Avoid this Rookie mistake - Page 3
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Thread: Avoid this Rookie mistake

  1. #21
    It is totally different when you exchange with live account from demo account.

    You can utilize demo account to check the broker, familiar with the system.

    You need to learn the real trading through live account.

    Start small is proper. It is a learning curve to cultivate your account.

    Certain, when you are confident with your abilities and control, you can run with more cash to enjoy a considerable possible good profit.

  2. #22
    The most wonderful thing about FX is you will find brokers out there, reputable ones, like Oanda, that allow you to place a large scale .50c at risk when you trade live. I make $10k (cash) trades sometimes, however there are still FX transactions where I set my stop loss at $6 and walk away.

    When a system doesn't utilize $50.00 in the account it wont work with $5,000.00. So, you may as well just leave the other $4,950.00 on the sidelines until you know what you have is some thing good. Your purpose should be to turn that $50.00 to about $60.00 annually of regular trading at restricted 1 percent risk. Or, something like that. If you're able to do that then you should probably increase the stakes somewhat. The market is not moving anywhere, but if your cash is gone, you will.

    Quote Originally Posted by ;
    with 10,000 USD or (whatever currency you use)! You require a lot of cash to make good profits!
    if you're able to make excellent profits with $10k, good by the criteria that people obsess with this forum, then you're probably trading stupidly. I had been walking on water in 2008 and 2009, and I averaged about 32 percent. That beats the pants of the pros folks! Having a $10k account as a start that's about $6100 in two years. If people are here in order to create enough to buy a Porsche in 6 weeks they will destroy that 10k account in no time.

    Start with a $50.00 account.

  3. #23
    Quote Originally Posted by ;
    The great thing about FX is that you will find brokers on the market, ones that are reputable, such as Oanda, that permit you to put a large scale .50c at risk if you trade live. I earn $10k (money) trades sometimes, yet there are still FX transactions where I put my stop loss at $1 and just walk away.

    If a system doesn't utilize $50.00 in the account it will work with $5,000.00. So, you might as well just leave another $4,950.00 on the sidelines till you understand exactly what you have is some thing great. Your purpose must be to turn this $50.00 into roughly $60.00 annually of regular...
    very correctly stated, first a beginner should attempt to earn money off a 50$ account consistently only then he ought to attempt and input something serious.
    The problem with most novices is that they see order size, pip sizes and they that you order can offer them a porche and forget sane money management principles - it's one thing to write - 2 percent reduction in one account, but hard to apply it in real life ( discipline/greed/impatience)

  4. #24
    Quote Originally Posted by ;
    If you're able to make good profits with $10k, good by the criteria that people obsess on this forum at least, then you're most likely trading stupidly. I had been walking in 2008 and 2009, and I dropped about 32%. That beats the pants of the pros people! With a $10k account for a beginning that is roughly $6100 in two years. If individuals are here to make enough to buy a Porsche in 6 weeks that they will ruin that 10k account very quickly.

    Start with a $50.00 account.
    So basicly learning forex isn't a very beneficial way to spend your time if you don't have atleast $100k lying around?

    For me this might mean I have to spend 2012 working hard and learning forex to save that $100k so that there's actually a point. I was really expecting that I could bypass the functioning hard part and begin directly with learning forex.

    Getting rich is so much work.

  5. #25

  6. #26
    The biggest mistake that rookies make is thinking they will earn money easily trading. Which is the biggest and most aggressive game in the world.

    If you are buying somebody else is selling to you and you can make certain they think they are making the right decision and you are mistaken.

  7. #27
    This is the topic I do not fear, I dont fear going live on an account for a single motive,

    because I understand that the risks involved. I know that I will be using my very own chilly hard earned cash to trade with and when I make a mistake and blow my account, I've only MYSELF and MY choice within that trade to blame.

    The sole issue I've a problem with is my confidence I can exchange and make consistent profits within my losses.

    I am trading currently on a demo account, which I have created both losses and gains. I can safely say I dont feel ready tbh, but I dont possess fear for the markets. If im honest, id say I possess a struggle to master my skills and become profitable consistently, instead of the fear of it breaking me at the end.

    I really do believe in learning from your mistakes, nevertheless I cannot comprehend why people would rather understand those mistakes aswel as losing cash.

    If this is what you really want (inlcuding myself) then you'll treat the demo as real. Thats what it is for imho.

  8. #28
    First of all whomever opens a live account if just deposit the cash he/she can afford to lose!

    Secondly of all make certain that you just risking 1-2 percent of your deposited capitals. That is the main reason why they permit you to exchange with miniature and micro lots.

    Finally stick to the Program! Meaning put SL and TP orders well and close the program! Never close manually simply because you get nervous. Later you can analyse whether you made a good decision or not, based good stop amount etc..

  9. #29
    To get a noob, if u set in large money you may have a fantastic run even though you dont understand anything about trading, but based on your results you feel you're the king. Then you have some losses, attempt to double up to losing positions because they ought to turn around and from this time your large bankroll has been raped. At this point you realize you've got a lot to understand and begin taking on alot bigger places as you're no longer as ignorant of risk management and you understand that you're gaming and didn't have a system that was sustainable for the long run....now you begin trading like it is a company and not a get rich scheme and beat yourself up that you started out too large when you may have learned the very same lessons trading small....spoken out of experience. . .lesson is START OUT SMALL. . .but dont take my word for it-go for gold and hit the jackpot!! . . .and the next jackpot and the following all up until the point you understand that you dont actually understand how to reach the jackpot-that sux.

  10. #30
    There is always just a little bit of luck involved - also you can have poor fortune.

    I don't see the point of learning to trade on a daily chart - it tooks too much time - a M1 follows roughly the exact same pattern - with a few more sound I acknowledge, but well, the sound is always there, even once you don't see it.

    Play this in demo, get a sense for the market flow and as anyone will tell you: begin small because there are always(!) Instances of terrible fortune or unpredicted actions with all the market which cannot be foreseen.

    Only a tiny number of people is aware of the fact that google has payout/rollover occasions on adsense as example which are massive enough to effect the market - no indior and no news will tell you these things.

    That is what I mean with fortune or the disorderly nature of the market. Everybody fails - the secret is to acquire more often than you lose and also - if you invest in the market, do it with cash you don't desire for dwelling.

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