Hi, I’m that stereotypical guy who hates to stop and ask for directions when I’m lost. But, I hate losing money more! Looking for some pro-tips to get me on the right track. Would love to hear your newbie stories, experiences, and advice. Thx!
Welcome to the club lol.
Some questions! How long have you been trading? Also which markets? Based on what you mentioned (that you’ve been losing money), I’m assuming you’ve been trading live!
I’ve traded stocks for the past year or so, but only started playing with currencies about three months ago. I traded in a demo account for about a month, then started with a live account using just micro lots. I’ve increased to mini lots, but have really struggled to be consistently successful. Any tips you can share would be greatly appreciated. Thanks!
Exactly why you should follow these three rules:
- cut losses
- cut losses
- cut losses.
Try Demo trading at least for 6 months . Most people get confident around one month and start investing real money but most of them fail. One month of demo trading is absolutely not enough to understand anything. So trade demo at least 6 months to get a proper understanding of the chart pattern behaviors.
Forex is a risky business. It’s a High Risk, High reward situation. Many fail. From their own fault. Not spending enough time to educate themselves. Not understanding the basics. But with all the resources available you only need patience to educate yourself. Then you can go for the prize!