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Newbie on a steep learning curve

skyjack777
Jun 24 2012 at 06:33
55 ieraksti
Hi All,
       Jus started in the fx world with zero experience. At 55 years old I am finding a little free time which I'm trying not to waste. I have joined up with HY Traders in Australia and another in he UK. Over the last two weeks I've had a good time just scratching the surface of the industry. I'll be going all out once I find my feet.
       In the UK I've been playing around understanding what happens when and over last Friday night I let the Demo account run out just to get the feeling of a total loss. I was failingto put in stops so I ran out of cash overnight. I did start to take it seriousthe day before.
       In Australia on another demo account I ran open on the GBP/USD pair and I'm floating at minus $30K at the moment. I'm on afternoon shift this week so it will be an interesting start to the week.

       So if I say anything out of place or wrong have a good laugh at it as I do not intend to upset anyone. You be assured it was not intentional. I'm planning to trading forever as it suits my personality to a T.
       Great Trades this week to all. Bruce

LK Wong
lkwong
Jun 25 2012 at 03:08
71 ieraksti
Hi and Welcome to the wonderful world of forex trading ! Hope its going to be a fun and possibly very profitable journey for you. But one things for sure, its going to be bumpy !

On a more serious note, you don't mention the size of your account. But if you're only trading one pair, and you're in the hole for $30K, you account is most probably over leveraged.

-LK

mrs1238
Jun 25 2012 at 16:19
7 ieraksti
skyjack777
Jun 26 2012 at 06:27
55 ieraksti

   mrs1238 posted:
   Get a trader coach.


Thanks for that mrs1238. I've been receiving about 5 emails a week from a Training coach in Sydney. The deal was I paid $5 for i month's of leads to trade actions for a month off a guy advertising in the Ebay bussiness section. If I was happy next month the leads will be $40 a month. There is an offer to take up training when I get time out.
         I'm yet to discover who the company is in Sydney, I'll slow down for 5 minutes shortly after I get the first 10 questions I can't answer down n paper.
         I've been in bussiness since 1998 as well as working full time. My approach is go wide with plenty of options, learn a little by my mistakes then ask the questions to a trainer that make sense. Own the question before asking it. If Henry Ford could get a V8 block out of his staff surely I can learn the basics on Forex trading. I've opened a few demo accounts. One will have a robot, maybe Wallstreet Forex, if I an constainly find go revies. One will have the advice from Sydney, my pre-start guess to the days trading as I learn. The second on will also have Forex50pips atached to it At the moment I like FX PRO, but I need to compare a few before making an informed choice. I'l be running a micro account and let it grow, but it will never be because of my kowledge, just time effort and driving skills.
         Once again thanks for the advice, I need all I can get.
                                 Kind Regards Bruce

skyjack777
Jun 26 2012 at 06:28
55 ieraksti

   lkwong posted:
   Hi and Welcome to the wonderful world of forex trading ! Hope its going to be a fun and possibly very profitable journey for you. But one things for sure, its going to be bumpy !

On a more serious note, you don't mention the size of your account. But if you're only trading one pair, and you're in the hole for $30K, you account is most probably over leveraged.

-LK


Hi, Thanks for the welcome.
     The one account in the hole at the moment is my way of becoming aware of the shortfalls of a newbie. I'll be starting with a mirco account when it comes to my cash up front. Only today am I starting to understand leverage as I watch plenty of you tube vids. I've been laughing at my mistakes as I learn a little each day, as well as working a full time and a small business.
      My advice emails come through at 10.30 am so I have a good as I before the advice comes through as a way to learn and understand. That's the beauty of a demo account.
      LOL I did not have an understanding about leverage and could not work out (in the beginning) why I could not keep placing more onto the trade. The larger account works well in demo mode, if I can't go forward with a micro account with the support I will have then Tere is no hope for my trading.
      I must say it is WONDERFULL to have a site like this.
                         Kind Regards Bruce

LK Wong
lkwong
Jun 26 2012 at 11:19
71 ieraksti
Hi,

I would have to agree with mrs1238, a coach or a mentor would be a good idea. Just probably not the one recommended by the person who has 3 post, all trying to sell the same idea. I would say try looking for someone who's already a good trader / investor and not someone who mentors for a living, then try to convince then to teach you.

It sounds to me like you need more basic knowledge. Drop in to baby pips,and read the free material. Its a very good primer. Google the site, not sure if posting the link here violates the forum rules.

I would suggest you take a step back and learn the different types of trading methods and philosophies, then proceed in the direction that matches your character. Not trying to learn anything and everything will make your journey so much easier.

