I have put money I can't afford to lose for trading

Beginner Questions
41

@greenscorpio makes sense to me thank you :star_struck:

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42

if you just started learning then your priority is definitely getting experience and knowledge, any profits you make is just a bonus on top. when i begin trading i was focused on earning and that was bad for my trading, lack of experience can easily cost you alot of money. That’s also why you should practise with demo till you feel comfortable then may switch to live trading with small amount like $100

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43

@PeterNguyen thank you for you comment :star_struck: yes right now I am following what you are saying to me and I hope it works for me in the long run :v:t2: :grinning:

44

There’s one golden rule of trading that you should always keep in mind, “Never invest money that you can’t afford to lose.” First,do some research, study the market, follow some successful traders to learn their strategies, and practice on a demo amount.

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45

@cunctation thank you for your comment :heart_eyes: yes right now I am demo trading to establish my strategy

46

Money one cannot afford to lose means that one should not use that money which he is gonna use for different important purposes. It may be college fees or the rent money.

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47

I would be making sure firstly you use money you can afford to lose as thats the number one rule of trading then i would have a proper risk management that you only risk 0.5% of your trade so the drawdown doesnt scare you. The second part of the post putting money in a fixed interest all depends on what country you live in but all investments come with a risk. Its in its nature

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48

@Morphology I did this :sweat_smile:

49

@CraigForex2020 thank you for your comment :heart_eyes: I am learning from you

50

Right effort should be invested to trade in Forex. Traders mostly fail because their approach of trading is wrong. Traders should keep updating themselves on a regular basis and they should find their lacking one by one and work for them to recover.

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51

Right call in my opinion. Just work on your own progress and you stand more chance of getting somewhere.

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52

@JenniferClark well said and wise words thank you :heart_eyes:

53

@cashisking86 yes I understand your point and am currently working to find my strategy

54

Just be patient and it will come. Takes many of us a long while and a lot of experimenting to find the right mix

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55

Some brokers do charge monthly fees for inactivity. It’s usually around $10 or so and may be done as a way to clear out abandoned accounts that only have a few dollars left in them, but this can take a big chunk out of your account if you leave money sitting there. You can usually find info about inactivity fees under the broker’s terms & conditions.

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56

@cashisking86 ok I will thank you :revolving_hearts:

57

@HeavenRobinson thank you so much for informing me about this :heart_eyes: I am going to talk to my broker and see what is going on

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58

This is why they say that patience is important for traders. You have been eager to make money and after taking a few lessons, you learnt that it was too early to put your real money. It’s still okay because you haven’t traded as of yet. I am just worried because I am not sure whether you have chosen the right platform to put your money in or not since you are yet to finish your education.

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59

Choose the right strategy for trading in forex, that’s what I would recommend. Once you get the strategy right, you won’t lose but, shine in forex. Also being patient and consistent while trading can make it worthwhile in trading.

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60

Aww that is awesome!!! Congrats!!!

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