hi y’all. im isaac and this is my forth time making a deposit into my broker to start trading and i think i have been doing it wrong for sometinme but i hope with this website i will start making profits and actually making withdrawals weekly
Hi @sniper-entry,
Welcome to Babypips. You have come to a good place.
I was about to tell you that this (since August 2019) is also my fourth time, but there is a difference. I realized on my third time that depositing money into a broker account was putting the cart before the horse. So I did not do that the third time, and still failed.
This time, my fourth time, I funded a trading account and wrote a business plan that said “trade in a demo account and resist the temptation to use the live account for at least six months”. So the £500 I deposited in a FXCM account in August 2019 was removed about nine months later. I had not touched it because I had not demonstrated a trading edge in my demo account by that stage. I knew from then on that I had overcome on of my many weaknesses - impatience.
Please go to the Education section at the top of this page and start the Babypips School of Pipsology before you use any of the funds in your brokerage account. Long story short, it should be:
1 Learn to NOT lose money
2 Do some structured education on Forex trading (school of pipsology)
3 Open a demo account preferably with a broker you intend to use for live trading
4 Create and write down a strategy (what am I doing and why)
5 Write down a plan that says how you will achieve the what and why of the strategy. Hint - the plan is the who, when, where, how)
6 Backtest your strategy in a demo account
7 only when you can demonstrate a positive edge (you make money) do you switch and do real trades in your broker account
2 Likes
Just focus on learning and let the money take care of itself. IMO, you won’t make any progress trading a small account lower than $500.
Why? You will need a breathing space to cover and suffer consecutive losing trades, and otherwise because it’s damn difficult to manage and control your emotions.
You’ll be tempted to overtrade, revenge trade, and gamble. It’s essential to manage your capital and risk exposure all times. SEE BELOW.
To become really proficient try trading a live $50 (yes, fifty dollar) daily trade account for 3 months. You will learn how to preserve your money and emotions, even if the outcome is eventually a blown account. Then move on to your $500 account.
Best of luck.