Compounding is great but with a small account (<$500) it can still take a very long time to make any serious money
It is profitable for institutional traders and 5-10 % of day traders.
Most people lose
Most people lose
Aug 31 2018 at 07:23
GreenTrades posted:LongVision posted:Adribaasmet posted:Little correction here if you earn 10% monthly then your return at the year end will be 214% not 120% due to effect of compounding if you reinvest all your monthly profits. But it is still really hard to earn 10% monthly consistently for long periods of time.LikeMustard posted:
I strongly agree with point 1. So many people want to make 1000% every day but that is BS. 0-10% a month is awesome, many pro traders would give their right arm for such figures
I really agree with you; 10% is a decent monthly return; that means end of the year 120% monthly return; it’s quite enough.
True, which is why compounding is awesome and is an 8th wonder of the world.
Ok, let's add a 3rd point to my 2 above: CONSTANTLY WITHDRAW MONEY. Why leaving it there? Money in Forex is money at risk, each month can last one in profit. So, don't suppose you'll realize +10% every month and pick interests regularly, or at least a part of them.
Though I'm new here, but I've been trading for years. I've heard enough that more risk produces more income. But it'd be best if you add it with the another perspective: No pain no gain. That's where I've been. Mixture of risk and pain is a real good teacher.
Aug 31 2018 at 08:24
Searman posted:
Though I'm new here, but I've been trading for years. I've heard enough that more risk produces more income. But it'd be best if you add it with the another perspective: No pain no gain. That's where I've been. Mixture of risk and pain is a real good teacher.
Are you consistently profitable these days?
Aug 31 2018 at 08:24
BookHog posted:
Compounding is great but with a small account (<$500) it can still take a very long time to make any serious money
Are you in a rush lol?
Aren't we all in rush to make money!!!!
Sep 02 2018 at 06:17
jamesgwyther posted:BookHog posted:
Compounding is great but with a small account (<$500) it can still take a very long time to make any serious money
Are you in a rush lol?
Yes, most everyone else is. We want to be rich yesterday, live today, die tomorrow.
Perhaps you don't? You are among the few with patience for sure... 😁
jamesgwyther posted:BookHog posted:
Compounding is great but with a small account (<$500) it can still take a very long time to make any serious money
Are you in a rush lol?
He's looking for a get rich quick scheme 😁 😂 😝
jamesgwyther posted:Searman posted:
Though I'm new here, but I've been trading for years. I've heard enough that more risk produces more income. But it'd be best if you add it with the another perspective: No pain no gain. That's where I've been. Mixture of risk and pain is a real good teacher.
Are you consistently profitable these days?
How I wish to say yes. Still I'm grateful that I'm getting much better than early stages, it's not an easy journey, winning sides are improving. It does not mean that you can't be profitable. I just don't spend much on trading, as I do day work and taking care of family, less time for trading.
MellinGainin posted:GreenTrades posted:LongVision posted:Adribaasmet posted:Little correction here if you earn 10% monthly then your return at the year end will be 214% not 120% due to effect of compounding if you reinvest all your monthly profits. But it is still really hard to earn 10% monthly consistently for long periods of time.LikeMustard posted:
I strongly agree with point 1. So many people want to make 1000% every day but that is BS. 0-10% a month is awesome, many pro traders would give their right arm for such figures
I really agree with you; 10% is a decent monthly return; that means end of the year 120% monthly return; it’s quite enough.
True, which is why compounding is awesome and is an 8th wonder of the world.
Ok, let's add a 3rd point to my 2 above: CONSTANTLY WITHDRAW MONEY. Why leaving it there? Money in Forex is money at risk, each month can last one in profit. So, don't suppose you'll realize +10% every month and pick interests regularly, or at least a part of them.
Please note that withdrawing money is also a method to avoid risk.
I heard there are some brokers would function normally at the beginning. Later, the problems would come out one after another, even they would try to hinder you from withdrawing. So it becomes that you earn money but you can't take it
Discipline rules, not emotions.
KurtSung posted:
Please note that withdrawing money is also a method to avoid risk.
I heard there are some brokers would function normally at the beginning. Later, the problems would come out one after another, even they would try to hinder you from withdrawing. So it becomes that you earn money but you can't take it
This is called a Bucketshop broker. You go in, you fund your account. Start winning and then they do not let you withdraw.
A few things that might be a sign that a broker is a bucketshop and you should look for:
1. High leverage
2. Regulated on some place like - Vanuatu, St. Vincent and the Grenadines, etc (off-shore areas or islands with no real regulation).
3. Bonus schemes - (no deposit bonus, bonus on deposit, bonus for account opening etc) These deposits are put there so that you have to overtrade to get your money, OR that when you start winning they will not allow you to withdraw because you have been given a bonus.
This volatile trading place is very much complicated for all kinds of traders in particularly for who are newcomers. Newcomers first of all have to observe all market principle which is more appropriate to survive in here in a proper way. They have to emphasis firstly only learning by reading books, Pips school, Forex.com and from much more Forex website. And with this process also should trade in demo account to make sure market movements. But practically mostly don’t believe the importance of demo account at all.
Sep 07 2018 at 05:19
Why demo (fake) account when you can use micro (REAL) account?
Demo is not really a fake account @MellinGainin, it's very helpful to practice for starters. But after short demo practice, I agree that one should open micro account in initial stage if they are interested or willing to.
Demo account is necessary to test trading stratégy
and after only you can trade live account
and you can compare demo and live
and after only you can trade live account
and you can compare demo and live
Sep 07 2018 at 13:05
MellinGainin posted:
Why demo (fake) account when you can use micro (REAL) account?
Demo is not fake.
Demo lets you perfect your strategies without risking money.
jamesgwyther posted:Absolutely right! demo is not a fake account. it is very useful for every kind of trader whether he is a newbie or an experienced trader.MellinGainin posted:
Why demo (fake) account when you can use micro (REAL) account?
Demo is not fake.
Demo lets you perfect your strategies without risking money.
Sep 16 2018 at 06:25
Elanbani posted:jamesgwyther posted:Absolutely right! demo is not a fake account. it is very useful for every kind of trader whether he is a newbie or an experienced trader.MellinGainin posted:
Why demo (fake) account when you can use micro (REAL) account?
Demo is not fake.
Demo lets you perfect your strategies without risking money.
Actually, the value depends on the traders approach. Many traders have been using the demo for a long time, but till now struggling; because they don’t know how to use this practice account at all.
Sep 17 2018 at 07:52
What I meant is that people know Demo uses fake money, in addition seems to perfectly catch any stops.
Micro account is REAL, needs REAL money -even if a little sum- and can exceptionally miss stops.
This will be a much real trade for those willing to approach the Forex world.
You know there're many Kings of Trade in Demo becoming ordinary losers in real!
Micro account is REAL, needs REAL money -even if a little sum- and can exceptionally miss stops.
This will be a much real trade for those willing to approach the Forex world.
You know there're many Kings of Trade in Demo becoming ordinary losers in real!
