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Is the Forex market suitable for me?

  • #1
  • First Post: Aug 14, 2009 7:16pm Aug 14, 2009 7:16pm
Hello Guys,

Can you please read the following and advice me on it?

I'm 19 years old & a student of ACCA, 3 years back I heard the word 'FOREX', I searched it on GOOGLE & found it very intersting & easy way of making a lot of money (* yeah, bad thought). I open a live mini account with the deposit of $1,000 (fxcm). I lost all my money in just few days . Then again I searched for forex education on GOOGLE.com & found a lot of sites & book for the purpose of forex education, after learning forex for 2 years few month back I again open a live account, but this time it was micro with the same amount of $1,000, this time it lasts for 4 and a half months (no withdrawals again) now I just need to know that is this market suitable for me, I'm confused, idk a lot of people say that its not for everyone (but ive given my time for learning).
Is there anything which I'm lacking?
Please reply asap!
High regards

Sorry for the bad English.
Sometimes your best investments are the ones you don't make.
  • #2
  • Aug 14, 2009 7:17pm Aug 14, 2009 7:17pm
Can you please read the following and advice me on it?

I'm 19 years old & a student of ACCA, 3 years back I heard the word 'FOREX', I searched it on GOOGLE & found it very intersting & easy way of making a lot of money (* yeah, bad thought). I open a live mini account with the deposit of $1,000 (fxcm). I lost all my money in just few days . Then again I searched for forex education on GOOGLE.com & found a lot of sites & book for the purpose of forex education, after learning forex for 2 years few month back I again open a live account, but this time it was micro with the same amount of $1,000, this time it lasts for 4 and a half months (no withdrawals again) now I just need to know that is this market suitable for me, I'm confused, idk a lot of people say that its not for everyone (but ive given my time for learning).
Is there anything which I'm lacking?
Please reply asap!
High regards,

Sorry for the bad English.
Sometimes your best investments are the ones you don't make.
  • #3
  • Aug 14, 2009 7:18pm Aug 14, 2009 7:18pm
Can you please read the following and advice me on it?
I'm 19 years old & a student of ACCA, 3 years back I heard the word 'FOREX', I searched it on GOOGLE & found it very intersting & easy way of making a lot of money (* yeah, bad thought). I open a live mini account with the deposit of $1,000 (fxcm). I lost all my money in just few days . Then again I searched for forex education on GOOGLE.com & found a lot of sites & book for the purpose of forex education, after learning forex for 2 years few month back I again open a live account, but this time it was micro with the same amount of $1,000, this time it lasts for 4 and a half months (no withdrawals again) now I just need to know that is this market suitable for me, I'm confused, idk a lot of people say that its not for everyone (but ive given my time for learning).
Is there anything which I'm lacking?
Please reply asap!
High regards,

Sorry for bad English.
Sometimes your best investments are the ones you don't make.
  • #4
  • Aug 14, 2009 7:26pm Aug 14, 2009 7:26pm
Quoting wasisalman
Can you please read the following and advice me on it?

I'm 19 years old & a student of ACCA, 3 years back I heard the word 'FOREX', I searched it on GOOGLE & found it very intersting & easy way of making a lot of money (* yeah, bad thought). I open a live mini account with the deposit of $1,000 (fxcm). I lost all my money in just few days . Then again I searched for forex education on GOOGLE.com & found a lot of sites & book for the purpose of forex education, after learning forex for 2 years few month back I again open a live account, but this...
First off, it sounds like you need a different goal. It says in your profile that your goal is to double your capital? Come on man. It doesn't work that way- If that's your goal then you are screwed. And you've given your time for learning? Come on now. People who have been here for 5 plus years are learning new things about the market and themselves every day.
I dream, therefore I become.
  • #5
  • Aug 14, 2009 7:38pm Aug 14, 2009 7:38pm
post a chart with your last entry on that pair the tf you entered reasons why and your stop loss - you know what i bet you dont bother !
  • #6
  • Aug 14, 2009 7:47pm Aug 14, 2009 7:47pm
Hi wasisalman,

I would suggest sticking to one easy strategy and practice it on a demo account until you can consistently win 70-80% of the time before going live. Here is a good one. Also read about good money management and the ebook Trading In the Zone:

http://www.forexfactory.com/showthre...highlight=zone

Good luck...

P.S. - Failure is only for those who stop trying ;-)
  • #7
  • Aug 14, 2009 7:54pm Aug 14, 2009 7:54pm
Quoting 4xbiz-surfer
Hi wasisalman,

I would suggest sticking to one easy strategy and practice it on a demo account until you can consistently win 70-80% of the time before going live. Here is a good one. Also read about good money management and the ebook Trading In the Zone:

http://www.forexfactory.com/showthre...highlight=zone

Good luck...

P.S. - Failure is only for those who stop trying ;-)
i just have to disagree with your last comment
sometimes success is for those who know when to quit.
  • #8
  • Aug 14, 2009 7:58pm Aug 14, 2009 7:58pm
perseverence
  • #9
  • Aug 14, 2009 8:32pm Aug 14, 2009 8:32pm
Continue or give up, it's just like make me choosing to trade only 1 bear or bull candle, and I have to wait for a life to know I get profit or stoploss, trading is easier than that, I can have lots of candles to trade with. yeah, I'm only joking , If I'm not love trading, I quite it immediately.

wasisalman/
I think you on the right way, you just risk only 2000$ till now, so just make your own road, be patient, risk as little as possible, try to survive, I trade at FXCM Micro too, so sometimes you and I liquidate orders each other huh
Back to the beginning ... demo
  • #10
  • Aug 14, 2009 9:02pm Aug 14, 2009 9:02pm
Quoting wasisalman
Is there anything which I'm lacking?
If you feel you can't do it on your own, find a mentor. There are several traders here on FF from your country. Maybe someone will take you under their wing.

