Rating: Empty Star Empty Star Empty Star Empty Star Empty Star
Steps to become a professional forex trader
Previous 1 2 3 4 5 Next
prakash104

Member Since Feb 07, 2016  21 posts prakash (prakash104) Jul 03 2016 at 06:23
Choose your mentor carefully:

   Now - a- days there are many TV programs and channels promoting online forex trading as an easy business.They are selling some software and they also tell us that it's easy to make money with this software.But if you think about it logically, if a person is having a software to make money then it's possible for him to make money with that software itself.But these sellers are not real traders, they know that the software won't work for a long time.That's why they are cheating people with coloured advertisements and so on.Never believe these scammers and don't buy any software from anyone.

         If you want to learn, then you must learn only from a real forex trader who himself making money trading.Always before attending a forex trading course, ask the mentor to show his trading results.Verify the results with their broker.Only if it is true, then you can attend his course.He is the right person to teach you how to trade the forex market.So your trading trainer must made money through forex trading.It's very important.If he is not willing to show his trading results, then he is a scammer.Never waste your hard earned money with these scammers.

Learning(Practice in demo account):

Trading success = Patience + discipline + no fear +no greed + consistency+50% accurate strategy +1:2 risk reward +fixed risk(2-3%)

"Slow and steady wins the race"
sutiv

Member Since Jul 05, 2016  2 posts sutiv Jul 06 2016 at 10:24
How long can you practice the trading success in demo account?

xgavinc

Member Since May 11, 2011  235 posts xgavinc Jul 06 2016 at 15:13 (edited Jul 06 2016 at 15:20 )
sutiv posted:
How long can you practice the trading success in demo account?


If I knew then what I know now, I would skip demo account entirely. Find a broker offering market execution (not instant execution), open a micro account (or 'cent' if offered), maximum 1:100 leverage, fund it with 100 units maximum of the account currency (so if you open a USD account - $100 max), then trade with that (only trade 0.01 lots, you will increase this eventually and burn, but so you learn). Withdraw profits if you can, but never add to the account, only fund it if you've blown the account and add another $100 (this helps you mathematically to gauge how well you are doing, if you add funds, eventually you won't know immediately if you are running a profit or if your losses exceed your deposits). The 'real' money aspect gets your mindset right from the beginning, paper money is nowhere near as emotionally challenging as your own money.

Never fund your account with bread and milk money, while you are trading your first batch (like $100), save up your next batch separate from your expenses.

You can thank me in 3-5 years :-)

***Only use demo account to learn how to use the trading software, not how to learn to trade.

For every loss there should be at least an equal and opposite profit.
prakash104

Member Since Feb 07, 2016  21 posts prakash (prakash104) Jul 07 2016 at 04:57
do demo trading for atleast 3 to 6 months.But always remember that demo is totally different from real trading because in demo, there is no pressure for you.But in real account you will be facing lot of emotions.So use demoto test only the accuracy of your method.

"Slow and steady wins the race"
Hero76

Member Since Jul 13, 2016  39 posts Hero76 Jul 23 2016 at 15:45
I would be really careful in terms of selecting a mentor. Learn from TV shows in my opinion not worth it. When the you make a demo account you need to create your own strategy, which will be available just for your understanding. Copying someone else's experience is a great chance to go the wrong way

sparkerse@
coding101

Member Since Aug 01, 2016  10 posts HolyGrail (coding101) Aug 02 2016 at 06:49
Demos don't teach you discipline. I was 14 when I started trading forex, today I am 28. My biggest lessons came from making mistakes but lessons did not start until I traded live. You have to build the right mentality. Demo and live are like day and night. That is if you are a discretionary trader. Demos might work if you are a algorithmic trader.

Open a small account and learn from your mistakes.

Losing is the only way to learn.
Hero76

Member Since Jul 13, 2016  39 posts Hero76 Aug 02 2016 at 19:51
Could you explain please what the discretionary trader is and what the algorithmic trader means?
Well, that’s a huge luck that you started so early so you had a lot of time to get huge experience. But did you begin to trade because of the example of the parents or you learned by yourself?

sparkerse@
coding101

Member Since Aug 01, 2016  10 posts HolyGrail (coding101) Aug 03 2016 at 06:03
If you trade manually demo and live accounts have a day and night difference because traders aren't prepared to handle themselves. Algorithmic trading means everything is programmed, you have a strategy running and it makes your trades, therefore it doesn't care whether your running a demo or a live account.

I learned myself and have thousands of hours of just looking at a chart and seeing price move. I might have ADHD or something.

Hero76 posted:
Could you explain please what the discretionary trader is and what the algorithmic trader means?
Well, that’s a huge luck that you started so early so you had a lot of time to get huge experience. But did you begin to trade because of the example of the parents or you learned by yourself?

Losing is the only way to learn.
xgavinc

Member Since May 11, 2011  235 posts xgavinc Aug 04 2016 at 07:36
coding101 posted:
If you trade manually demo and live accounts have a day and night difference because traders aren't prepared to handle themselves. Algorithmic trading means everything is programmed, you have a strategy running and it makes your trades, therefore it doesn't care whether your running a demo or a live account.

I learned myself and have thousands of hours of just looking at a chart and seeing price move. I might have ADHD or something.

Hero76 posted:
Could you explain please what the discretionary trader is and what the algorithmic trader means?
Well, that’s a huge luck that you started so early so you had a lot of time to get huge experience. But did you begin to trade because of the example of the parents or you learned by yourself?


That would be OCD grin, if you had ADHD you would get bored too quickly (I had a wife with ADHD, she attempted trading but got bored within 2 minutes, after a week she gave up... it was just not interesting enough for her).

For every loss there should be at least an equal and opposite profit.
james_m

Member Since Aug 13, 2016  4 posts james_m Aug 14 2016 at 06:51
I agree completely, lately I have been looking at automated strategies which is why I joined this site. By using a robot you remove the emotional aspects and you can track past performance very accurately to ensure the trader is not just lucky - sometimes I think I would rather learn from an Algo than a real person. Look at the video on this page https://forexsignals.io that is the kind of automated strategy I want!!

Previous 1 2 3 4 5 Next
Loading
Loading
EURUSD 1.19606 GBPUSD 1.33021
USDJPY 104.093 USDCAD 1.29894

Tools

Community

Reviews

Brokers

Platform

Support


Twitter |  Facebook |  Site Map  |  Terms  |   Privacy Policy
©2020 Myfxbook Ltd. All Rights Reserved.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.