hello there ,
I am suyogya and I open these deals and they all are in losses , as I am new to forex market and I dont have much knowledge about all this , but I want to learn all this so that I can make profiotable deals.
Please look at the attchment , download it and tell what best I can do in this position in order to make profits.
Thanx a million in advance
Bro first of all open trades with small lots. you’re still a new trader start your trades with 0.01 lot and when you find a good consistent strategy for yourself then try to go with big lots and secondly always put Take Profits and Stop Loss in order to manage your risk… plan a strategy plan how many pips you want to earn follow that plan and go through the school of pipsology again I’d say.
Agreed w/ ani- go through the school of pipsology here at least 2-3x before opening a demo account.
Gaining an understanding of the FX market, who participates, and how/why prices move is key.
Here’s a good method to gauge where you’re at as a trader- pretend a random person walked up to you, and asked to explain how the FX market works. Would you be able to accurately/comfortably respond with confidence- if not, then you need to brush up more.
If trading was “easy”, you’d see everyone driving around in $300,000 cars.
yes you are right , i agree with you , but for now I am stuck here with losses , so I ant to ask to experienced persons here that what will be the benificial step here for me , so that I can earn profits , meanwhile I’ll go through the school of pipsology , and will ty to understand logics behind everything.But for now please tell me what I can do … in order to recover my money
Thanx a million in advance.
what kind of answer do you expect ? some magical “do this and that” and then your money is back ?
if thats whats you expect then do yourself and your bank account the favor and stay away from trading and investing.
Harsh. . .but very, very true. Take previous advice above and go back to the drawing board
Either that or just cut out the middle man and trade directly with me!
Trading is 70% psychology and 30% skill, so without these two you will fail theres no doubt about that. Trading is not a get rick quick rather it is a slow consistent profits, which eventually build your account up. You also need to put the work in because it isn’t easy to trade, I’ve been learning for a year and still there’s so much more that I don’t quite understand
I agree with all of the above posts…
To the OP: the ‘problem’ with trading is that it is not like any other skill, where you are taught how, say, to fix a computer
and you will be trained… Humans make computers predictable in behaviour, but markets are unpredictable: even after
becoming skilled at the technical side of trading, there is the art of managing your own fear and greed. Everyone recognises
these two as great problems: we, as humans, are trained since childhood to cut out things that hurt us, and we learn to crave
what makes us feel good. In trading, if we were to obey these learnt behaviours, we would struggle to emotionally cope with
being at once glad of losses (=Stops) and of not wanting more (=greed). Trading is like no other business, and it does not pay to
greedy in it, because it is a slow burner… The high leveraged euphoria of easy ‘big’ winners can, and inevitably does, lead to
stomach-churning losses, if we do not understand how easily we are led into greedy trades through the ecstasy of those ‘easy’
wins. As ayyaz7 said, a lot of trading is to do with our own psychology, and as much as, if not more than, our technical skill.
Good luck, suyogya.
Happy trading.
Ok guys thanx for your reply … will try ti learn from here and hopefully will be able to make profits in future … and as you all told me that its a slow process in trading to make profits . Its not quick I was not knowing it before as I just started . Anyways … lets hope for the best
If I had a dime for each time a newbie told me " I will take the whole course, but I just want to recover my capital for now…wow!
Standard answer: that’s the price you pay for jumping into the markets without sufficient knowledge.
Well, all the best in your studying then later in trading.
Hi,
I am sharing this to give some context.
I have share traded for 8 years and moved to currencies in January. I started a demo account with 100k and dropped to 95k. Now I am up to 97.2k but it has taken 2.5 months , 100 plus trades and I am still demoing and don’t plan to go live until I am confident of the consistency of trading that I know is required.
My advice is.
It is hard to start but keep going because it is worth it and very rewarding in the long run.
Also there is so much information on this site so I would encourage you to keep reading.
All the best.
Hi Mate,
probably the best thing that’s has come out of this is you now have a healthy respect for the markets, and how they can devastate you trading account in no time. You need to gain knowledge!!
Most traders unless they are full of **** will tell you they have blown 1-3 trading accounts before finally admitting to or working out what they need to do to at least break even and get on the road to success 95% plus people dont make it. I have blown 2 and learnt the hardest but most resonant lessons.
You have to treat it like a business find an edge that works for you and then exploit that edge. I agree with the comments above as well.
You will try a million different things and perhaps if you stick at it will find your edge.
this website is a great place to start, and there is truckloads of good information out the for free if you are thinking about paying for information be extremely sceptical they are most likely failed traders cashing out on inexperience trying to sell you education.
Good luck i would cut your losing trades and be thankful for the lesson, then use it as motivation to educate yourself and become better.
Start very small micro lots and demo accounts work out for little or nothing how this stuff works including the particular platform you are using to trade, BE PATIENT!!!
My 2 cents
Cheers
Crow
I that you need to improve your trading strategy…
Let’s use Autochartist indicator from liteforex broker, Let’s visiting there, It’s good indicator for improving our trade as well…
sorry to copy the whole quote…but very well said!!
Suy, you need to first get educated about forex and how to cut your losses and let your profits run. Second, you have to develop a trading system that you will be confident with, meaning that you can take a trade and sleep through the night (or day). For now, when you are about to pull the trigger on a trade, change to the opposite direction. Last, learn to be your own trader and not depend on others to tell you what trades to take or not take. Just my 2 pips.
Thanx stephenmac , I will start a demo account , will try to learn from it and will make some strategies.
you r right scare crow , I made my account from 500 usd to 1500 usd in 5 days , I felt that whatever I am doing is good enough , whatever i am analysing is fine with me , and than I put .5 lot , which was my biggest mistake , I put this big lot for the first time in my account , before I made all my profits in just . 1 or .2 lots , and Now I know that how easily all your profits can come to end in no time… so yes definitely you learn by your every mistake … We are all humans , we make mistakes but its really important to learn from them , so this experience was good and education about the forex market and how they behave.and I know I have to learn a lot as u guys told me … so will start with demo account , make some startegies that works for me and will than put my real money
Thanx again for your advise.
Trying to recover your money is what will put you in trouble. From what I have seen, you still need some more knowledge. Taking advice here won’t help that much because we all have different ways of trading. In order to recover your money, you need to open new positions, which requires an 80% prediction rate. I would suggest that you go back to school, open a demo and get some skills.
I also ever make big loss, i got MC. But i try to learn from my experience. I try to look for my mistake and try to fix it. It’s only key to make us get more maximal result than before. Mistakes usually made by traders, but the great mistake is when we do not want to learn from our experience.
