I am a newbie in forex trading.

I have been trading since beginning of the year. So far it’s been a rollercoaster ride for me while searching/trying to formulate a profitable system.

My records so far since I started trading :

January : - 350 pips
February : - 120 pips
March : + 75 pips
April : -110 pips
May : + 90 pips
June : - 50 pips
July : + 280 pips

It seems that I am heading the right way.
However, talking to a friend recently, put a dent on my confidence.
He said that in the long run I am just gonna lose all my money unless I have loads of cash/capital.
As I am someone with limited amount of capital, his words kind of dampened my enthusiasm.

Please I need some encouragement and motivation from those who have been trading for years and are actually making money … just enough or loads of it.


To be very frank, seriously think whats the use of giving a fake, untruth, unreal confidence ?

See, in a way your friend is correct too, but there are loads of people who make a living by trading… How is it possible, might arise question in every newbie mind.

Well Read as many books, Learn Various Economic Indicators, what they mean, and if an Economic news is higher, how will it effect market.
Then make a plan, fix a time of your trading period, Make certain rules,
Dont be greedy,

No one becomes millionaire in a one night game, whoever says you give me money i will give you 10% per month and all that, just hear from one ear and out from other, seriously…

You shouldnt depends always in Automatic trading, try to learn yourself…
Buy some technical books, study them, and remember make good plans…
When you are in profit, dont be greedy and say comeon i am making alot now, let me buy more and i will make more, NO, dont do such thing ever. How much you make, be happy, take it, and then plan for another trade…
Same thing vice-versa, if you losing, dont think market will reverse and all that… make a plan that you can bear $100 loss a day say for $1000-$5000 account you have with your broker or something say around 2-5% Loss is acceptable by you per day if any arises. and you just have to accept, and sit back. plan for another trade.

I am not trying to lose your confidence here, i am trying to advise you in a very factual manner, cause i cant give people hopes, day dreaming and all that.
Whats real, whats there, everyone has to accept.

So make a plan, take a pen, notepad, write which currency pairs you will focus, Why ? then think why each currency pairs move alot? whats the reason? and which specific time it moves alot? and just brain storm what ever comes in your mind… Its just like a homework…

enjoy, and never lose confidence, but never be greedy :wink: be happy/.