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Is the Forex market suitable for me?

  • #21
  • Aug 15, 2009 6:14am Aug 15, 2009 6:14am
Quoting wasisalman

Is there anything which I'm lacking?
Please reply asap!
High regards

Sorry for the bad English.
Well .. we can learn thousand ways of forex trading strategies....BUT

Hows your money management and psychology during trading?

Learn from past mistake but Please dont try to repeat it....

Its better if you try micro account first ...if yer confident enough then try Mini acc

Got all this from my seniors
  • #22
  • Aug 15, 2009 11:33am Aug 15, 2009 11:33am
Quoting mike w
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.
Yes, I want to double my initial capital but I missed to write in my profile "NOT IN A MONTH OR DAY"
Sometimes your best investments are the ones you don't make.
  • #23
  • Aug 15, 2009 11:37am Aug 15, 2009 11:37am
Quoting LasVahGoose
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...

Thanks a lot mate, I guess I'm lacking a mentor.
I will find one as soon as possible.
Sometimes your best investments are the ones you don't make.
  • #24
  • Aug 15, 2009 2:38pm Aug 15, 2009 2:38pm
Quoting wasisalman
Thanks a lot mate, I guess I'm lacking a mentor.
I will find one as soon as possible.
How can you be sure that is what you're lacking? Do you mind sharing your reason you feel you need one?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #25
  • Aug 15, 2009 2:40pm Aug 15, 2009 2:40pm
Quoting wasisalman
Yes, I want to double my initial capital but I missed to write in my profile "NOT IN A MONTH OR DAY"
Why do you want to double your income?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #26
  • Aug 15, 2009 2:41pm Aug 15, 2009 2:41pm
you need simple trend lines...and timming to know when to enter and when to exit...timming is every important in forex business.
  • #27
  • Aug 15, 2009 4:02pm Aug 15, 2009 4:02pm
Quoting LasVahGoose
How can you be sure that is what you're lacking? Do you mind sharing your reason you feel you need one?
Actually I think I know what I'm lacking, the major problem for me is to control my emotions while trading, My first few trades of a day are good, after 3rd or 4th trade I feel like every time is a trade time & then I trade untill I loose all the money which I earned in that day, 2nd problem is that when a trade goes to profit & I know it will go up but then something comes up in my mind and i close that position, on the other hand when a trade is in loss I wait for it to come in atleast $1 profit & that never happens, it may be that I'm lacking money managment.
Sometimes your best investments are the ones you don't make.
  • #28
  • Aug 15, 2009 4:05pm Aug 15, 2009 4:05pm
I will upload my fxcm statement by tomorrow.
Sometimes your best investments are the ones you don't make.
  • #29
  • Aug 15, 2009 4:13pm Aug 15, 2009 4:13pm
Quoting wasisalman
Actually I think I know what I'm lacking, the major problem for me is to control my emotions while trading, My first few trades of a day are good, after 3rd or 4th trade I feel like every time is a trade time & then I trade untill I loose all the money which I earned in that day, 2nd problem is that when a trade goes to profit & I know it will go up but then something comes up in my mind and i close that position, on the other hand when a trade is in loss I wait for it to come in atleast $1 profit & that never happens, it may be that I'm lacking...
You sound sincere and now that you've found Forex Factory I think you you'll find a lot of great information here on just about every aspect of trading, including the area's you've mentioned.

Read the STICKY's in the different sections, probably a good a place to start as any.
Help for Newbies. What can you learn on Forex Factory?
http://www.forexfactory.com/showthread.php?t=39514
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #30
  • Edited 11:20pm Aug 15, 2009 8:47pm | Edited 11:20pm
Quoting wasisalman
Thanks a lot mate, I guess I'm lacking a mentor.
I will find one as soon as possible.
Wasi, If you are student of CAT or ACCA, I am sure you would know "actual" me. Cannot go into details either here or through PMs but believe it would be enough to let you know that I am a F.C.A. from I.C.A.P. and managed RAETs, CAT/ACCA and MBA colleges as Dean/Principal.

Once said that, I have just one advice for you as elder brother - No matter what you do, keep your position sizes ridiculously small looking for equal amounts of profit or loss, trade after trade.

Kindly do remember I am not just a trader, but also a professional accountant from ICAP, spent 12 years with KPMG, worked in over 30 countries - and you are aware of quality standards of ICAP. Just think about what I said in bold letters, it will save you a lot - both, money and time.

All the best bro.

Ps. You don't need a mentor, will be able to mentor those who have no belief in themselves. My experience tells, what you think now as a youngster is very much doable. People have done it before you and will be doing long after we are gone. But you will only be able to do it, if have trust in yourself. Don't believe me, just look around yourself, you will find many examples- I guarantee you that.
The Thief of Wall Street
  • #31
  • Edited 11:48pm Aug 15, 2009 9:39pm | Edited 11:48pm
Quoting Bemac
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...
No offence intended. You maybe right in this one particular instance about this one particular fellow. But would like to share with you that it took me over 10 years (in second week of June 2008 to be exact) to learn that there are forex forums, what to say about FF.

I took gambling / stocks / commodities seriously when I was 14 (that would be 1974. This world was very big at that time, no computer, no internet, etc. I got my first trading method idea from one of the Carnegie's books in which he mentioned about a person who never lost in stock market because he would sell if price goes up or down five points. I had no command on English language at that time and therefore used to read translations of his books). Warren Buffet took it seriously when he was 6. Onassis took it seriously when he was 15, ........

I have great respect for you, but when facts clash with assumptions, need clarification.

ps. I cannot correct several perceptions people have about others because of their limited spectrum and poor knowledge of facts, but can try for at least this one.
The Thief of Wall Street
  • #32
  • Aug 16, 2009 12:51am Aug 16, 2009 12:51am
Quoting Chicky
No offence intended. You maybe right in this one particular instance about this one particular fellow. But would like to share with you that it took me over 10 years (in second week of June 2008 to be exact) to learn that there are forex forums, what to say about FF.

I took gambling / stocks / commodities seriously when I was 14 (that would be 1974. This world was very big at that time, no computer, no internet, etc. I got my first trading method idea from one of the Carnegie's books in which he mentioned about a person who never lost in stock...
I donno how much u learnt about trading forex but u got a good grip on english in all this years
  • #33
  • Last Post: Edited 1:18pm Aug 16, 2009 10:42am | Edited 1:18pm
Quoting Alihuzaifa
I donno how much u learnt about trading forex but u got a good grip on english in all this years
I really don't know which one of these two is poorer. Couldn't speak fluently even one complete sentence until late eighties. Last month went to Adelphi University ELS centre for IELTS (Intenational English Language Testing System). They gave me 7.5 on a scale of 0 to 9 in English Speaking.

It depends, if you like something you learn it quick. My appreciation of West for their achievements is a key factor in this learning. I also speak and write Greek and few other languages. Don't know how many do, but am the one who knows ancient Sanskrit script.

The point is- if you are determined, can achieve - trading or anything of your choice.

ps. TG, there is no (CLBT) Complete Learning Ban Treaty, at least yet. As they say : Hundred strikes of a Goldsmith are no match against one single strike of an Ironsmith. One has to show respect in order to earn it. But how many of us regard good values and have courage to admit or at least realize our mistakes to make this world a better place for next generations?
The Thief of Wall Street
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