Oanda open up the spreads to 10 pips during news and an hour or so before market close and an hour or so after they open.
During UK&US times though they are tight, open up a bit during Asian though.
Anyway, my forex education has cost about $1500
But well on the way back to break even!
40k is some amount in Malaysiaā¦
I canāt remember how much it costs but itās around 400$, itās only because I donāt have lot of money back then, if I had a lot, I couldāve easily thrown it all. Get rich quick mindset and revenge trade is what take my money and itās still a problem I have to cope with everydayā¦
Sit in front of your monitor and seeing price moving is just emotionally drain, you just want to jump in and make money right away, you canāt stand seeing opportunity come vanished, you see a lot of chances to get in all of a suddenā¦ A lot of things to cope with for a young and fresh mind.
Like Jesse Livermore said: trading is an emotional batter and never is an intelligent battle.
Fortunately only about $300 in the first 3 months of trying ($500 account).After making some promises to some āothersā that I would stop trying if I lost it all and after changing my goal from being a millionare in less than 1 year to 10 years the next 4 months were profitable, but itās harder to win in fx than lose. I just added another $1800 to my account and should be a break even in the next two/three weeks (still down $200). Funny thing is I didnāt change my strategy at all really. I just got a lot more patient/picky and spend a lot less time looking at a screen now (<1 hour a day)
In your last post a few moments ago you claimed you lost $500 now you say $1,000. Makes no sense and takes away your credibility.
I made my first investment of $250 I loose half of my amount in forex trading . I do not invest a great amount in thousands. It was a sufficient investment to get start of forex. I cam to know I can not manage this amount properly . I go back to learning and practice.
I have lost a lot of money almost USD 500 , but it was a learning experience but very expensive, now i trad with strict stop loss and with good opportunity and making small profit
In the first 6months trading i lost Ā£200 when i was rubbish at trading.
I say find a working backtested strategy first before playing with real money.
Nice Post sir. Good Luck
I have to say that I feel extremely embarrassed and monumentally stupid when I read here about people who have [B][I][B]ālost a lot of money - maybe $500[/B][/I][/B]ā and then compare that to the losses that I have made over the past year or so.
I started trading, after attending one of these training courses (which cost a barrow load of money anyway) and promptly blew an account which had been funded in four figures. Having re-funded it, continually dripfed more cash into it as the losses accumulated. I would estimate that I have probably lost in excess of Ā£8000 over the period Sept 2012 - Dec 2013.
By Christmas last year, my losses were significantly reducing but I was still trading in the red and didnāt re-start in the New Year. I am about to start up again but I sincerely hope that I have learnt a few things.
If I were to offer advice (advice? from me?) to any newbies that are out there reading this it would be to read everything you can and [B]UNDERSTAND[/B] what is meant by patience and money management. You can have all the technical information you like and have an economics professorās knowledge of nuancing the fundamentals but youāll p*ss it all away if you donāt wait and identify the entry point or use your money sensibly. Take it from one whoās been there.
Having said that, it can be a fascinating and rewarding experience, regardless.
You can earn more money. depend on you how much time spend on this website.
As for me I am a freshman here and I have lost a lot of money. I am ashamed to confess this but now I know that this is the problem of everybody who starting. If you donāt have enought background you will never proceed. What I am considering is to collaborate with online personal broker. I think this will do.
This is very discouraging question for all the newbies who are just starting with trading. Just to encourage all the new traders that I didnāt lost any money and not everyone will lose their money.
Oh Lord! a few comments here have made me feel better about my forex trading strategy. Hereās some encouraging news for the newbies:
All the money I ever put into forex was 5k over several installments. I started trading with 1200 a year and 4 months ago. At my lowest level, i had 1900 and at my highest, 9k. Now iāve cashed out my initial 5k +800 profit and play with 1800 so yes iāve taken money from the market but made my broker very rich.
As for strategy, iād rather use high leverage on a couple of thousands than use any type of leverage on a large amount of my hard-earned money.
Itās about my 4th month on live account. So far Iāve lost about 1$. As silly as it may sound I think that dollar that Ive lost is worth the knowledge and experience that Iāve gained for past couple of months. I trade with oanda and traded as little as 10 units when I first started to keep my risk exposure as low as I can and have been increasing my risk exposure by adding on to my lots /units/ incrementally. Still to this date Iām not really comfortable risking 1% of my account balance per trade.
Iāll keep my units as low as 10-30 units range until I see a steady increase in my equity and growth. Hope newbies who has just started will find this useful and go the right path. Money management and discipline is all that matters besides having a good system.
One day a man quit his job at brokerage, because he canāt bear to see people lose too much money everyday. Their acc blown up, their life destroyed. The former brokerage man, say to himself, it aināt right.
I started forex in 2012 with $30 deposit. I ended up forex in 2019 with more than $20,000 loss. I lost everything. My car, my bike. All that remains is a dark future. I do not recommend the Forex or Binary option even to my enemy.
Wow! are you for real? If what youāre saying is true then Iām sorry for the devastating loss. How are you coping now?
Thatās huge, but then what were the main reasons behind those losses?
Of course, itās true.
Iām a freelance graphic designer on Fiverr. I earn like 100-150$ per month and still not much for a living.
The main reason is trust in trading with others. I invested in their accounts.