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Trade what you see, not what you think.
Cable Update (GBPUSD)
- #52,701
- Feb 7, 2008 4:22pm Feb 7, 2008 4:22pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
- #52,703
- Feb 7, 2008 6:58pm Feb 7, 2008 6:58pm
- Joined Apr 2007 | Status: "As Above So Below" | 6,206 Posts
"Millionaires don't use astrology, billionaires do"
- #52,706
- Feb 7, 2008 10:09pm Feb 7, 2008 10:09pm
FYI
Yes I am on a LIVE account with real money.
Last time I traded on a demo act was Oct.2005
Not sure how you get that 1k status, but if there is a 10K one
I have earned it
And yes I, like most of us, have blown up my acct in the past, but
have been in the black for over a year and a half now.
Though I have learned from my mistakes, I continue to learn.
Forex is not something that can be mastered overnight - takes time!
My Opinion
Yes I am on a LIVE account with real money.
Last time I traded on a demo act was Oct.2005
Not sure how you get that 1k status, but if there is a 10K one
I have earned it
And yes I, like most of us, have blown up my acct in the past, but
have been in the black for over a year and a half now.
Though I have learned from my mistakes, I continue to learn.
Forex is not something that can be mastered overnight - takes time!
My Opinion
- #52,708
- Feb 7, 2008 10:42pm Feb 7, 2008 10:42pm
I as a newbie would like to add my 2c. I have now been trading/learning for 8 months. Yesterday I blew my second account, very small only $300, I don’t believe in trading demos you learn nothing. I think I have now finally learnt these lessons
§ Don’t be greedy
§ Don’t try and catch a trade at the top of a turn, leave that to the professionals
§ Don’t ride a loss
§ USE stop losses – rather write off 30 pips and trade again then ride a loss and loose 200 pips
§ Don’t overtrade
§ Be patient!!!!!! There are always other trades coming everyday, be patient!
§ Listen to all, BUT follow your system!
§ Trade with the trend – always
If you learn these lesson for yourself quickly, you will limit your losses and make more pips!
I have refunded my small live account again, written down my trading rules and will only trade when the conditions I have set for myself come along. I am out till Monday.
Good pips for all!
to add to the above great advices, do not fund your account more than $1000 at any given time. When you fund with $1000 be ready to lose them if you did not lose at least $4,000.
After you blow 4-5 times your account of $1000 every time, you have learnt yourself a great lesson, the most important lesson of all, do not try to make hundreds in one trade, just keep your losses small and let your profit expand as much as possible.
With this in mind, your last $1000 should grow to at least $2000 before you even think to trade with more risk and take bigger profit or loss. So double your money first and then think about more returns.
And try to keep your trading plan simple.
There are traders who just started forex and fund their accounts with $10,000 - $50,000.
Brokers are happy. They know that 95% chances are that the person will lose it all. Simple as 1 + 1.
- #52,710
- Feb 7, 2008 10:49pm Feb 7, 2008 10:49pm
smart
to add to the above great advices, do not fund your account more than $1000 at any given time. When you fund with $1000 be ready to lose them if you did not lose at least $4,000.
After you blow 4-5 times your account of $1000 every time, you have learnt yourself a great lesson, the most important lesson of all, do not try to make hundreds in one trade, just keep your losses small and let your profit expand as much as possible.
With this in mind, your last $1000 should grow to at least $2000 before you even think to trade with more risk and take bigger profit or loss. So double your money first and then think about more returns.
And try to keep your trading plan simple.
There are traders who just started forex and fund their accounts with $10,000 - $50,000.
Brokers are happy. They know that 95% chances are that the person will lose it all. Simple as 1 + 1.
..
- #52,718
- Feb 8, 2008 12:00am Feb 8, 2008 12:00am
- | Commercial User | Joined Dec 2007 | 1,927 Posts
hehe move to ODD numbers now.. I am sure tht looks better in Demodont let anyone here know u using demo.. between u and me
Can we please stick to trading instead of cusses.