Other Options:

Find a method that you feel good about and trade that. There are several good ones on FF and many helpful people. If you want to do it on your own, it will just take time. Also, as you have already pointed out, if it isn't for you quit while you are only 2k in the hole.

I personally follow the James16 & Jacko methods and I'm very happy with them. They may not be right for you, but a demo account is free and so are the threads. Sometimes we have to find out what we don't like to find out what we like.

I've only been trading 8 months, so I'm no expert, but I haven't lost my account either. Trading has been the most interesting journey and I've learned a lot about myself in the process of learning to trade. I'm sure I'll learn more as I go too.

I have a DESIRE to be a successful trader and I've made on conscious DECISION to make that happen. Have you?

I think if you can figure out what you want then how the get there will present itself to you.

Maybe what you are lacking is direction.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #11
  • Aug 14, 2009 9:34pm Aug 14, 2009 9:34pm
Quoting wasisalman
Hello Guys,

Can you please read the following and advice me on it?

I'm 19 years old & a student of...
Bad English is OK. Bad Form is not.
3 Years in & Google to boot & you never found FF?

Cast your bait. It doesn't guarantee you a bite.

At 16 years old you took Forex seriously? Perhaps, but I doubt it.

Sceptic? Absoflogginlutely...

If I'm wrong, I'll eat something...
  • #12
  • Aug 14, 2009 9:41pm Aug 14, 2009 9:41pm
Quoting wasisalman
Can you please read the following and advice me on it?

I'm 19 years old & a student of ACCA ... after learning forex for 2 years ... $1,000, this time it lasts for 4 and a half months (no withdrawals again) ... ive given my time for learning).
Congrats on your earnings.
How many trades per unit of time do you make? Consistency also depends on this. So, if you make a dozen trades a day and lasted 4 1/2 months, then I'd imagine it's for you. If you traded two to three times a week, you're a beginner still.
Learning a new method does interfere with trading, and the chances of getting more profits from it are often dubious, especially given the actual trading of a method's and trading psychology's greater effectiveness. For some potential traders, after learning the basics, you carve your own niche with your own method, which can take too long through the risks it brings to an account.
Fortunately, that's not you. However, impatience to earn and a fairly pat overview are apparent in your words. Break down exactly how you trade now, and if you're okay with every piece of it for the rest of your trading career, then fine.
  • #13
  • Aug 14, 2009 10:16pm Aug 14, 2009 10:16pm
Quoting cohiba pips
post a chart with your last entry on that pair the tf you entered reasons why and your stop loss - you know what i bet you dont bother !
Agreed. but who knows? I'd like to be surprised in this sense.
I dream, therefore I become.
  • #14
  • Aug 14, 2009 10:45pm Aug 14, 2009 10:45pm
Lmao , forex isn't that hard , btw Iam 21 years old and started trading 3 years ago , hehe . It's all about a good system and confidence in it . Learn to trade using divergence on daily charts and post your oponion , waiting for good news .
Winners never quit and quitters never win. Vince Lombardi
  • #15
  • Aug 15, 2009 1:33am Aug 15, 2009 1:33am
Quoting wasisalman
Can you please read the following and advice me on it?
I'm 19 years old & a student of...
You're trying too many things bro,

I've got a 2 part advice for you:

1) Keep your hard earned cash out of this biz till you can prove yourself on a demo account by consistently making money for no less than 3 months. (picking up a strategy that suits you well, and your entry and exit strategies will take shape here)

2) Relax. and let it come to you, It naturally will. Just in case you're unaware it will take you years to be at a stage where you can call yourself a successful trader.

I am from pakistan too so let me know via pm if you need any further help, or just put it up here on the forums for some great souls to attend to it.

Regards,
Ghous.
I believe . . .
  • #16
  • Aug 15, 2009 1:36am Aug 15, 2009 1:36am
You need to do only one thing and you will be fine believe me.

JUST READ J16 THREAD.

I am from Pakistan too and i am still learning and you can also have look at 4h macd thread.

You have started 3 threads what do expect people will come and teach you here. No you will have to find your out yourself.

P.S I thought i was unlucky to unable to find FF for 8 month's but three years. I AM FEELING LUCKY NOW.
  • #17
  • Aug 15, 2009 2:37am Aug 15, 2009 2:37am
Quoting Bemac
If I'm wrong, I'll eat something...
Planning a hunger strike there Bemac?
Not all sins are created equal
  • #18
  • Aug 15, 2009 2:54am Aug 15, 2009 2:54am
Quoting wasisalman
Is there anything which I'm lacking?

Yeah, experience and moneymanagment and a trading plan.
  • #19
  • Aug 15, 2009 4:13am Aug 15, 2009 4:13am
- trade with a broker where you can open an account with only ten dollars.
- with that account, trade only one unit using one trading method only.
- when you find improvements in your SELF, then can you add to your position size.
- it is all about the trader, not the trading method. at the end of the day, no one else can teach you how to trade.
youtube.com/@jimstradingjournal
  • #20
  • Aug 15, 2009 5:35am Aug 15, 2009 5:35am
Quoting syfx
- trade with a broker where you can open an account with only ten dollars.
- with that account, trade only one unit using one trading method only.
- when you find improvements in your SELF, then can you add to your position size.
- it is all about the trader, not the trading method. at the end of the day, no one else can teach you how to trade.
LOL nice one,

I believe . . .
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