And that’s the difference between professional traders & hustlers. They’re not professional trading environments, they’re chop shops.
We’re talking about 2 very different animals indeed.
You’re lumping one in with the other & calling it quits.
That’s not my intention but the point I’m trying to make is that the investment banking training required is out of the reach of most on the forum. People still struggle in that environment (you know the nickname for newbies in trading companies don’t you…MEAT).
Anyway, slightly off topic now…
We are yes.
But it amplifies quite clearly the emphasis that folks should place on adequately ensuring they are up to speed on what their minimum requirements should be before placing any of their speculative capital at risk in the markets, a point well made by one of the previous posters.
If the going is tough for professional traders attempting to make headway in this business with all the training & back up they receive, then the realities of what lies ahead for those coming in raw & green & outside the institutional training ground ought really to be a little higher on their tick lists than is apparent when surfing these boards.
And the first obvious red flag should be not to invest a cent until they’re confident they possess a robust model to navigate their way around the market.
People are always in too much of a hurry to give their money away to those who visit the markets with a well prepared & adequately planned agenda.
The psychological damage these folks inflict on themselves with their ambivalent attitude to money & trading is in most cases irreparable. And I don’t exclude some of the more reckless professionals in that swipe either.
Demo trading isn’t all it is cracked up to be…
I had tremendous success demo trading… then proceeded to lose about $9,000.00 a little bit a time…
It took me 18 months and -$9k to become profitable…
My recommendation is to start live trading right away, with the smallest amount your broker will allow and trade micros.
A long successful “demo” trade will (at least in my case) set you up for failure.
Anyway… good luck
I haven’t yet started live trading (demo traded for close to 6 months now) but what you say seems to make a lot of sense. I figure it’s easy to get complacent when you’re gaining/losing demo money. I plan to go live next month with a small deposit. The fact that I don’t have to keep creating new demo accounts every month with my broker will be a plus and help me to better track how I’m doing overall.
150k… figured I was missing something so I got serious about it and learned a lot about myself and the rest is history.
I’ve blown out multiple accounts so yeah… hang in there and do the work if you really want this… it will be worth it. Trust me… it will be well worth it lol.
GLGT
Anyways all I do know is that: “To hate failure is to abhor success”… When you start a business like FX and the first thing on your mind is that you don’t wanna loose or scared of how many times u gonna loose then it would take you a long time to learn the art… If you luv FX flow wif the wind.
Its relative from one trader to another when it comes to how many times they have closed their LIVE accounts before they became pro… for some two live accts while for others five…Its all in the mind
If you are more concerned with the art than the money, the gods will smile at you sooner than you think. On the other hand if you are more concerned with your fears and money, then you most likely don,t have the soul of a true pip slasher.
Remember flow wif the wind and let ur passion drive u;)
Good interview related to this:
The Worlds most Successful Trader - Paul Rotter - aka “the Eurex Flipper” -
No mentor, blew his account a few times as well…
What, & you seriously expect anyone with half a brain to think that hauling that idiots example up on here like some badge of honor is something to set acceptable standards by?
Like I said, there are idiots scattered around at all levels of this business.
Dear god almighty, I really don’t know whether to laugh or cry.
And you’re an honorary fx-men member?! :rolleyes:
I’m simply saying it’s a common theme among people who have worked at banks and in trading to not have as much mentoring as people would think. Not only that but the large majority of professionals I have spoken to all blew their accounts at some stage - the odds are in the favour of blowing your account (whether you set your standards higher or not).
No, I’ve not worked at a hedge fund but I have a couple of friends who have, they had to learn the hard way. If you read a few of the books about trading, you will see that many lose money in their first year…mentoring / graduate scheme or not…they are the guinea pigs of the trading company they work for.
The title honorary member means nothing to me apart from that I have a lot of posts…who cares. The trading game is played at level 2 by people like the flipper with lots and lots of cash manipulating the market - how much of a chance do you think you have in the market unless you know something of how the games are played? Admittedly FX is more liquid but you still have to get in with the buyers or sellers.
1Ksh.=$7x.
