Do I need a reality check? | Page 2 | Forex Factory

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Do I need a reality check?

  • #21
  • Sep 5, 2006 5:04pm Sep 5, 2006 5:04pm
Well Van tharp is brilliant.. I will have to get this one... thanks for the info.

Trading In the Zone is simply a must read also...


Quoting mwfromva
The book I'm reading isn't about forex - it actually starts off with psychology. It actually says after the psychology part of the book, that if you were still reading, you must be serious about trading because most people would have tossed the book by that point.
  • #22
  • Sep 5, 2006 5:08pm Sep 5, 2006 5:08pm
Quoting smjones
Trading In the Zone is simply a must read also...
I'm not a quick reader - however in the past two weeks I've read more than I think I have my entire life - well, minus Cliff's Notes. I'll have to put this book behind the current one (and behind the loads of info I'm getting from this site).
  • #23
  • Sep 5, 2006 5:57pm Sep 5, 2006 5:57pm
Quoting smjones
Well Van tharp is brilliant.. I will have to get this one... thanks for the info.

Trading In the Zone is simply a must read also...
Trading in the zone is interesting reading. I also like others (by guppy, Alexander Elder, etc.)

Correct me if I am wrong, but Van tharp never traded for a living.
  • #24
  • Sep 6, 2006 6:12am Sep 6, 2006 6:12am
Quoting mr.marketz
Why blow your wad. Start out with a mini account of $300 to $500 ... and see how you hold up. If you're as sharp as you think you might be at trading - then you should be at (or above) a $10K balance within a few months.
Are you talking about turning $500 into 10K within a few months? that's a bit extreme... one would need to use a lot of leverage to achieve such ends. It kind of turns trading into gambling.

best.
  • #25
  • Jul 23, 2007 10:16am Jul 23, 2007 10:16am
Please listen to the answers from others on this post. Since you are good trading $10k at a time in a demo account I assume that you are opening a real account with at least $1m. that is what you would need to trade that amount. Oh, you don't have a million? My friend I am not being unkind just real. You have so much to learn like all of us. My head got so messed up trading too much too soon it takes months or years to recover. Always remember this: if you succeed with a system that works for at least 6 months in a row, where you are making positive money every month in a mini account, then you can go for the bigger money. Do the math. A mini account can go to a $5k a month income to over $10k a month in less than a year once you have your system down. If you choose to ignore all of us who have written in, then may the force be with you. Let us know how you did and I hope you don't have any guns in your house.
  • #26
  • Jul 23, 2007 10:38am Jul 23, 2007 10:38am
Quoting dunningduke
Are you talking about turning $500 into 10K within a few months? that's a bit extreme... one would need to use a lot of leverage to achieve such ends. It kind of turns trading into gambling.

best.
yeah but if there's a chance he can do it then why not? it's only $500... it would be like a turbo-boost button for his trading... then when he's got $10k he can settle down.

And if he loses the money then at least he should have more experience and understand the market better, hardly having lost any money.

oops... didn't realize the message I was quoting is almost a year old...
  • #27
  • Jul 23, 2007 11:03am Jul 23, 2007 11:03am
Quoting ycomp
yeah but if there's a chance he can do it then why not? it's only $500... it would be like a turbo-boost button for his trading... then when he's got $10k he can settle down.

And if he loses the money then at least he should have more experience and understand the market better, hardly having lost any money.

oops... didn't realize the message I was quoting is almost a year old...

I think that a BIG problem in someone doing that is when do they stop, If They turned $500 into 10,000 by using high leverage and "Gambling", then Many traits have been made and established by that person that will hurt them in the long run.
That persons thinking will turn into.......... why not turn this 10k into 100k and THEN I can settle down and use proper money management to trade.
More than likely something will happen (money management wise) and the account will dwindle down/ or go bust and the person will start with another $500 to try to do this again.........Unless you want to risk starting some bad traits, I feel that it is not a wise idea.

Take Care
Rsq955
  • #28
  • Jul 23, 2007 11:43pm Jul 23, 2007 11:43pm
Quoting mwfromva
OK. For two and a half weeks now I have been feverishly studying and learning all I can about day trading and forex. I've read a couple books, I've read a few threads here. I've practiced on a demo account for two full weeks, the first week losing $20,000 - admittedly having no clue of what to do, the second week gaining $6000. I've laid out a trading plan, which appears with as much historical research that I can do, that is pretty reliable and is mainly the source of the $6000 success (trading $10,000 at a time).

