This is for live accounts, but demo accounts may reply as well. I am just new in forex trading and wanted some sense of comfort that I can earn and not lose much money in this.
Regrettably there is no comfort to be had… if you go into this thinking you can earn more than you can lose.
Try going to the school of Pipsology first and demo trade for a good few months. Your objective should be to aquire a sufficient level of understanding so as not to lose money then work on making money.
Hi R Carter,
Yes I have already gone through the pip school, and been trading on a demo fxcm account for almost a month now. So far I am up by a little, like 2% for the month.
I lost quite a good amount like more than 20% of the amount, but recovered it in the last couple of trading days.
But I am not confident yet. I may have been improving the past days but it feels I may just conk out on real money.
Also it seems trading is a zero sum game, there could be equal number of traders losing money to the ones winning. I don’t want to be on the losing side.
Thanks.
Forget about the zero sum thing you only need to concern your self with the sum in your account. I am still loosing money every month not nearly as much as when I started. I can clearly see when I deviate from my plan is when I have the most losses. The importance of sticking to a plan can not be overstated. Many good plans can be found here on BP take one and follow it or take one and make it your own but if you can’t stick to the rules in a drawdown forget it.
Many of the plans you find will make you $$ but if you can’t protect your capital you will lose it faster than you make it. I am getting to the point of making it faster than I lose it. I think if I answer your poll in a few months my answer will be different. 
I have been looking over my trades for the last few months I can see my plan working and I can see me reacting to bad trades and losing more. For a lot of new traders I think the hardest part of trading is taking a loss and not reacting. If you are looking for comfort look to your self. Can you take a loss can you follow a plan? If the answer is yes you will make some money. Its harder than it sounds for some people. I like a challenge:D
This past month was maybe one of the easiest I can remember… there is a [U]huge[/U] benifit to focusing on just one or two pairs… study them, watch them, learn the way they behave…