Thread: Beginner Question

Hi,
to begin with I'm sorry about my not too-good-english. I open a mini account about $500. I knew trading forex because 1 year old ago.Since then I see a lot of book about it,market magician,joe dinapoly,van k tharp,etc.Then together with my knowledge and lots of confident I begin to exchange live.But it seem I do not get the results I want, either I hesitate or blew my egy as my absence of patience.Before I begin trading I telling my friend that my objective is 200-300pip/month. He laugh it say I too naive,I do not realistic. He also state that the best trader only make 50%. But anyhow I just trust I can perform it.Since now my account goes down 25%, I beginning to wonder my goal, it's achievable or just dreaming.Well what I would like to ask you guys is that there somebody out there with funds like myself might create 100% or even 1000% in just brief time, or just a dreamer.

Thanks

Originally Posted by ;

Hello,
to begin with I'm sorry about my not too-good-english. Recently I open a mini account roughly $500. I already knew trading FX because 1 year old ago.Since then I see a lot of book about it,market wizard,joe dinapoly,van k tharp,etc.Then with my understanding and many confident I begin to trade live.But it look I do not get the results I want, either I hesitate or blew my egy because my lack of patience.Before I begin trading I telling my friend that my goal is 200-300pip/month. He laugh it say I naive,that I do not realistic. He also state that the very best trader just make 50%. But anyway I just trust I can perform it.Since now my account proceeds down 25%, I starting to question my goal, it is achievable or just dreaming.Well what I want to ask you guys is there somebody out there with funds like myself might make 100% or even 1000% in just short time, or just a dreamer.

Thanks

Well, I'm sure it is POSSIBLE that you make that sort of yield, but it isn't likely. If you receive your cash management directly on a halfway decent system, you may easily pull 30-50per cent a month. Unfortunately, your about 1-2 years away from beginning to comprehend how to do that.

Keep reading, change to demonion until you get a better feel for the market, and check out different ideas until you discover something that is consistently profitable. It may be interesting to throw something that you believe may operate for 300 pips, but until you've got a methodology backtested, your more likely to receive -300 instead.

Welcome to the Factory.

Originally Posted by ;

Hello,
First of all I'm sorry about my not too-good-english. Lately I open a mini account roughly $500. I already knew trading forex because 1 year ago.Since then I read a lot of book about it,market magician,joe dinapoly,van k tharp,etc.Then with my knowledge and many confident I begin to exchange live.But it seem I do not get the result I need, either I hesitate or I blew my egy because my lack of patience.Before I begin trading I telling my friend that my goal is 200-300pip/month. He laugh it say I naive,that I do not realistic. He say that even the trader only make 50 percent. But anyhow I just trust I can do it.Since today my account proceeds down 25%, I starting to wonder my goal, it is achievable or I just dreaming.Well what I would like to ask you guys is that there somebody out there with capital like myself can create 100% or even 1000% in just short time, or I just a dreamer.

Thanks

Darkstar has given you some very good advice (he has a bad habit of doing that ), so pay attention to what he said.

I will add this. Having only $500 (and currently $375) at a MINI account is a particular way to eliminate all your money. The position size you can exchange is 10,000. If you divide this by your account size, you started off with a true leverage of 10000/500=20:1, which is much to considerably leverage for anybody, but especially for a newcomer. Now if you open a transaction, your authentic leverage will be 10000/375=26.7:1, which is even worse.

Please do yourself a favor and shut your mini a account and open a micro account so that you can exchange 1000 lot size. Then your authentic leverage will be much smaller. 1000/500 = 2:1 1000/375=2.67:1.

Brokers should be taken for allowing people to open mini accounts with only a few hundred dollars!

That I would also recommend adding more money to your account as it is quite difficult to exchange a small account. The bigger your account, the easier it is to exchange. Just do not give in to the temptation to take on a bigger position size.

Once you have opened your micro account, exchange only ONE lot (1000) for each transaction you make until you can consistently earn money with this 1 lot. If you can not earn money with a single micro lot, then it makes no sense to exchange a bigger size until you can.

100% to 1000% fast? Forget that. The harder you push yourself to earn money, the quicker you will lose it. Forget about earning money for now. Your focus should be on learning how to trade well and foremost. Later, you can begin to consider earning money, in small, consistent gains that will grow out of compounding.

Dial

I've had two brokers and Oanda is the far better of both so I recommend you go together, it is critical with a little account.

You can trade with 100 unit lots, trading to get a $.01 a pip with $2.59 margin per lot. However, if it was me I'd still just trade with a demo until I might find something that worked consistently, then I'd exchange it reside as mentioned above.

Oh my goodness, modesty abounds.
Diallist has spent probably more hours putting with the Information Package for Freshmen FX Traders like yourself than you have been Trading FX.

Let us go out on a limb here and state that you won't be retired in a week or so. If that, in actuality, is accurate. . I'd strongly suggest that the second time your trigger finger is twitch'n', go spend some time in the Beginners Forum readin' that the stickies. That will most likely not just help save you money, it will most likely earn you cash in the long run. Beyond that, you may find how much more that forum has to offer as it is usually written in terminology you need to understand.

Btw Charles, I have to admit that, I understand you have done huge work on account size/lot size, but could not put my mouse on it to place that link here. Can it be in the Stickies? Otherwise, it should be.

Originally Posted by ;

Oh my goodness, modesty abounds.
Diallist has spent probably more hours putting together an Information Package for Freshmen FX Traders like yourself when you've been trading FX.

Let us go out on a limb here and say that you won't be retired in a week or so. If that, in actuality, is accurate. . I'd strongly suggest that the next time your trigger finger is twitch'n', go spend some time in the Beginners Forum readin' the stickies. That will probably not just save you money, it will probably earn you cash in the long run. Beyond that, you may find how much more that forum has to offer as it is usually written in language you should know.

Btw Charles, I have to admit that, I know you've done enormous work on account size/lot size, but couldn't put my mouse on it to post that link . Is it in the Stickies? Otherwise, it should be.

Thanks ! Like Darkstar, you are just another of my favorites!

Yes, the info you mentioned is in the Money Management tacky in the Beginners Forum.

Dial

The reality is you'll be doing great if you do not lose your entire account, nevermind earning 2-300 pips a month right off the bat.