I ran into forex while trying to make an affiliate website work and other small street hustle - really was running on my bare rims back then, fresh outta colle with nil capital. I started out with $30 or there about (Ksh.2,000 which can pay 1month rent and groceries in the average town) and I have never closed account. Good thing, in such case broker stops any further trades after 70% is gone, hehe. I’m worth quite less than what guys are quoting here, and I dont plan to loose it. I have lost $30 countless times though, if that helps? I must say, I respect that ALL guys have to loose something before they learn what it takes. If I was to go back in time, I would start out live as soon as I finished reading "school of pips and three threads. I wouldn’t start with 10,000, even if I wanted to? Not sure whether my six or nine month stint in demo was caused by capital constraint or learning curve or maybe both.
I have been around this forums under two user names and I must say, guys really lose it sometimes when they go off blurting out some things, its like they are typing while standing and holding up their CRT17’ screens chewing chili without having visited the loo all day. This is a public forum full of very bright minds murking in the best and riskiest (money thru the nose) occupation one can be in and it doesn’t auger well someone to trash anyone like that. Zebra is zebra irrespective of the # of stripes if you feel intimidated by the shine then whose thirst is it? Some of these guys actually have great posts and whole threads with charts to show that they ARE slashing pips off the market in an oh so surgical manner. Look it up.
~~~~~~*
A little background check on ‘the flipper’, its like it can be proven he really flipped it alot, and he’s not even my mentor!
I say we burn th whole place down then guys wont have nohere to come tell war stories. Sorry about that.
have you started a live account with Oanda already??? which platform do you use with it??? …
No account blown so far. Not even a demo account, lol. The simple trick is: Stop trading before a margin call. 
i started research recently, but what i know already is that people loose 2k and more in average!!! it’s too much for me to loose. the funniest thing is that we all know the statistics, but we believe that we are wiser than others, that they lost their money because they were lazy to learn, that they wanted their profit right away. personally, i don’t know where is the truth 
, but i will try to eliminate the chance of that i did not do my homework and was not patient enough 
you have tried some platforms/brokers already, which one did you like the most??
what does mean to overcome trading psychology? the ability not to be afraid of looses? or do you mean to remove the emotions out of it?
Are you doing well now???
that is what i have learned so far :rolleyes:
I went live initially after 3 months which was a bad idea. Didn’t have enough of a grasp of money management and had no real system to trade. Needless to say I promptly lost €1,000 in a few weeks. Went back to demo and studied as much as I could for 9 months - put in a good few hours 5 days a week. Went live again 7 weeks ago. Averaging about +7% per week so far but still early days. Like most things though I think you get out what put into it and in fairness I’ve invested a good deal of time and effort this past year and I can see some improvement. Still a long way to go though. Also, I’d recommend putting $100 into a micro account early on and getting used to live trading with small amounts.
it’s not that i’m going to blow my account, all i want is to figure out what is the truth here…for me it’s simply silly to try trading without understanding what i’m doing. Do you really think that all people who lost their money hadn’t done their homework well enough? really!!! i don’t think so. people risk their OWN money (OWN) and this means everything! they (as well as me) treat their money SOOO carefully, like nothing else in this world!!! but they still fail…
forex is new thing to me. i don’t want to make big mistakes here
thanks for mentioning the importance of risk management
ohh, thank you. this makes sense (at list to me)
People fail because they think they can not fail. That’s the main reason, imho. It sounds crazy and it is. How can anybody think it is easy going to survive in a market where 90% or so lose all their equity?
My advice would be to ask yourself how you perform in other things of life which are close to trading. For instance: Do you have generally success in accounting or mathematics? Or do you have problems with numbers? What makes you think, if you would have problems with numbers, you will have success in forex? Forex is a pure number “game”! Statistics are the key. That some say trading is art doesn’t mean if you can paint a picture you will survive in forex or make profit over the long run.
Plus I second that with live accounts. A demo is good for becoming familiar with a platform, but if you trade too long on demo you might have problems if it comes to live trading. It is better to trade with real money in a real living market with requotes and the right spreads and all this as soon as possible.
2 pips.