I just say hello, and tell you I�m completely new here. Wanting to know everything about forex. At this moment I�m glad to have so many expectations but I hope to keep it, I don�t know how to handle losing money, maybe here I could learn about that.
Bye!
Find a figure that you’re not afraid to lose, then trade with that.
Demo until you get a decent feel with forex. Trade money as soon as you can to get the emotional aspects in check.
At Oanda, you literally can trade with one dollar in your account.
Hi there Forex world. I’m the noob of noobs jejeje. I’m very anxious to start tradint with Forex, but I’m afardi to loose my money. I’ve heard of something called “Demo”, could anyone care to explain me, please, what is that. I migh guess that is something like fake or like a trial, right?
Never mind guys, right now I’ve just learned what is to demo trade and how to place an order, now while I was reading I found something called EA, which I didin0t understand perfectly, could anyone help me with this, please?
I appreciate your words, really. I placed my first orders yesterday let me tell you I could go away until I closed them, this is crazy. Now I just sold in EURUSD picture, I hope this give me some imaginary bucks. But how to leave my emotions out of this market?
That’s something that every trader struggles with. It can’t be taught, it must be self developed. I would recommend reading books on the subject.
Books about that? Can you suggest one? I would like to instruct myself
Never read a book on trading psychology. I came into the game prepared for it due to past experiences in risk management.
Not a trader yet. Just a noob forex student who just had once through the babypip school so far.
I think though you need to adjust your attitude. You say you are anxious to start. I interperet that as anxious to start making money, because you think you will make a lot in forex. Yet you are afraid to lose, which you will IMO with this attitude.
You should first be anxious about learning to be a skilled forex trader who knows what he’s doing. The money will follow that naturally.
I’ve run several of my own small home businesses. Fear = lack of knowledge most of the time. You will hear the quote 90% of traders lose money and that same number about small businesses. Because of networking meetings and such I know/knew many people who owned their own businesses. IME with small businesses the reason most people fail is not because of the business of outside conditions it is because they set themselves up for failure through lack of preperation knowledge and unrealistic expectations.
O ya, a demo account is a, “demonstration account.” That is you can trade play money on the same platforms and with the same data as you would were you to trade with real money. Do yourself a favor. Read/study the pip school until you understand it and put all thoughts of being anxious and wanted to jump in and make money aside. Instead of thinking of it like learning to make money in forex think of it as learning to trade at a skilled knowledgeable level and money just being a byproduct.
Someone in another post mentioned that a lot of noobs come on here and ask whats the best this and that, as if they can just learn that one thing and they will be a huge forex success. They then compared Forex to basketball or marital arts, where someone could teach you how to do a dunk or a killer strike but you still wouldn’t be able to use it. You just havn’t put the time in and gained the experience and knowledge that comes with practice over time and hard study.
I can tottaly understand that view point as I studied Kenpo Karate since I was 12. Even used it a handful of times in real life. Most new students I taught wanted to come in, learn one killer move, and go home and be a badass. Doesn’t work that way. You can’t use the killer move if you didn’t develop all the little skills that go along with it’s use and you wouldn’t know when to use it. Anyways…
Dear The Phoenix, first I would like to thank for your answer, from what I understand from your post, you must be an experienced trader. However you shouldn’t just post what you guess I meant on mine, first of all ask, with all your respect, what I meant. I’ll just explain what I meant with my post so you can have a clearer idea, and not just pretend to have one.
When I meant anxious, I was not just referring to make money at once, I’m aware that FX is not a/the place to make easy money. I meant that I wanted to gather knowledge to become a good trader. And because of this I haven’t even finished at the Pip’s school because of this. Now I understand that most noobs just come here to get a trading plan without even understanding what that is, tell, have I mentioned or asked for something like that before? You shouldn’t judge every person that starts here like the rest of us, I think that if you learned something about being a teacher you missed the part that says that not all students are the same. Finally I’m going to be pretty honest here with you, I did enter the FX to make some profit, not saying that everyone does, but I’m totally aware it’s going to take quite a time to have some profitable results.
Now fear, who’s not afraid to lose money on this capitalist world, but If i entered FX, as I stated before, I’m aware of the risks, believe me, and yes I lack of knowledge as every beginner does, that’s why I came to this forum, because is one of the best for real beginners.
Oh yeah, thanks for the reply on the demo, helped clear a lot of ideas.
Nope not an experienced trader at all. I am experienced with people wanting to start businesses and getting ahead of themselves thinking money will just drop on them. I didn’t mean to judge you or paint you in certain light. Your brief post gave me a wrong impression of your mindset I suppose. Internet forums being what they are often the written word can impart the what was not meant.
No not all students are the same, but they usually arrived at different times at the same spot.
By being a teacher I also learned that the best way to become really proficient/masterful was to teach someone else. It ends up regurgitating every little bit of your own knowledge and putting it new light that you hadn’t thought of before.
Maybe when I learn enough and become profitable I’ll be able to come back here and share a system.
I came up here looking for advisory, but I cannot believe some of the adivses I’ve seen here. I think that emotions can be focused on a profitable way when comes to Forex. I’m talking based on what I know so far, and I can tell that some experienced people I got to know, never had to read any kind of books. Just discipline, keeping yourself informed with the news and trading a lot on your demo version are the keys of success.
We have some good news that can help with my wrong feelings management. Did you see �anger management�? I�m like that jajaja when I lose I said nothing but inside I�m burning.
Anyway� now Obama won the elections and it�s expected the dollar appreciate against other currencies we can try to sell some euros. Place the order then go to sleep, tomorrow see the earnings.
Dear Julie, I wouldn’t be so sure about that, yes I’ve read that that might happen, but how are you so sure, I mean with the market going crazy these days I wouldn’t recommend such thing, I think the best thing to do is to wait and see what happens, I have my doubts about it.
Good advice Cuttie. If you�re not a daytrader it�s better wait until this crazy situation takes its riverbed for your health and pocket
Goodjulie I would like to know where you read what you stated, I’ve heard of it but I also agree with Cuttie. However I would like to have more information about the situation, because why would the election of this president have such an effect on the dollar. Makes my head blow away.
Now the dollar is going up in GPBUSD and EURUSD pairs not exactly because of Obama policies but as result of some movement in the European central and England bank. I don�t know exactly why but it might be due to the interest rates. Maybe we can sell some GPB and EUR.
Thank you very much for the information, I find this section quite exciting. I’ll let you know when I’m done. I assure you we’re going to have a nice discussion regards to this subject.