I gave this reply to a new member who send me a personal message.
I omitted the person’s name to keep things fair.
I was asked how he can double his money of X amount in 2 months after seeing one of my posts. I realize now that even though most understood my tongue in cheek cocky behavior was unrealistic, albeit true… There was no way I could sustain those winnings. The pro’s hammered me, the experts saw the funny…
So I was embarrassed when a newbie contacted me about advice on doubling his money in 2 months:
I said the following:
Someone like me can never give you advice, I mess around testing and probing new things all the time on my life accounts, a cardinal sin to most traders.
I can however tell you this…
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Never stop learning…Learn something new about trading and make sure you absorb it in context. Information out of context in trading is an account killer.
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Whatever trading system you build…It will not work on all currency pairs! Be prepared to have multiple trading strategies available in your trading arsenal.
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Listen to advice, but don’t take it…See if your knowledge that you have gained supports the advice you receive.
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Making double your money mentality is going to make you lose double the money. Making money out of forex trading should be a result of your trading ability, not because you are hunting the money. Forex is not prey to be hunted…Forex is the predator, you are the game.
I wish you all the luck in the world on your trading experience, if you have somewhat more precise questions then I am sure the awesome people here will help. I am a bad helper since my trading habits are bad. I get serious and make money when my account drops, but I gamble and play roulette when my account is up out of boredom. Forex is my full-time hobby that doesn’t cost me money, I don’t do it for the money. I do it for the knowledge…And after 11 years of trading, I know a lot, but it is build into experience that allows me to be serious when I need to be, can’t teach that.
Ask these good folks how many were standing after the 2008/2009 meltdown. I lost a lot, but I learned more than what I lost in money.
Good luck!!!