A newbie question

Right. The involvement of real money in live/real trading is what makes the entire trading process more thrilling. Demo is good and essential too but how long can you trade with fake money on demo a/c? Someday you’ll have to step out in to the real world and it is only when your start trading with your real cash that you actually start learning the nitty gritties of trading. Dealing with emotions like greed, fear, anxiety, doubts, overconfidence is challenging. A successful trader will know how to handle all these emotions well and won’t let these interfere with his trading process.

Fully agree with you on the emotions part which is why am gonna go live then update this topic so people can know what really happens

Cool! Waiting to here from you. Keep us updated. best of luck @poopedchart :slight_smile:

Yes tommor, same question I have , agree with your terms…

hi am samuel is the flat formation in elliot wave theory also double bottom

here"s another question what if the stochastic is in the oversold zone but the rsi is above 50 what happens

Mate; maybe you need to learn more! Don’t try to make here quick money in a short time; nothing is impossible here but you can’t stay here for a long time, if you ignore the money management rules.

Well if its trading above 50 it is bullish and could stay in oversold maybe buy on the retrace at 50.
Just make sure u have a stop loss.
There are a few different ways you could trade it only practice will tell you the best way to aproach it

thanks i will that in mind

Hey man,

It is possible but you have to find the right entry point to do it and make sure you don’t get mixed signals. The capital you use on a demo account is probably different than 100$ …So if one of your trades go wrong…boom margin call… What i would really suggest is start with a 1000$ account if you have that cash. Trade 0.01 lots to 0.05 - With the right discipline and analysis you can make let’s say 2000$ in 2-3 months… From there you can use bigger lots 0.07- 0.10 and so on…Keep the same strategy and slightly increase the lots traded , this way you get the hang of it and with the right risk reward ratio you can pump up your account. It really depends also on what kind of trader you are, are you a swing trader? are you using all the macro tools and fundamentals to get you where you want? are you a scalper? are you using the right tools? . If you trade purely on fundamentals than you should really consider that sometimes the market oscillates when a breakout is about to happen. (thank that to algos) Remember in forex trading people buy the rumor and sell the fact. There are so many things that you need to keep in mind before entering a trade.

What i highly recommend is go back to the drawing board because all you do is gambling. You will probably hit the right spots a few times and you will think.Wow i am the best trader, you will use the same lots when you will have more money into your account, guess what will happen if market moves against you? Blow up your account!

I do not know what to say more to convince you to use a proper risk management, but i am telling this out of my own experience. I blew a lot of money on this and it felt good when i was riding the wave. But its the same as playing a slot machine, sometimes you win, but most of the times you blow your account.

Trade safely, try to learn more , create your own system. There is so much free information out there, why not use it!?

Remember: Wealthy people buy time, poor people sell time :slight_smile:

I hope i convinced you to go back to demo and learn more.

Cheers!

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you will not survive

Newbies also become a successful traders only when they followed the rules of forex. When they have full knowledge qbout the market. They must have to make some plan about what to do in the forex market. Making a strategy is also very important for every trader either they are professional traders or beginners on the forex market.

Many newbies comes here with a lot of questions. This is the right place for them to get the answers for their questions. There are expertise available 24 hours a day who gave them the best possible solutions for their problems and also guide them in the future.