Hello, i would like to ask your help
I have build my strategy and it works “great” 2 losses in a row
the thing is, i am a poor man and cannot afford to have a significant balance.
I traded 2 pairs to have more orders and so more profit but failed.
I can’t use martingale with little small balance.
Should I leave forex and back next year with enough money and this system of 2 losses in a row for real ?
thanks in advance
Hello, i would like to ask your help
What size lots are you trading? Could you reduce your lot size to allow you to absorb more losses, you could easily have a run of 10 or more consecutive losses even with a good system
nooooo dont leave.
look. in forex its nice, you can trade mini tiny contracts of few cents. so stay here trade with very little money (like 20$ a month) and learn. as if you make a brake now you know what will hapen?:
youl come back next year with your savings and youll loose them as you didnt learn anything in the meantime (demo account is NO REAL LEARNING trust me in that, you only learn when theres at least a litttle bit of a “kick”)
thank you guys, and in reply to you Bro TurboNero, I traded in live real accounts too but always failed with 1 micro lot cuz i can’t afford more than $10 bucks balance. see i am poor, my step mom stole all money my father left when he died. maybe i will be back next year i will pray and find a job in meantime.
yes i am a little happy because my system really works with no more than 2 losses in one pairs.
thanks again buddy
You can downgrade to lower lot size if you have small deposit but expected profit will be also lower. Or as an alternative make your SL more tighter to you’ll restrict the size of drawdown to comfortable one.
But most reasonable advice will be probably to form good foundation before you can start to trade consistently profitable - I mean deposit decent amount of money, so you can reduce leverage and increase your chances for win.
Realistically speaking, if you cannot afford a small account balance in order to continue with you trading practice than may be you should stop, since as you said you don’t have enough capital. Having two losses by row is nothing big. You should know that losses are part of the trading process and always will be there. There is no a single trader in this world who ever traded without losses.
Trading is one of several business type in this world.
Leave or not actually is depend on you whether this kind of business is suitable for you or not.
How you can see this trading suitable for you or not? if you have ambition to learn to trading or you enjoyed when learning trading.
How to learn trading? Actually the first thing you must learn [B][U]is not strategy. But analysis[/U][/B] in every business in this world, before they built or establish company they must have done research and analysis. same with futures trading. before you trade, you must analyse first than you enter with your own strategy. if you not analyse the chart. i do believe you are not trading but Gambling. because you put money in business without considering the risk and reward.
How to analyse market? there are several ways, you can learn the basic first. such as trend line, fibs, pattern and can be supported by Elliot wave theory or Volume spread analysis theory. either or both will be o.k for you as long you understand it really well.
Than after you know all above, you can decide again whether you will enter trading again or not.
Learning is free from money, you can get it from babypips or other forums or youtube. but if you want to learn, the price you must pay is your time and effort.
Hi too, I do have analysis and traded for year in demos sir
sadly i will leave by now, see ya next year. I can’t stay with small balance and the strategy i’ve build
Not many people in the world will have an account large enough for a martingale strategy, just my 2 cents.
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better pause trading for awhile and refresh everything. think of a new plans that can help you to get back on what you’ve lose. be wiser now.
The opening balance of your account is such an issue with new traders as it’s really not focused on in too much detail. If you want to speculate in FX on the side, and have a stable income from a primary career, then great - you can start with as little or as much as you can afford as you can always fall back onto your full time income. Speculating on FX in this respect could be classified as a hobby or part-time interest. A great place to start for the new trader who wants to learn and does not want to risk such a large amount of money. This is where I myself also started years back while at University.
However to make real money out of FX speculating as a full time career you cant play around with accounts worth a few hundred or a few thousand dollars. Realistically, and in my educated opinion you would need an opening balance of at least 100,000USD - yes ONE HUNDRED THOUSAND US DOLLARS. Forget the dreams of turning a few thousand into millions, it’s rare, and if we’re going to be realistic it’s a bad approach to take if you want to think in a logical and rational fashion (yes it can happen, and it has happened, but it’s rare).
So why $100,000 USD for a full time FX Account.
The average income in the US is around $55,000 per year
That’s a monthly income of about $4,550
So you would need to match this monthly income in FX speculating.
Lets assume you can make a comfortable 5% profit per month on FX speculating
In order for your monthly profit of 5% to equal the average US monthly income of $4,550…
…You would need an account balance of [B][U]$91,000[/U][/B]
So keep learning, speculate with a small account on the side, keep a full time stable career, and one day when your small account grows and you have the option to go full time then take the chance. But until then, not only is experience a limiting factor to FX success, but having the actual financial funds is also equally important.
You should not lose your hope and should try your strategy on demo account, there are several broker, they are giving no deposit welcome bonus, you should get practice on demo and then should start your real trading with no deposit welcome bonus.