (in fx)…you have to start out with a large one. )))))
Fx is an open ended proposition.
If you keep yourself grounded.
life’s too short for boring cars and cheap wine.
I Thought 90% give $ to the markets LOL
I have experienced draw downs but never ever went bust. I would venture to say that 33% of traders any given month or period are profitable but after 5 years of constant profits the number will be much lower. who knows what the number is, just work hard to become one of those profitable guys. I want to become a statistic LOL
I blew the crap out of my first account. Now with the second account I am 50-50 the last year what i gain I lose. But ,I am still with the equity I put init. I will figure this out
Yes, we all do. No exceptions. And when you start to make big bucks the worst comes, you become a cowboy and start overspending and overtrading and then you realize than the market turned your balance into something close to zero.