Very happy and excited to have found this place! | Forex Factory

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Very happy and excited to have found this place!

  • #1
  • First Post: Oct 5, 2006 3:54am Oct 5, 2006 3:54am
Peoples.
Thank you.
After reading several threads here, i feel like i have just landed on a gold mine of information.
After a long time, i have found a community with a lot of intelligent and well informed members.
I have been researching into forex since couple of months and right now it feels like a bottomless ocean.
Soon, I hope, i will be able to contribute to this community and help calm beginners' nerves and alleviate their fears.

I hope i'm not posting this thread at a wrong place.

I will end with a question,
Safe to say, most people start off with a demo account and then switch to real live trading. People who have made that switch, can you please tell us the demo-scared-to-jump-people, how was it when you first stepped into the real money-grownup-blingbling-world ?
did you start off better than you had expected or worse?

Thank you again.
taking it a pip at a time.
Rizvi
  • #2
  • Oct 5, 2006 7:25am Oct 5, 2006 7:25am
Hey there and welcome, get ready to spend a lot of sleepless nights here. Tons of great stuff, I suggest reading through all the sticky stuff here first.

As for the demo --> live account; I think demo trading is great especially to get used to the whole thing, but I really suggest once you get used to that to open a micro mini account at a place like Oanda and just get going. Even if you trade 1 unit, trading with any denomination of money is diff then trading a demo. I believe Oanda has no min to open an account either so even if you throw 20$ over there trade 1 unit, your account isnt gonna move much.

Best of luck, tons of great people here, you came to the right place.

Mike
  • #3
  • Oct 5, 2006 7:32am Oct 5, 2006 7:32am
Quoting Rizvi
Peoples.
Thank you.
After reading several threads here, i feel like i have just landed on a gold mine of information.
After a long time, i have found a community with a lot of intelligent and well informed members.
I have been researching into forex since couple of months and right now it feels like a bottomless ocean.
Soon, I hope, i will be able to contribute to this community and help calm beginners' nerves and alleviate their fears.

I hope i'm not posting this thread at a wrong place.

I will end with a question,
Safe to say, most people start off with a demo account and then switch to real live trading. People who have made that switch, can you please tell us the demo-scared-to-jump-people, how was it when you first stepped into the real money-grownup-blingbling-world ?
did you start off better than you had expected or worse?

Thank you again.
taking it a pip at a time.
Rizvi
Hi Rizvi
Welcome and if you haven't been to this thread yet give it some serious study, it's as good a place to start as any.
I agree with Mike, move to a micro account as soon as you feel you're ready and with the small lot size you can trade the longer term charts with sensible stop loss settings without risking your home.
Read the stickies on money management and psychology, this is what separates the winners from the losers.
Happy trading
  • #4
  • Oct 5, 2006 7:43am Oct 5, 2006 7:43am
Hi Rizvi,
Welcome; I guess as you probably already know there is a wealth of information here and everybody is friendly and willing to help you. Welcome once again...Valerie...
  • #5
  • Oct 5, 2006 8:26am Oct 5, 2006 8:26am
Hey there! I am from Kenya and I also have been doin fx for the past few months. I just made the big leap from demo to live. Infact I logged in to my new account today.

It's definately very different when trading real cash. Like today if i was on demo I would have entered on the EUR/USD right after the ECB rate release and I would have been going long. The EUR fell just right after the release(which kinda surprised me). But today I wasn't on the demo I was live, and when I didn't see an upward trend on the charts I wasn't going to risk my money entering the trade considering money is hard to come by here in the African continent.

Anyway, I definately encourage you to go live. It' more of a thrill that way, if you make money you make real money, if you loose money you loose real money.

Happy Trading.
  • #6
  • Oct 6, 2006 9:20am Oct 6, 2006 9:20am
Quoting stevo
Hey there! I am from Kenya and I also have been doin fx for the past few months. I just made the big leap from demo to live. Infact I logged in to my new account today.

It's definately very different when trading real cash. Like today if i was on demo I would have entered on the EUR/USD right after the ECB rate release and I would have been going long. The EUR fell just right after the release(which kinda surprised me). But today I wasn't on the demo I was live, and when I didn't see an upward trend on the charts I wasn't going to risk my money entering the trade considering money is hard to come by here in the African continent.

Anyway, I definately encourage you to go live. It' more of a thrill that way, if you make money you make real money, if you loose money you loose real money.

Happy Trading.
You did right....Just don't ever try to find a trend which really doesn't exist on your chart....
Happy Trading...


Thanks,

Nader
  • #7
  • Oct 6, 2006 9:33am Oct 6, 2006 9:33am
[quote=stevo]
Anyway, I definately encourage you to go live. It' more of a thrill that way, if you make money you make real money, if you loose money you loose real money.

QUOTE]

Yes i agree with you stevo. Demo and live are totally different. Not different in your trading method/style but different as in our emotion, fear during live trading etc. The only thing can make the newbie to win in this battle is to trade with proper money management. I remeber PeterFM told me if we trade with proper money managment our fear and emotion will go away and not to risk our money more than 1%.

Since today i follow what PeterFM advice me, i can see my trading, my account grows.

Thanks to PeterFM


Quicksilver
"Invest With The Insiders, Not The Masses" George Muzea
  • #8
  • Oct 6, 2006 10:32am Oct 6, 2006 10:32am
Quoting Qu|cksilver
Yes i agree with you stevo. Demo and live are totally different. Not different in your trading method/style but different as in our emotion, fear during live trading etc. The only thing can make the newbie to win in this battle is to trade with proper money management. I remeber PeterFM told me if we trade with proper money managment our fear and emotion will go away and not to risk our money more than 1%.

Since today i follow what PeterFM advice me, i can see my trading, my account grows.

Thanks to PeterFM
Quicksilver
That's the second post with kind words I've read today, and they've made my day. I'm glad to have helped and look forward to seeing you around for a long time QS.
Thanks
  • #9
  • Oct 6, 2006 10:38am Oct 6, 2006 10:38am
Demo accounts are best used to learn the platform.

Mini Accounts are best used to learn to trade.
  • #10
  • Oct 6, 2006 12:01pm Oct 6, 2006 12:01pm
Me to, iam also happy to find this site...and the fear is almost gone,... to me it was like 5 -10 minutes of adrenalin per day (enough),...Once i sold 2 lots and get margin call 120 %,..uuu, i slept 4 hours with Cnn turned on ...

Now i might start different strategy, thx to infos here!
its just money
  • #11
  • Last Post: Oct 22, 2006 3:56am Oct 22, 2006 3:56am
This forum is an excellent idea... very powerful and useful.

Thanks!
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
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