First time

Hi everyone,

Installed the ACM app on my iPad last night and made my first demo trade. By chance it happened as I had the news on with the Moody’s alert, and so I thought I’d try shorting GBP against USD entered at 1.57211. This morning exited at 1.56976.

Hardly slept, kept checking the status through the night.

Get the impression it isn’t always this easy. :slight_smile:

Yes, you’re right.
I think this is a must! I Know Exactly What You Are Looking For - YouTube
:21:

Nope, beginner’s luck. You can learn to trade…just keep reading and testing.

it always seems easy at first, but there is more to it, there are a lot of factors than can affect a trade aside from news, but you will get the hang of it, just dont be too hasty :slight_smile:

yeah its easy at the beginning I think mainly cause you dont know so much so you just go for thigns without hesitation.
In the begining when I first went live naievly after 1 month of learning forex I did AMAZINGLY, aka I turned 1500 to 7000 in a month and a half. of course for the first while I thought this was really easy, my broken even kept asking me how I was picking trades and whatnot. but needless to say after reaching $7000 I had 4 bad trades and my account went down to $3000. Of course still up 100% but losing $4000 in a period of a week really phased me so at that point I said to myself enough of this “random” picking time to actually learn. so I put away the live account for a while and learned as much as I could and about two weeks ago I went live again with $100 (using 0.01 lots) to test out a new system I’ve learned about a month ago, and so far its been good, but get ready cause you’re up for a hell of a ride.

Nope, it is not easy…if that were the case, then everyone would be minting $$$$. It always pays to do the research, whether it is fx basics or learning about strategies. Just remember to start small…

Yeah I know its not that easy. Which is why I’m not going anywhere near a LIVE account for at least another 3-4 months. Just been going through the PIPSCHOOL section on this site. AMAZING, so well written, hats off to those who made it!

Phew!! Just finished reading all the sections in the School of Pipsology. Really well written. It’s opened my mind to so many concepts, risks, opportunities, factors. Just starting draft my first trading plan and select a broker to set up a demo account.

Many thanks too the site team for building this great resource.

Good for you man.

But no its not that easy.

If your really want to learn and become a trader. Look out for the biggest learning curve of your life. Its going to bring out every single flaw you have in your mind!

Good luck

Just a quick update, I’ve been ‘LIVE’ trading for a week now. Opened an account with Forex.com, starting with $500. Had to think about that one, since I am based in the UK and wasn’t sure if I should base the account on USD or GBP. Went for USD in the end.

So far I have only traded EUR/GBP. Man what a week to pick for it though. :slight_smile:

Really enjoying the trading, finding it much better than demo trading. I made a loss, lesson learnt that I basically got greedy on a trade and it burnt me. Shorted the Euro, closed, took a profit, then jumped in again thinking I could catch more of the slide, the price jumped up fast as it retraced. Now I refuse to trade after I close a trade. Need to cool off and reflect :slight_smile: Discipline really is the key.

Have managed to almost get back to my starting balance.

Great hobby, loving they way I now associate all news items as fundamentals.

well chalk that lesson up and keep it close to your heart. many a £ has been lost chasing a trade, don’t ever do it!.

Anyway reason for my post.

You said that “since I am based in the UK and wasn’t sure if I should base the account on USD or GBP. Went for USD in the end.”

May I suggest that you look into a UK spread betting account, it works exactly the same as your spot forex account works with your current broker however any income made is tax free whereas with your current broker (assuming it is a spot forex account) any income made will be chargeable as income tax.

With a spread better you can also hold your denomination in £ sterling and any bet you place is placed as £per pip as opposed ot lots which makes things a lot easier to calculate as well.

heh! looking back this looks like some kind of sales pitch, bet you are waiting for me to post a link to some broker here aren’t you? well that is not going to happen as what I am saying is actually true and I think you will find it beneficial. there are a lot of spread betters in UK just google them nd find a reputable one.

oh go on then I’ll drop a few names… the ones I use are IG Index, GFT and Alpari UK however there are many others such as CMC Markets, Tradefair, fxcm, city index and many others.

Look into it You’ll thank just for not having to fill in a tax return form each year lol

Thanks for the tips. I considered Spread Betting, but have found its doesn’t match my (fledgling) trading style. Think I am becoming a scalper. Do most of my trading on my iPad and iPhone.

No worries K2 just thought you could use the info.

Hahaha

Hell to the no its not that easy!

It takes years to become a consistent trader. I’ve met many traders who done well at the beginning then they lost it all. I even have a friend who tried to commit suicide because he lost so much. Now he is an independent trader and consultant.

Currently I have a friend who has got into trading and he does it on his ipad. He only put $200 into his trading account and has turned it into $900 through 20+ plus trades. He is using heaps of leverage and I haven’t heard from him since Mondays gap down so i guess he lost heaps of it. Now that he has lost it will screw with his trading since he will be second guessing all his trades since he will be reminded of the pain of losing. Learning to deal with your loss is a major part of trading.

Learning the methods won’t take as long (my price action methods are on my website) as learning the psychological things of trading such as discipline, emotional control, and patience. Understand that not being in a trade is a position and you can have endless patience. Understand that you want to only trade seemingly, comprehensible, easy to understand, obvious trades, and you can have endless discpline. Learn mindfulness and you can have endless emotional control.

I will leave you with this quote from the only book you need to read Market Wizards:
[I]
The famous quote from Walt Kelly’s cartoon strip, “Pogo” would provide as fitting one-line summation of the art of trading as any. Time and time again, those whom I’ve interviewed for this book and its predecessor stressed the absolutely critical role of psychological elements in trading success. When asked to explain what was important to success, the Market Wizards never talked about indicators or techniques, but rather about such things as discipline, emotional control, patience and mental attitude toward losing. The message is clear: They key to winning in the markets is internal, not external.[/I]

Good luck.

Those trades are nice, but yes, more on the lucky side than anything. The whole month of April I was trading 80-95% every day picking up about 20 pips a day (scalping) but then I took a nasty loss on some news last week and it all went out the window. I went on to lose my entire months gains in little more than a week! It’s frustrating, but that’s the way it goes early on. I got emotional, resulting in over leveraging myself and trading recklessly. Back to simulated for at least a month now! Its a large learning curve alright… But worth every minute of time going into it.

I am have been scouring the net looking for success stories in FX Trading. By success stories, I mean traders that can make money year after year and support themselves from that. Anyone in this forum who is that succesful?

Yeah that is the toughest element of ForEx, the battle between the heart and mind. Managed to claw my way back up to my starting balance. Being a lot more clinical about it all now. I’ve set up a trading journal in excel with a lot of rules about risk, lot sizes etc. So it tells me off if I break my guidelines and helps me to visualise how much effort there is in clawing back a draw-down. This really helps me in quashing the greed/carelessness that can creep in.