DislikedIf you lost 40% of your account in one day then you need to go through money management skills. Never risk more than 3-4% account, and if your just starting out always start at lowest possible lot and work your way up, thats what I am doing and it's working out really well. Sure I can't afford the car I have been dreaming about for 2 years now, but who knows that might come eventually. I already lost an account because of greed and I am not making that mistake again. I personally feel everyone should trade pennies, thats where I am, I was able to catch 265 pips today, but I still will trade pennies, I may change to 2 pennies starting monday a pip.
I have $250 in my account(I am poor), if I loose 100 pips every single day my account will last for 250 trading days, right now I am just risking .004%, but my max would reach .1 mini lots with $250, but by the time I come close to that my account has already increased, and will continually grow, let things grow slowly and try not to loose anymore.
When I lost that 300 pips in a couple days, I just stepped back from forex, went back to demo and traded until things went well, when I went back to demo I had already gained 350 pips(blame on volatility). Now is a somewhat bad time for inexperienced traders because losses can be massive, never make mistakes that Bo said about entering and risking trades, never.
You can't rush how much money you make, you can't plan how much money you make either, no forex system is like that. I didn't expect to make 265 pips today, but I didn't expect to make absolutely nothing yesterday. Don't let greed and an empty hand destroy your account, because at the end of the day keeping your hand is better than loosing it, and in forex that should be your perspective. I personally beleive forex is very hard to trade, I have been watching it non-stop for 14 months and until now nothing has come from it. Look at the all the people who have lost all their money in Stocks, and other securities why?
Their greedy and their lazy, they think money will just come for free if they keep throwing it at something, thats not the way the world works and there are consequences for it. You have a be smart, you need to agile like a sniper as Bo put it. Don't take it too hard, if this is your first time loosing your account we've all been there, it feels absolutely horrible, but you move on and learn. I had lost about 300 pips last week, but I got it all back this week. I also made a mistake when I entered a trade that was 100 times bigger than it should have been(swtiching demo and live a pain). I almost lost 20% of my account, but I was able to save it as price moved back down, you just need experience and you need practise.
Days like the ones we have had, do not get use to them, because they are very rare. There is just to much volatility in the markets, its not going to last forever, and if you keep working at it your losses won't last forever either. The hardest thing about this system is patience, not just in learning but in making the trades themselves, it takes a lot of discipline, and you will learn that when you loose. Just don't let it happen again and bring your own confidence back. I will admit that I have barely read anything previous on this thread, this thread is quite long and I really don't have the patience to read it, I just found old PDFs Bo made, and watched Sherm and Bo post their trades and just setup everything based on that and I eventually figured it out in my own way. Although still learning, I am glad Bo outlined good entry positions, because I haven't been making best entries, just something I need to work on.
As for working full time. I am an engineer student at university, trading market isn't easy for me when you have to spend atleast 1 hour on the bus during market open. I personally just wake up at 4:00AM trade 1h after london open, and then work with my phone. You should get a windows mobile phone if your really serious about practising, I will owe my trades to the phone.
Anyway I don't mean to make my post to long, but I have lot of experiences too, just thought I would share them. I wish you good luck, and hope everything works out.Ignored
