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Thread: Avoid this Rookie mistake

  1. #1
    I sometimes get messages out of desperate new traders that say they simply lost some huge amount of money on the market, and that they want help.

    Please prevent this mistake: DO NOT TRADE LARGE SUMS OF YOUR OWN MONEY.

    If you currently losing $5,000 would damage, you then want to deposit only $500.

    Likewise, if losing $500 would harm you, you then want to deposit only $50.00!

    The purpose in trading is to get to a place where you are trading the cash you've won on the market. The quicker you are able to get to this point, the greater your trading decisions will be. Simply deposit, and therefore trade off of, what you'd spend on a Saturday night out or a weekend holiday. I know a number of you are desperate to better your lives financially, but no matter how good your egy is, resist the temptation to risk large quantities of your very own hard earned money.

  2. #2
    I learnt principles for a couple of weeks, then just traded demonion
    For fourteen days. . I felt I was better of trading live with emotion, just
    If a little account. . Glad I made this move.

    I would be worried about trading demonion for too long and receiving
    A nasty surprise on live when feelings kick in.

  3. #3
    SYNeR, You are able to try out a tiny live account to sense what it's like. I promise it will be totally different for you.

    When you run a demo account, you may depart the market for many months, you may think that it's quite easy to earn some money when you see there's a massive increase in your account.
    When there's a great loss, you may think it is not a big thing. It's not money.

  4. #4
    I know of a few who have put 100K as thats what your supposed to perform didn't have a clue and lost it pretty fast.

  5. #5
    I had been guilty of putting too much money in the market to, at one time. As tempting as it might be to put all of your savings on the market, and trade/live off of them, don't do it. One will find that trading decisions that are based off of money gained out of the market are completely different than decisions that are based off of hard earned money. You want to make the tiniest deposit possible to become the best trader possible.

  6. #6
    I've been adding $100 each time, throw off pin money kinda, should I lose it, I go back to demo solve the matter, put in $100 back and repeat.

    Sometimes the $100 past a few days, other times it last upto a year that the once and everything in between.

    It stops you losing more than you are able.

  7. #7
    Nice to a thread like this eventually coming on forexintuitive. . I also exchange just $100 a time. Well I have two accounts having a larger sum in it upon thorough analysis I have a transaction and let it run thats what investing is all about doing the assignments and being completely certain you will recieve a sizeable return. When things get boring I have my 100 account to exchange the M5 and M15 by means of a system I snapped together which works good but if it goes against me for whatever reason I could shoot a 10% loss and just lose $10. 10% is a huge figure to shed if you've got $100k account!

  8. #8
    It is bewildering folks would open an account for 100k without completely understanding what trading is about. Thats a little like opening a business without know anything about the business.

    I lost #1700 on #2000 acount in just a couple of weeks about 8 months ago. It was painful as hell, but also it was not big enough to dissuade me from gambling, and since then I have learnt a lot. That account remains alive at #800.

    Another matter though I have found is that in the event the account is too little and losses does not mean much then it may eventually become like trading demos.

    I completely agree with the initial post that you should never ever trade with cash you can not afford to lose. You have to prepare mentally before starting an account that you may not ever see that money.

  9. #9
    I've come across a few threads where newbies post trading blip tales where their accounts have been wiped out in a couple of minutes.
    Rule 1: Always start of using a demo account, irrespective of how much experience or knowledge you may have [on fx markets]
    Rule 2: Always begin little
    Rule 3: Do not assume anything. .
    Rule 4: Stay well informed

    Sure, all these are general egies but newbies would be wise to review it again and again.

  10. #10
    Quote Originally Posted by ;
    I've come across quite a few threads where newbies post trading blip tales where their accounts were wiped out within a matter of minutes.
    Rule 1: Always start of using a demo account, irrespective of how much experience or knowledge you've got [on fx markets]
    Rule 2: Always begin little
    Rule 3: Do not assume anything. .
    Rule 4: Stay well informed

    Sure, these are general tips but newbies would be wise to examine it again and again.
    Yeah, consented, demo account is actually important, need to use creativity power believing that demo account= real cash, trading it severely for a period of time.

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