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Honest truth about forex.....
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kmartyn

Пользователь с Sep 23, 2015  10 сообщений kmartyn Oct 09 2015 at 20:07
Like most traders I entered the Forex world with piss and vinegar hoping to cash in on quick profits. THIS IS NOT THE CASE.
After 2 blown accounts and a blow to my ego, I sat back and reevaluated my trades. Turns out I was doing a few things wrong.

1. Over leveraged. I know the appeal of trading 1:500 or even 1:1000, but DON'T do it. You will blow you account. My max now is 1:100 and that carries a significant amount of risk.

2. Money management. Do not risk more than 1% of your account. Some say 2% is fine, but 1% is better. set your stop losses at 2% of capital.

3. Worry about entries less and focus on how you're going to exit the trade that makes the most sense. Once you're in the market manage that position.

I hope this helps someone, please feel free to comment.

goyankees85

Пользователь с May 18, 2015  118 сообщений goyankees85 Oct 10 2015 at 07:26
kmartyn posted:
Like most traders I entered the Forex world with piss and vinegar hoping to cash in on quick profits. THIS IS NOT THE CASE.
After 2 blown accounts and a blow to my ego, I sat back and reevaluated my trades. Turns out I was doing a few things wrong.

1. Over leveraged. I know the appeal of trading 1:500 or even 1:1000, but DON'T do it. You will blow you account. My max now is 1:100 and that carries a significant amount of risk.

2. Money management. Do not risk more than 1% of your account. Some say 2% is fine, but 1% is better. set your stop losses at 2% of capital.

3. Worry about entries less and focus on how you're going to exit the trade that makes the most sense. Once you're in the market manage that position.

I hope this helps someone, please feel free to comment.


 I would have to say that excuses 1 - 3 are all B.S. Leverage isn´t your enemy... The system you are using is your enemy. A person doesn´t understand that the higher the leverage, the less money is required to open a position. Using low leverage will increase your chances of marrying to the position.

My avatar explains "social trading" perfectly.
sbnelson2005

Пользователь с Nov 01, 2011  41 сообщений Stephen Nelson (sbnelson2005) Oct 10 2015 at 11:50
I don't think there's any need to call 'his rules' BS. For many that are just starting off it is sound advice by removing the temptations that can easily blow an account.

Keep working it kmartyn because the pot of gold is truly at the end of the hard work and experience 'Rainbow'!

rstaton1430

Пользователь с Oct 08, 2015  8 сообщений rstaton1430 Oct 11 2015 at 06:14
Study study study....Practice practice practice...Unless your iverson

FXtrader2010

Пользователь с May 20, 2011  724 сообщений FXtrader2010 Oct 11 2015 at 15:44
kmartyn posted:
Like most traders I entered the Forex world with piss and vinegar hoping to cash in on quick profits. THIS IS NOT THE CASE.
After 2 blown accounts and a blow to my ego, I sat back and reevaluated my trades. Turns out I was doing a few things wrong.

1. Over leveraged. I know the appeal of trading 1:500 or even 1:1000, but DON'T do it. You will blow you account. My max now is 1:100 and that carries a significant amount of risk.

2. Money management. Do not risk more than 1% of your account. Some say 2% is fine, but 1% is better. set your stop losses at 2% of capital.

3. Worry about entries less and focus on how you're going to exit the trade that makes the most sense. Once you're in the market manage that position.

I hope this helps someone, please feel free to comment.


If this is all, you still have a long way to go. Keep learning, there is more to come!

kmartyn

Пользователь с Sep 23, 2015  10 сообщений kmartyn Oct 12 2015 at 06:00
I'm in a constant state of learning, I hope it continues.
I have been investing in stocks and bonds for 13 years. Forex is completely different, but I enjoy it a lot.

StoneHeart

Пользователь с Dec 21, 2010  131 сообщений Ivan (StoneHeart) Oct 12 2015 at 08:35 (Отредактировано Oct 12 2015 at 08:37 )
Hi Account_Leverage is not danger, it is the Used_Leverage.
You can open account at any HIGH Leverage,
but if You (your system/EA) use LOW Leverage, there is No Problem.
.... And You really will have more Free Money (Margin),
.... but You do NOT have to use it !!! (that is difficult)
At LOW Leverage , You are limited automatically,
at HIGH Leverage, You have do it by Yourself.

Small GAIN, big WIN
ChannelTrader

Пользователь с Jul 23, 2015  6 сообщений TopMasterTrader (ChannelTrader) Oct 12 2015 at 13:38
I agree with 1% rule.

Everyone watch this video to know how to correctly calculate it.

Good luck with your attempts.

arigoldman

Пользователь с Oct 02, 2014  907 сообщений Ari Goldman (arigoldman) Oct 12 2015 at 19:06
Noone is forcing you to use your max leverage.

Positivity
rob559

Пользователь с Feb 11, 2011  1916 сообщений rob559 Oct 13 2015 at 05:57
StoneHeart posted:
Hi Account_Leverage is not danger, it is the Used_Leverage.
You can open account at any HIGH Leverage,
but if You (your system/EA) use LOW Leverage, there is No Problem.
.... And You really will have more Free Money (Margin),
.... but You do NOT have to use it !!! (that is difficult)
At LOW Leverage , You are limited automatically,
at HIGH Leverage, You have do it by Yourself.


aggree with that statement

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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.