At this point, I feel I know nowhere near the extent of what a lot of you guys on here do. However, I also feel that I have a darn good grip on the basics of how this works. I also feel that my trading plan is pretty solid - not perfect, but probably pretty darn good for a new trader. I feel I have a good grip on money management, also - I've never been one to risk much money (percentage-wise) on anything.

I honestly feel, that after a week or two more of trading my plan, that I could go live with real $$$. Is this a bit pretentious of me? I've always gotten the feeling that I accelerate faster than others with new information, so I guess what I'm asking, before I go out and blow my wad, is if any of you others out there started up a live account after 1 month and have been continually and progressively successful since then?

I have to agree with what some others have said. Try a small account, what the hell? Nothing more than a few hundred dollars to get the ball rolling.

Because there is something you haven't demo'ed yet. And that's emotion. Demo is almost useless. Almost.

I once made 5k on one trade in demo. I made it because I left the house for a few days, and let the trade run. (Which is easy to do when nothing is at risk. Try doing that with real money.)

Play lots for a few cents a point. Maybe a dime. Trust me, as dumb as this sounds, losing 50 pips on a stupid dime-a-pip trade will still piss you off. Yes, it's only 5 bucks, but a lot of the time you realize that you pissed away 5 bucks on a stupid trade you should not have taken in the first place.

Good luck though.
  • #29
  • Jul 24, 2007 12:30am Jul 24, 2007 12:30am
Funny how this post was started almost a year ago with a newbie anxious to start trading live after only couple weeks of demo experience. Hmmm... despite my best wishes I'd give my arm that they probably blew their account(s) by now. I'd love to hear from them about their experience and I am certain that many others would also find it entertaining.
  • #30
  • Jul 24, 2007 6:05am Jul 24, 2007 6:05am
OK - I never lost a cent. I'm still learning...patiently. I've moved over to stocks for now.

And yes, I'm still scarily accurate.

I think people hope for failure, at least when it's not them.
  • #31
  • Jul 25, 2007 12:34am Jul 25, 2007 12:34am
Oh c'mon, stop being a cry baby! I said I was giving you my best wishes. I'm glad you've chosen to take the correct path & learn from other's mistakes and not your own.
regards...... Liquid
  • #32
  • Jul 25, 2007 6:04am Jul 25, 2007 6:04am
Quoting Liquid4x
Oh c'mon, stop being a cry baby! I said I was giving you my best wishes. I'm glad you've chosen to take the correct path & learn from other's mistakes and not your own.
regards...... Liquid

Best wishes, yet that "you" (I'm sure I was in that general "you" category) probably had blown our account. Doesn't sound like best wishes.

I don't really care, but you should know that if you are one of the successful ones, there are others that are just as successful, if not more.

By the way, I think you owe me an arm.
  • #33
  • Jul 25, 2007 6:26am Jul 25, 2007 6:26am
Quoting mwfromva
By the way, I think you owe me an arm.
Ahh yes, I will look on eBay. A rubber one will have to do for now :
  • #34
  • Jul 25, 2007 7:10am Jul 25, 2007 7:10am
Quoting mwfromva
OK - I never lost a cent. I'm still learning...patiently. I've moved over to stocks for now.

And yes, I'm still scarily accurate.

I think people hope for failure, at least when it's not them.
That's the trouble with typing, you can't convey the nuances that come with speech.

There have been loads of newcomers who join the Forum, ask for advice, and are never heard from again. We never know if they've taken the advice on board and survived, or, going by the stats, joined the 95%ers.

Now I'm glad you're still in the game, but it would be helpful for other newcomers to hear of your experiences, and what you did to survive. We don't need to know your methods, or system, just how you kept in the game for as long as you have.

In never hurts to give a little back.
  • #35
  • Jul 26, 2007 5:57am Jul 26, 2007 5:57am
Quoting Liquid4x
Ahh yes, I will look on eBay. A rubber one will have to do for now :

The sad part of that is...there's probably an arm on Ebay.
  • #36
  • Last Post: Jul 27, 2007 1:39am Jul 27, 2007 1:39am
I did a search and was only able to find this... so it will have to do for now
http://img261.imageshack.us/img261/8416/filetwf8.jpg//
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