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Thread: Avoid this Rookie mistake

  1. #11
    I never had a problem thinking of a presentation as real, because my goal was to see if I could work out how to read this chart. I would have been equally happy with a blinking light that said You win or You lose based on whether I really could accurately fill in the pattern that was growing in the hard right border.

    I have read a lot of posts in which people discuss stress and emotion derailing their own trading. I really don't have that. I believe it's because from the beginning I was filling in patterns rather than attempting to capture pips.

  2. #12
    Quote Originally Posted by ;
    I never had a problem considering a presentation as real, because my goal would be to determine if I could work out how to read the chart. I would have been just as pleased with a blinking light that stated You win or you shed based on whether I really could accurately fill in the pattern which was developing at the hard right edge.

    I have read a lot of posts in which people talk about tension and emotion derailing their own trading. I don't have this. I think that it's because from the very beginning I had been filling in patterns rather than attempting to capture pips.
    I have come into some resistance from people about this as well, saying that I must have a live account straight away in order to have the right feeling and air to trade. This makes very little sense to me, because I was not only given a pair of boots along with a rifle when I enjoyed, but was routed via coaching and did demo exercises, having a full understanding of what I was going to have to do if it came to the real thing.

    I am on your position - only learning how to read the chart! I don't have money to throw away, and trading is quickly turning out to be something I didn't know it had been when I first considered trying it out. It is really something quite comprehensive and complex; or at least it seems this way to me.

  3. #13
    Quote Originally Posted by ;
    yeah, consented, demo account is really important, must use imagination power thinking that demo account= real cash, trading it seriously for a time period.
    I disagree that one should demo for a time period (my premise of you saying time period will be greater than 1 week). Demo doesn't teach you how you can control emotions. It is like playing with video Call of Duty where after losing your lifetime, you're still able to play.

    My suggestion is for someone to exhibit a maximum of 1 week afterward start and fund an account with $100 or $1000 maximum. Study and analyze how you are going to react after transactions that are winning and your lossing. Should you loss your initial deposit in a very short time period, stop trading for a month and then go back to th drawing board and determine where you are able to improve. Then fund again with a maximum of $1000.

    The bicycle must repeat until you gain control of your own emotions. The money will follow, as soon as you're there.

  4. #14
    Quote Originally Posted by ;
    Demo does not teach you how to control feelings. It is like playing with video Call of Duty where after losing your lifetime, you're still able to play with.
    I demoed for about 10 months, as I recall. (It was a long time ago.) But back then there were not any books or sites about Forex, and I hadn't ever traded anything. It took me awhile simply to figure out what a pip was. Because of my unusual situation, I never went through that plogical thing which appears to be the nemesis of new, and at times experienced, traders.

    I can tell you with complete honesty that nothing could happen in any trade -- no matter how much I have on the desk which would cause me to feel anything stronger than mild surprise and curiosity. Perhaps a little excited because I saw something new and it may be something I could exploit in the future. But I can also say that I'd feel exactly the same if I had been trading a demonion.

    I really don't believe it cut my learning curve much to not possess the plogical problems, because it requires a long time to find the data in your brain. It simply requires a lot of clock hours watching the charts and there appears to be no way to get around that. I know many people trade via indiors, but I never did, and thus don't know if indiors could shorten the procedure or not.

    But certainly, if people become hysterical and blow their accounts, or do amazingly stupid things like averaging down, it's likely to take them even longer. We do not learn well when we're frightened or upset. I believe folks should work through these issues with a demonion, unless they can't mentally engage with a demonion at all, in which case, I would say they've got a REALLY rough road ahead because they're totally concentrated on the cash.

  5. #15
    When I say demo to get a maximum of 1 week, the assumption is that the individual already knew the fundamentals of trading for example what a pip is, draw a trendline, the way to use indiors, the way the Currency Market markets works generally.

    If a person is totally brand new to trading then by all means study the fundamentals until he's comfortable. I do not think more than a month would take for a normal individual who's really prepared to learn to have a fantastic foundation of the fundamentals.

    I'm basing my comments based on my personal experience. I used to trade stocks for 3 decades and when I jump to Currency Market I already have a fantastic foundation on technical analysis and it took me 5 times to demo commerce.

  6. #16
    Quote Originally Posted by ;
    Once I say demo to get a maximum of 1 week, the assumption is that the individual already knew the fundamentals of trading such as what a pip is, draw a trendline, how to use indiors, how the forex markets works in general.

    If a individual is totally brand new to trading then by all means study the fundamentals until he's comfortable. I don't believe more than a month would take for a normal individual who's really willing to learn to get a fantastic foundation of the fundamentals.

    I'm basing my opinions based on my personal experience. I used to trade stocks for 3 years...
    Initially, I thought you're blowing a heap of smoke, but you clarified a little more of what you intended, I concur with you. It doesn't make a ton of sense to devote a lot of time at a demo account, however I'd think that a individual can self-diagnose if they are willing or not... or perhaps that may just be my particular standpoint of myself. (Whether or not I'd know I'm ready.)

  7. #17
    People have to be aware of what they expect from a account.

    Demo Account is perfect to find out how things work - but to get a new trader it is also positive to have a (little!) Live account at which he can make real use of the current system that is dependable.

    I will say so, since it's far more giving back - even if just gaining the very first cents it is more like getting a lolly from the mum, when you have done something well.

    If you want to try something new, wish to alter your system that is exactly what the demo is for, since it is no drawdawn on your actual money. That is a good way to learn, as a check if you have investigated so or right.

    Surely - you need to understand what it is you are doing and the market can slightly alter in general which you need to look out and compensate.

    Personally I don't want to play half a year on a demo account, as soon I believe I got something that I will play it live - with tiniest potential invests for sure, but even it is only 1 ct weekly - it IS success and that is very Great for its traders soul ;--RRB-

    You see, back in college, when you're working hard to learn something - you actually wanted to be proofed, u obviously want to have a target - it Isn't, I learn today and receive a Lolly from mother two years later on :-)

  8. #18
    I am 18 months on Demonion and its the best thing I've Achieved

    I treat every pip as if it was my own Money

    I was up 5% to the summer after 14 months of being Only under BE, Obtained big-headed / emotional in Ocotber and Dropped 14% in a week

    Hard lesson to Consume but thats what Demonion is to Get

    Program Would Be to see if I can continue to Become More profitable the first half of 2012 and open a Tiny live account at June

  9. #19
    True really, great to always start small at beginning, until fully comprehend the method to be used.

  10. #20
    Most traders have a tendency to believe that by putting a few hundred in their account they can somehow make millions in a few months. So I don't believe what you did was a rookie mistake. If you've researched and practiced using the Forex for years and are fairly certain, then proceed, start with 10,000 USD or (whatever currency you use)! You require a lot of money to produce good profits!

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