Hi from a forex newbie | Forex Factory

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Hi from a forex newbie

  • #1
  • First Post: Oct 27, 2005 11:22pm Oct 27, 2005 11:22pm
I've spent the past week reading this forum and I think I've picked up better advice and web links here than for the past two months since I discovered the world of online trading.

I opened a $10 000 demo account, did a few discretionary trades and made $1200 in a week thanks to beginner's luck. Then, thinking this was easy I promptly lost it the following week . Now I'm learning what indicators work for me and I'm trying to develop a (somewhat crude) strategy for any future trading I do.

I'm fortunate to have access to a professional trader who's only advice which he repeats to me A LOT is: risk management. He says forget about profits, concentrate on limiting risk.

Anyhow, this post is just to introduce myself and to compliment the forum members who generally seem to post quality reading material and great links.
  • #2
  • Oct 27, 2005 11:44pm Oct 27, 2005 11:44pm
Quoting bobthetrader
I've spent the past week reading this forum and I think I've picked up better advice and web links here than for the past two months since I discovered the world of online trading.

I opened a $10 000 demo account, did a few discretionary trades and made $1200 in a week thanks to beginner's luck. Then, thinking this was easy I promptly lost it the following week . Now I'm learning what indicators work for me and I'm trying to develop a (somewhat crude) strategy for any future trading I do.

I'm fortunate to have access to a professional trader who's only advice which he repeats to me A LOT is: risk management. He says forget about profits, concentrate on limiting risk.

Anyhow, this post is just to introduce myself and to compliment the forum members who generally seem to post quality reading material and great links.
Hi Bob, and welcome to the factory. Glad to have you. And listen to your prof. trader. That one statement alone is worth $10,000!

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  • #3
  • Nov 22, 2006 2:30pm Nov 22, 2006 2:30pm
Risk management is very important! Whatever profits ou make, only risk half of that. You made $1,200 and traded $1200? No good. You should of bet $600. Your loses will deminish the more you perfect your trading style. Trading style is very important. Never count dollars. Because you will lose them. Trade the pips. Count how much pips you want vs. how much you are willing to risk.
  • #4
  • Last Post: Nov 22, 2006 3:53pm Nov 22, 2006 3:53pm
Quoting shewill
Risk management is very important! Whatever profits ou make, only risk half of that. You made $1,200 and traded $1200? No good. You should of bet $600. Your loses will deminish the more you perfect your trading style. Trading style is very important. Never count dollars. Because you will lose them. Trade the pips. Count how much pips you want vs. how much you are willing to risk.
Pips doesn't tell you the whole story. Instead of focusing on the amount ($) or pips, the best indicator of your success is percent return based on your initial equity in a given time.
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