Well I am a shop keeper in Kingston Jamaica and I want to become a millionaire trading FX. I give my self 6 month to learn how to trade fx. I read all the e-books I can fine, build a trading system, and now testing it on a fx tester, my stop lose and TP is 100:25. I will only trade EUR/USD on down trand, so I look for 3 down vally and put $25 on it… it work 2 time out of 3… I only want to make $50 to $100 per day. I sign up for a demo to see if this will keep on working, I also open a mini account with easyforex with $25.00 and will start trade with $500.00
By the way $10,000 USD will give me $1,000,000 JMD so making $1000 per month is good… I have a lot of hope untill I start losing, but I know that try and try again and I will success. I like this forex busines no people to serve, I do that in the shope… one day I will close down the shop and only work on my laptop 4 hours per day.
The question is what am I doing wrong? Can a pro tell me.
What are you doing wrong? Your whole approach to forex. I wont say you cant become a millionaire that quick but its not very likely. You are try to get there to fast. Its the same as both of us standing on top of a cliff trying to get to the bottom. I am going to take the stairs and your going to jump. Yeah you will get to the bottom faster but only one of us will be alive to talk about it. You are starting with 500 so if I read this right you are going to risk 25 to make 100. Thats a decent risk to reward ratio. That 5% risk witch is a little to high for my blood but to each there own. If you can accpept that much risk then thats up to you. I wont comment there. I will say though just starting out getting your feet wet in Forex you have set your sites a little to high. Trust me I would like to have enough to quit my day job to (although I love my job and would not leave it that easy). Remember you have to learn to crawl before you can walk. Forex is not easy and there is a monster in those chart that will bite you. You must be prepared for that. With that said welcome to babypips. Read all you can there is plenty of info to get you where you want to be.
the veterans said it all, avoid falling for the same mistake as new traders often do. Don’t get me wrong, Its really nice to aim high, but always take the safe rout!
Apparently there is a difference between reality and fantasising. Jamaica is too relaxed to even think about that sort of stuff. Sitting under palm trees watching the markets in the shade of the hot sun, heck, I can’t think of a better place to become a millionaire. LOL
Check out the thread on VSA. That is the way the smart money trades. Will take a bit of time to learn with no arrows or silly systems, but it is profitable. I am a Canadian living in the Dominican Republic and yes it can be done. Good luck,
Ok, I didn’t know who that was. Makes sense now, I had no idea why anyone would choose a 19th century figure as their
avatar.
Every time I see you in a thread I hear classical music lol.
Reminds me of a portrait of Beethoven or something.
You really had me fooled, and next time I see you posting, I’ll definitely pay attention.
Funny thing that, an avatar can either attract you to a person’s post, or make you not want to read it at all…
Hence I have no avatar…
In reply to your advice - if we are standing on a clif I jump and you take the stairs, I have jump off clift before on hip the water, that is call clif diving… and I never see a clift with stairs before. I ask for advice not for anyone to tell me to go jump.
talk to me start and keep your story to yourself man.
Either way you may slam into the concrete faster than into the pool of money. It may sound a bit condescending but realize that there is a huge failure rate for people in this type of game. They may not realize that drawdowns always occur because [B][I][U]THEY ALL SAY IT WOULDN’T HAPPEN TO ME BECAUSE ITS ME[/U][/I][/B]. That’s where their wrong the market is not biased, nor is it going to be a hideous ***** goddess. It can be fair and even handed and like jay says “the market basically wants to give you money” but you have to learn how to ask it.
If its money you can toss away fine. No skin off our backs whatever amount off yours. If you make a million great come back, brag, flaunt your d*ck around all you want. We’ll concede our rashness.
However, realize your asking us what we think and if that’s what we think you can’t just say well it’s never going to happen your crazy and pick whatever you want to hear. Your asking people from different experiences and walks of life and they will have similar if not parallel experiences starting out in anything
Also traders I find all have an analogy up their butts. Your lucky you only got a cliff analogy I’ve seen weirder ones and ones that just make you want to take your fist and give the guy a reality check.
P.S
Also your asking for “a pro” define a pro please.
You’d be lucky if one of the BP admins come in and answer let alone one of the top thread dogs.
Also P.P.S you ever hear the saying “even an idiot can teach you something”. In my line of work its why I attend or listen to whoever wants to teach me their technique on how to do a shot or how to clean a lens I only take it to heart if it improves how I do things and makes me faster or more efficient.
I like that cliff analogy
avoid falling for the same mistake as new traders often do. Don’t get me wrong, Its really nice to aim high, but always take the safe rout!