Exactly so. 
Which is why ānumbers of pipsā alone are not a helpful frame of reference for such discussions: what matters is [U]Profit Factor[/U] (which is itself derived from reward/risk calculations).
Just donāt go for a bad broker, itās possible to lose money that way also. And I mean everything you have, brokers can steal your money.
I am not sure if there is a rule about mentioning company names, not for advertising but for feedback, on here, so I will apologize in advance if there is. At any rate I am looking for a broker right now, and one of the few with an office in Bangkok appears to be insta forex. What is the experience like with them? Have any of you used them? I know I can google reviews but I am already developing a trust level with people on here -so Iād like some feedback if possible. Many thanks!
Trueā¦
Some platforms (like mine, with FXCM) show you how much money your stops/targets are worth, while you set them on a trade, calculated on the basis of the pips and the position sizeā¦ This is very useful, as it makes you think more clearly about how much money you are willing to lose, as you set your stopā¦Just sayingā¦
Anyway, thank you Lexy, Baz, and others too.
I am new to this and so hope it is ok for me to offer my input. I was recently āde-hiredā from a position and because of ethical and legal issues, on their part, my employer gave me some money. My thought was to do exactly what you are thinking: use my settlement to trade and maybe start a business. I did get started on it (the business not the trading part) but then decided I needed a more stable source of income. So I have lined up some consulting in my area of expertise to tide me and my family over. My logic was its just too hard to learn a new skill, like forex, if you also have the pressure of it having to be your main income source. To me itās not really a forex issue but more of a life issue. So if it were me Iād advise getting something a bit more permanent as a priority then learning to trade on the side with low to no pressure. Anyway of course this is highly personal. Good Luck whatever you decideā¦
Sorry I just realized it is probably not so clear that why I wrote really goes back to the OPās description earlier. Excuse me I am still learning to use these forum. Me reference needed to be more clearā¦
No friend of mine would ever charge me. Open a demo account and start trading based to trading strategyās available for free on the internet. Pay nobody. If they are that good they shouldnāt need your money.
Good advice but there are some who are really good in at least teaching others about many factors that as a newbie one need to now about and which if tried to learn by themselves will take a lot of time. A good mentor only cut short your learning period, thatās all.
More accurately, good mentor do not cut short your learning period. They can only show you the way, when you ask the right question. Ultimately, you have to walk the path independently.
I am going to be extremely honest. A colleague of mine recommended me to attend a lecture on trading strategies, 5 sessions. He got me in for free. This session gave me the info I needed and allowed me to develop my own strategies based on what I learned. With that being said, there are many scammers around, friends or no friends so it can be a real waste of money. Whoever is teaching you needs to have a reputation of him being an independent trader in your country. If he doesnāt have that it is very risky paying.
Try to attend as many free webinars, seminars and classes as you can. Be profitable on demo first and after years of practice you can go into live trading.
Well , may be you should try to get a hang of it at your own end firstly. Do some research , read books to familiarise yourself with the trading world and then consult your friend . This way you can figure out if you can risk your capital into forex or not. Remember that forex trading is not a get rich quick scheme . Plus it is risky due to the volatile nature of these markets. Risking a part of your money is rather advisable than risking all of your money into it . Take time , try demo trading for a while and then you can make a decision . Maybe you can spend some of your money to invest in some safe liquid stocks and some part into forex trading , if you are so keen to get into it . Do a thorough research before you make a decision .
Best advise everā¦demotrade until you can make consistent profits. If you are not successful in your demo account you will never EVER be successful in your real account!!
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