Reading andyvxr's comment made me feel a little queasy. I have read many
of his comments with great interest, and I had the feeling he was very
knowledgeable in many facets of trading. And then.......POW! He takes the
big fall. This just serves to illustrate to us all that we MUST adhere to the
rules if we plan on surviving in this cutthroat world of Forex.
One thing I can advise is to trade live, but with a small account and equally
small trade sizes. I opened a live account in March of 2012 with $150 because
I wanted to experience the "feel" of live trading. As of today the account
is $14 mostly as a result of not following the rules on just a couple of trades
over the past year. Looking back it is easy to see that by getting OUT of a
bad trade (and not thinking/hoping/wishing it will turn in my favor) I could
have saved the money I lost and used it to make new, GOOD trades. I know
what my mistakes were, but it is extremely hard to overcome them. Human
nature is a powerful thing - and the BB's love it!
My point is, even with all my glaring errors, I have been able to trade live
for a year on that small amount (and believe me, trading live DOES feel different
from demo trading). The trick is to think in terms of pips and not
in terms of money. When you think in terms of dollar amounts, it is very easy
to get greedy after a good trade or two and try to make more.
I have learned a great deal over the past couple of years, thanks to all the
contributors to the thread - andy included! I know I still have much to learn,
and to do that, I need to stick around and try to expand my knowledge.
If you read beneath my name, you will know my philosophy!
Hang in there everyone. It CAN happen if we never give up.
of his comments with great interest, and I had the feeling he was very
knowledgeable in many facets of trading. And then.......POW! He takes the
big fall. This just serves to illustrate to us all that we MUST adhere to the
rules if we plan on surviving in this cutthroat world of Forex.
One thing I can advise is to trade live, but with a small account and equally
small trade sizes. I opened a live account in March of 2012 with $150 because
I wanted to experience the "feel" of live trading. As of today the account
is $14 mostly as a result of not following the rules on just a couple of trades
over the past year. Looking back it is easy to see that by getting OUT of a
bad trade (and not thinking/hoping/wishing it will turn in my favor) I could
have saved the money I lost and used it to make new, GOOD trades. I know
what my mistakes were, but it is extremely hard to overcome them. Human
nature is a powerful thing - and the BB's love it!
My point is, even with all my glaring errors, I have been able to trade live
for a year on that small amount (and believe me, trading live DOES feel different
from demo trading). The trick is to think in terms of pips and not
in terms of money. When you think in terms of dollar amounts, it is very easy
to get greedy after a good trade or two and try to make more.
I have learned a great deal over the past couple of years, thanks to all the
contributors to the thread - andy included! I know I still have much to learn,
and to do that, I need to stick around and try to expand my knowledge.
If you read beneath my name, you will know my philosophy!
Hang in there everyone. It CAN happen if we never give up.