New players in the game

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…

  1. 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.

  2. 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.

  3. Listen to advice, but don’t take it…See if your knowledge that you have gained supports the advice you receive.

  4. 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!!!

What is your trade level now? Are you an expert who is successful or you still exhibit the traits of a new trader.

I will answer your question by pointing out the following:

My risk/reward ratio is always 1-1
My winning trades are always above 50% per month.

My question to you: What are the trades of a new trader? Feel free to share your current feelings.

Does that mean that you have 50% losing trade. That is if you have a 50% winning trades monthly. Or are you thinking about 50% signal accuracy?

I said above 50%…Learn to read, then show me the front of your T-Shirt…