These qualities really are more of a handicap you will need to overcome to be successful at this for any length of time.
Best of luck to you. You are right money management is crucial.
Let us know how it goes for you.
I read much about switching from demo to live, so I decided to open an Oanda 50 ā¬ account when Iām ready. Big profits arenāt the goal, I just want to practice to not be nervous when trading with real money.
I am excited to tell you that i am at $130 dollars on my live trading account. Not bad or fantastic but I will take that for right now. I talked to my broker about my plan and he told me in order for to get to $1000 dollars I must have $250 dollars in my account. So my plan before the end of march is to try to get to at least $150 or $180. Then I will just add the $100 dollars toward my account to reach for my goal of $1000.
Best approach is to open an account with at least 2K, if not 5K. The reason is you can not scale into a position with $100 AND more importantly with a small amount of capital odds are we will disregard money mgmt rules. Just my 2 cents! Be good! Kevin
If you canāt make it with $100, having $2,000 or $5,000 isnāt going to be any different.
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Be careful with Oanda. I tried them out last month. Personally speaking, their CS department has an attitude (very unprofessional), their online platform is limited and goes off-line too often for me to use them.
Oanda claims their spread is low but when there is news, etc, expect a 10 pip spread and generally it is 1.3 to 1.8 range on the EURUSD.
IMHO a 100 $ is a perfect ammount for a beginner. 99% you will blow it clean. Itās like a wake-up call. Just like your first car, after you crash it, you become more careful and start getting better afterwords. I think, that if you want to start trading with real money, if you have done trading with DEMO - a hundred bucks is just perfect 
My first deposit was 1k. So youāll get away 10 time cheaper then i did 
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I may say that you have luck in winning in demos but you have to consider that sometimes demo might not as same as the actual trade so better prepare yourself for something big. Though it might be difficult in the real world, as long as you believe in yourself and believe that you can do it. I think there is no harm in trying your luck on the next level
There is one thing I have learned about this market is that you have to have patience. Man I was down like $20 dollars trading the Usd/Eur so i left the trade in for 3 days and i made all my money back. And I also capitalized on a few pips out that trade.
Sounds like you donāt have a good money management setup in place.
You got lucky. Price almost always eventually comes back. But it might be years. So, either trade with stops, and know what you are willing to lose, or change your money management enough to sustain long runs against you.
The last option there is not recommended, unless you have a good grasp on how to protect yourself.
I donāt know. Starting out it may take a while to learn to be profitable. Be prepared to bust many accounts. Iāve lost thousands. And when I started I thought the exact same thing. That I was going to double my account and keep compounding it. Money management and psychology is probably the hardest thing. I still havenāt learned to stick with a set acceptable loss each trading day. Like gambling I would try to win it back the same day only to lose much more. I would try to have a set goal for a number of pips, and then for small pips, and a few good days would get wiped out anyways with a sudden bar reversal and/or stop running. I wish I had started out with 100 dollars and started with .25 per tick and also be prepared to lose more than a few of those 100 dollar accounts to get at least real practice and not on demo. Now with my personal losses casting a shadow over further trading and no real improvement I can honestly say after trying all kinds of trading methods Iām close to quitting or thinking very much about it.
The fear mongering has to cease. Because somebody tells you that they lost thousands or the market can go against you does not mean you should stop trading. Following your heart and observation is the key to trading in my opinion. I do seek advice from friends that trade but at the end of the day I have to make that decision to enter that trade. Observing the trends works well for me because trading with the trend allows me to profit. I am in a trade right now and guess what I am losing. I am happy because when the trend comes down I am going to profit from this trade. The reason why I donāt have a stop loss setup is because I take my laptop with me every where I go. I am business owner so I get to check on my trades throughout the day.
Trading with no stop and lot sizes that get yo 20% down is stupid. Use a stop or you will blow it for sure. This is not fear mongering its experience.
I recently learned that too. I was down 180 pips on a trade that i fell asleep on (bad time management and risk management), and waited about 4 days and did more than broke even. What goes up must come down.
BUT!!! I usually have a set stop loss either based on the type of trade or levels i see on the chart. For example if Iām in a scalp looking to get 20 pips, Iāll take no more than a 9 pip move in the other direction. If I am in a more long term trade that Iām waiting for a 50-200 pip move on, Iāll find S/R levels to use as a guide to tell me what range i should have my stop in. If it breaks through the S/R level Iāll usually give it some pips after that to confirm the break and exit my trade. If it bounces I usually wait to see if it will recover to at east Break Even.
Sometimes yes sometimes no. Whatās more annoying? If the price hits your SL then moves in your direction or: you wait 4 days and at the end yor loss is 4 times bigger than it would be using SL?
You are 100% correct. I wouldnāt endorse it as a valid loss aversion strategy, but with a little more technical analysis you can get a bit lucky.
Hi Jblack, which broker are you referring here?
Youāre never a loser until you quit trying. 
3% a month on a $100 account ? sure if your making 1 trade a month, letting it sit a few minutes and walking away till next monthā¦ how can you possibly do 3 dollars a month on a $100 account ?