A story of a beginner...

This is a message to all beginners, all of you who are thinking of opening a new live account...

You might consider it a personal story, or a piece of humble advice...


"I started demoing forex about two years ago, within this period I read many books about every aspect of trading, tried many trading systems, invented my own systems, plotted charts and spreadsheets, made currencies comparisons and correlations... In a nutshell, I was one hell of a very enthausiastic beginner...

I turned for a while to Saudi and Egyptian stock markets, I worked as a technical analyst and market adviser in an investment firm -although I don't carry any certificates or any working expertise in the field- and I was pretty successful...

Then, I decided to open my first live account in the FX market...

I recieved my margin call two days ago, I realized that I had blew my account...

I thought about what seems to be my loss, which I eventually found to be one of my best lessons ever -maybe, coz it was alittle pricy-...

Here are some of the numeral mistakes:

- I didn't take a very good consideration about my money management rules. (Read Trading in the Zone, if you haven't done so yet)

- Like a virgin beginner, I was tending to break the rules many times, just like Col. Frank Slade in "Scent of a woman" when he said:" I have always known the right path, always, without exception, I knew. But I never took it".

- When my broker tried to play it wicked, I didn't complain until I lost many trades because of them.

- I didn't manage my trading times well, I sometimes watched a trade for a continuous 8 hours.

- And finally and most important mistake GREED. Beware of it, dear beginners.

Welcome back to the forum meedo...Hope that you are doing well...Don't forget that in order to win you need to accept losses as a part of the game...

Btw, what broker were you using??


Thanks,

Nader

Hi,

Losses and win is just part of this game ..but the most important question is how many times you'd losses and how many times you'd won..I think the best system is 5 : 1 it means in 5 times trading you only loss once and continues like that...with fixed Take Profit and Stop Loss pips

Cheers,

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Proven Forex System

Why do you think that? I can make money with a 30% success rate. Just as long as my wins are much bigger than my losses.

It's all about knowing when to break the rules, and by that I mean money management rules. I've been quite successful the way I've been trading only basing my decisions on fundamentals. And I only trade when there is no mixed data and when my RRR is highly favorable. And I'm happy to announce that I've been successful in turning $300 into $9000. And I made my first million dollar trade last night.

There were times when I was down quite a lot. -10-20% after 1-2 trades. But I'm glad that happenned to me when my balance was lower. It hurt a lot less. Now, I kinda follow MM rules most of the time, risking about 4-5% per trade. But my RRR is so low, that I make good profits.

And FF definitely contributed to my success. Thanks guys!!!

Yupp I said the best system has 70 - 80 % success rate...with stable TP and SL pips...if you had 30 % success rate you must have bigger pips won than losses so you still in profit...the question is can you keep this rate in the next trading session with bigger pips in won ? if you can ...great you've a good system ...and pls share with us yours

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Proven Forex System