LK

Ps: no email advice fromage total stranger had ever made me money. True story.


skyjack777
Jun 26 2012 at 13:41
55 ieraksti

   lkwong posted:
   Hi,

I would have to agree with mrs1238, a coach or a mentor would be a good idea. Just probably not the one recommended by the person who has 3 post, all trying to sell the same idea. I would say try looking for someone who's already a good trader / investor and not someone who mentors for a living, then try to convince then to teach you.

It sounds to me like you need more basic knowledge. Drop in to baby pips,and read the free material. Its a very good primer. Google the site, not sure if posting the link here violates the forum rules.

I would suggest you take a step back and learn the different types of trading methods and philosophies, then proceed in the direction that matches your character. Not trying to learn anything and everything will make your journey so much easier.

LK

Ps: no email advice fromage total stranger had ever made me money. True story.




Thanks for that LK, I'm taking it all in. I will always run on several fronts learning from my mistakes, in this trade Demo accounts. You see me take a different tac when I'm using my hard earned cash. The accounts out of control simply shows me upfront to keep it tight or do your money. The guy giving me emails s doing fine with his advice, just need to slow down and meet him. Sounds like he is well connected, I just need to have 10 questions where I know what I'm asking before I met him.
At the moment I think for a trial I will be going with Forex 50 pips and Wallstreet Forex auto robot. I'll be running with a $500 start up account and be trading small. I have seen the baby pips mentioned elsewhere and I think that will be the best place to start tommorrow. The guy sending me emails is fairdinkum and says you need training. So by the end of July I'll be ready for training. Thanks again Bruce

LK Wong
lkwong
Jun 26 2012 at 16:44
71 ieraksti
Haha ! I probably do need training ! But since he was trying to put one below the belt, I'll take the high road and not respond to it. Do have a watch at this video tho' 😎




mrs1238
Jun 26 2012 at 17:08
7 ieraksti
Totally agree. Do your homework before getting a coach/mentor and a trading system for that matter. Unfortunately for LK, he just have been to the wrong classes, coaches and mentors. Based on his bad experience, he had created a limiting belief and now passing it on to others and giving advice based on his bad experience.

Not all trading systems are created equal and think about it, if you keep buying systems here and there and using real money, in the end you will spend more money with your losses rather than educating yourself first. It's like normal education. Let's say being an engineer. Will a big corporation hire you if you studied engineering from a book or self-experimentation? Or will they hire you if you went to Harvard or Oxford? Trading is a profession and if you want to be the best, educate yourself with the best and the best education out there by far is estetrader.com guaranteed. Just to let you know tho that they don't accept ppl out of the norm. They only pick certain traders who want to learn how to trade. They trade for a living and they don't want to waste time as they take trading seriously. They are more about quality than quantity. So even if you email them, there's no guarantee that you will be a client. They are in-demand and they have a big success rate because of the way they educate traders. They know that trading is not a get rich quick scheme and it takes time to be successful at it.

Anyways, just here to help and not here to bag anybody. I know there are heaps of awesome traders in the room and I wish you good luck with your trading endeavour. Likewise for you LK. Take care champs!

skyjack777
Jun 27 2012 at 06:04
55 ieraksti
Great comments as I sit back and take it all in. Over the last few days I've tried to hard and as expected made some great mistakes. While trying to trade in one area I hit the wrong page and traded a $iooo loss. Would of held onto that until I made a dollar.

Today while hearing bells and whistles going off on one site I skipped to it and agan trade in the wrong currency.
So currently I'm running Forex50pips on a FX Pro demo account in the 15 minute EUR/USD area. In my other demo account IBFX Aust. in the 1 hour EUD/USD page I'm running a Fish Forex robot.

Other than that I predicted before the start of trade in Australia, then when trade opened I started trading across 5 pairs, Gold and silver. I was looking at the 1 minute situation, that suits me. I'm now finding the robot 1 hour boring?

The contact for the email advice (that I have not put to use yet) is through cash$cow. Everyone here will probally know of it. I need to do some more research on it. I think I better re-read the instructions on the gear I just down loaded first.

We all move at our own pace. For 10 years I drove a had a tow truck business to trade in car bodies (and scrap metal), transported horses, hired out 10 trailers in a hire business, in my spare time. My real job was working in an Alumiunum Smelter on a 3 shift 7 day roster. Working with a 14 man crew keep my feet firmly on the ground.
I slept between jobs as my wife drove the tow truck. So I might seem a little different but the work here is easy going.

I'll post how I go today, you show be able to see my efforts made public somewhere here,
Kind Regards Bruce

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