Thread: What most newbies must go through when trading Forex

I pressed post when I hadn't finished!

The list....

1) protect your losses

2) plogical condition is fundemental - understand thyself

3) maintain records

That's it! My aforementioned hypocritial item of advice if you are new is, when opening a clinic account, the very first thing to do is ditch EVERY penny over and over the amount you intend to eventualy capitalise your live account with.

There's plenty of logical information about not trading with ridiculous lot dimensions since you never will, so whats the purpose of operating with a 100,000 dollar account in case you are just going to start with 5 or 2 million? \using 100,000, a monkey could earn money placing a 1 lot transaction and sit the vast margin until a swing in the right direction creates a triumph.

Thanks for listening - it's definitely helped me!

Greatest of luck

Febo

This newbie is between steps 3 and 2. This is a!

Really Amazing article...
where I am right now anyway?
But one thing I have to highlight and include for this article

1. DONT BE GREEEEDY
2. CUT LOSSES IMMEDIATELY
3. DONT TAKE REVENGE PROFIT WHEN YOU LOOSE MANY TIMES, PATIENT IS ANOTHER KEY

Who was the creator of those 5 steps?

I read those steps everywhere and I see most of traders respect them and have those steps like the paradigm to follow.

The guy who invented those 5 steps have to be a genius, actually.

Originally Posted by ;

Stage 3 - The Eureka Moment
....
Near the end of point you start to realise that it isn't the system that is producing the difference.

You realise that its really possible to make money with a simple moving average and nothing else IF you can get your head and money management right

I challenge this statement. I could easily write an EA which uses a simple MA-based entry, and being a robot it can always get its 'head' and money management right. But could it be ensured to be profitable for a lifetime? I doubt it.

Heck, if it had been that simple to be profitable, we could be Foreign Exchange millionaires. Along with the large banks and funds could save themselves millions in salaries by dismissing all of their highly paid analysts, and also running these EAs instead. LOL.

One could argue that MA-based entrances, if applied with some discretion (e.g. do not trade during periods of congestion, low volatility, the Asian session, only before high impact news, etc) may be marginally profitable. However if I may be pedantic, this article did state a simple MA and nothing else, and in any case I argue that this discretion has to do with the machine compared to getting your head or MM right.

The Initial post is quite Authentic =-RRB-

Though, dont Believe it'll ever be boring for me =-RRB-

In Actuality, stages 4-5 is Your most fun/interesting section... =D

Slightly off-topic, also this is a generalized observation that is applicable to a number of the articles which are posted here at FF.... But I'm amazed at the number of folk who say the whole article was brilliant; the author is a genius, instead of apparently believing through each and every component of it to themselves. However, I guess that is the Rookie section.

One thing that I've come to realize: just because somebody utters one deep truth, making a moment of epiphany for the reader, it doesn't always necessarily mean that he's 100% right about everything. (And of course, this observation also applies to things non-forex.... That is how a lot of religious cults start, such as - individuals blindly and unthinkingly following the advice and practices of one individual). My experience was that, to become profitable, the aspiring trader needs to put in many hours of research weighing the pros and cons of many different angles, and slowly develop (and establish) an approach that he feels comfortable with himself.

Originally Posted by ;

Slightly off-topic, also this is a generalized observation that applies to a number of the articles that are posted here at FF.... But I am amazed at the amount of folk who say the entire post was fantastic; the author is a genius, rather than apparently thinking through each and every part of it. However, I guess this is the Rookie section.

One thing I've come to realize: just because someone utters one profound truth, creating a moment of epiphany for the reader, it doesn't always necessarily mean He's 100% right about...

good post, concur 100% with everything you said

I agree with BOTH of them. Now that I have done that; I will believe that the post is right. I have for sure hit at least the initial phase. I am probably too ignorant at this point to know where I am in the spectrum, however I'd love to think that I'm somewhere around 2-3. Whatever the case, I'm not sure that concur with the individual that thought they can write a bot that would do MA trading as welll as a seasoned trader. I believe that there are an assortment of things that those guys look at that they do not even know they are looking at, and that *I * couldn't put to a system.

I have been looking at this for god knows how long. . .well look at my date!!!

I have only ever done one $25 account but this was a bit out of the blue and a bit of pleasure

I have never committed big money and that I never would until I'd traded successfully (not only profitably but no major swings which were basically mistakes).

I have never purchased ebooks but have read lots of websites. Babypips is always at which you begin andforexintuitiveis probably a good a source as any.

The thing is though, I've tried to take in so much information over the years, my brain is overloaded so that I feel I have done a Complete loop