So I just decided to trade in forex to make money that I need so much. I went through babypips school and I feel that now I have some basic understanding of the system and terms. I practiced on demo account and made profit of 300 dollars in one day on a 5000 dollars demo account. Ony one trade went wrong.So am I ready to trde live?
One of the worst ways to start trading is to have the mindset that you seem to have - need to make a quick buck. That’s almost a guarantee of disaster. It will likely encourage you to take way too much risk. Maybe you get lucky and it works out. More probable would be a complete blow up, and you ending up with considerably less money than where you started.
Wow. In a word, NO.
You need at LEAST two months profitable demo trading before even considering going live. When starting out you shouldn’t be trading because you NEED money - it should be money your risking that won’t affect your bottom line and your rent payments.
This isn’t a get rich quick scheme here, and if you don’t respect the forex markets for what they are your going to become a quick statistic of another failed forex trader.
Thank you for your honest opinion. But my problem is that I can’t wait for 2 months. May be I will practice on demo for another couple of weeks and see how it goes. My goal is become a millionare within next 4 years. I have only 2000 dollars in capital. Is this enough to start? I think I made those 300 dollars becuase of the GBP crashing against USD due to some news from UK. If this is the case, then forex trading seems too straigntforward. Just follow the news right?
I dont believe this is a serious post. If it is you are doomed and that is a racing certainty. Daedalus is far too optimistic in how long it takes unless you have traded other instruments previously. I have booked a place at your forex funeral
Listen to tony! We are giving you advice based off our previous experience. 2 Months is a bare minimum, and even then don’t expect success to be consistent. I’m a full time trader and its took me over a year to get profitable. You can either take our advice or not, but I know I have personally seen too many people think they can do as you suggest and I have yet to see one person do it successfully.
You have already been given some outstanding advice, if
you ignore it you will just join the other 95% who fail in the
forex market.
Trading a demo account is nowhere near the same as live
trading, when it is your money on the line rather than the
"games" money.
You have a plan to be a millionaire in 4 years, not a bad
goal, so spend another few months learning how to trade
properly so that you do not flush your account balance
down the toilet.
Or ignore this advise, join the 95%, but do not ever say you
were not warned.
If this is the case, then forex trading seems too straigntforward.
May look that way now but… wishes.
I dont believe this is a serious post.
Me neither.
I have booked a place at your forex funeral
Me too. :lmao:
I am not in the habit of telling people that something is impossible, and I won’t do that here. That said, what you are proposing to do is to make an annualized return of something approaching 500% per year. That’s no small thing. Are there people who have done that sort of thing. Probably, but they represent an extremely miniscule fraction of the fraction of traders, and I can just about guarantee that none did that sort of thing starting with no real trading experience.
You don’t seem to even have any kind of strategy to attempt this sort of thing. To say the odds against you are high would be the ultimate understatement.
But I don’t get how you can say you don’t have 2 months to learn what it’s all about and develop a real approach, but are thinking in terms of a four year profit objective.
I’ll settle this up in a real quick fashion. Mr. Million Dollars, please answer this following question as truthfully and detailed as possible.
Knowing that for every dollar made in this market, a dollar is lost by someone else, what makes you think that you have the ability to consistently beat the opposing market, consisting of Banks, hedge funds, experience speculators, or even other newbies like yourself? What is your edge, and what past evidence gives you such confidence in your edge?
Thank-you for your time
I can tell you this,I have been at this for 6 months. I feel I might be ready for a micro account.I don’t consider myself as a dum**** either.But you can read 50 books in 6 months and still not be ready for what this market has to throw at you!It is a lot of screen time and digesting info over and over in your brain.Why do 95% of traders fail in forex?Well this question is answered in this thread.I don’t mean to be rude but I want to put a strong warning across so you do not loss you money!!
If this is a serious post, please take the advice of the people telling you that you are not ready. It seems obvious. No offense or anything, but go back and re-read the babypips school again. Especially look at the part that says that if you can’t wait for 2 profitable months, chop your hands off. Your medical bill may actually be cheaper than what the market can take you for.
And to top this post off…you are a complete dumbass if you think you can do such a thing in 4 years given the non-experience you have…and with the mindset your currently in, you will NEVER reach such a goal. I can’t tell you anything you won’t read anywhere else or on this thread that many experienced traders have taken the time to respond to.
or this forum…
Save your money, do your homework, research and w/e else the hell you need to do to atleast get off on the right track (b/c somewhere down the line you will deviate off course a few times before you tread down the path of financial well-being).
As they say above, many, many, months and hours of studying and demoing IS requeired before you even consider putting a single dollar in ANY brokers hands. You MUST know what you are doing at ALL times. you have to know the baby pip school almost like the back of your hand and then some…
anyways, don’t mean to be so harsh, just shooting you a dose of reality kid
key to this game is patience, for the right conditions, if you dont have any it wont be long before your one of the people who is left having to top your account up.
your not going to find quick riches here.
if u gonna find quick riches, ask Bill Gates to be your God Father. 
Thanks again folks for your honest advise. I guess I got carried away a little. I will not go live till I achieve consistent positive results on demo for at least few weeks. But I do need money fast and I am prepared to take a risk for that. However I do not think reading books or studying endless articles, tutorials is going to help anyone make money. This is all public information and anyone can go through this. I believe money is made by some secret trade techniques and gut feeling that an experienced trader gets after years of experience. The only way to learn is to trade live yourself. And I need to find these secrets fast.
I don’t know but I don’t think its all like that. Not every dollar you make comes from someone else’s pocket. Some profits are made due to strengthening or weakening economies of nations which can benefit everyone. Am I right?
Well since your broker is taking the other side of your position, quite literally if you win they lose, and if you lose, they win.
Dude,
I’ve been schooling and poring over the internet for the last 2 months and I wouldn’t dream of using real money at least till April.
I don’t believe in debt but maybe you should get a loan if you need money that fast.
Jeff
My advice to you is to take your money and buy 2000 Powerball tickets for Saturdays drawing. Tomorrow you’ll be 25 million richer or broke. Either way you’ll be better off than losing your money slowly playing the Forex!
You basically just contradicted yourself there. First you say success comes from years of experience, then you say you need to get that quick. Not gonna happen.
Secondly, you are completely wrong in your belief that trading success comes from secret techniques. As someone else said before me, the biggest secret in trading is that there are no secrets.
I don’t know but I don’t think its all like that. Not every dollar you make comes from someone else’s pocket. Some profits are made due to strengthening or weakening economies of nations which can benefit everyone. Am I right?
Retail forex trading is a zero-sum game. There is, by definition, always someone else on the other side of your trade. There must be a short on the other side of the long because you’re not actually exchanging currency, but making forward agreements to do so (which are never really fulfilled, but are the basis of the system in any case). It is different than stocks in this fashion.
these guys are all right, theres’ a wealth of experience on this board and taking notice of it would probably be the best lesson you could learn.
The only thing I would add is that I started trading on a live account fairly quickly, but for 2 reasons. One, I have traded indicies and shares before and secondly I found the psychology of live tradng different to demo, however the lots I trade are very small so any losses, while annoying, are insignificant.
As stated before there are no secrets, but you do have to find a system that suits you and have the discipline to follow it