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Any advice for new guy?

  • #21
  • Oct 24, 2009 11:50pm Oct 24, 2009 11:50pm
Quoting Pharoah
Once again, these figures are Skewed to the point of no return. ForexDude is just sour because he can't make any kind of living in Forex, Yet he still hangs out here posting. .
There are lots of those types around here.
They don't try to learn, they have a wild punt and risk their whole wad on a trade. Then the trade goes to shite, and they say that the game is rigged and that NOBODY can be successful.
Well, guess what Forexdude? You are wrong. Stop chucking a tantrum and quietly learn how to trade. As a mentor and friend of mine says, Its the best business on the planet
  • #22
  • Oct 26, 2009 7:51pm Oct 26, 2009 7:51pm
Quoting forexmick
There are lots of those types around here.
They don't try to learn, they have a wild punt and risk their whole wad on a trade. Then the trade goes to shite, and they say that the game is rigged and that NOBODY can be successful.
Well, guess what Forexdude? You are wrong. Stop chucking a tantrum and quietly learn how to trade. As a mentor and friend of mine says, Its the best business on the planet
I am an accountant and I see lots of businesses every day. I reckon it is plainly one of the best businesses.
Better than being a brickie in the hot sun or a plumber digging around in sewerage drains
  • #23
  • Oct 26, 2009 9:27pm Oct 26, 2009 9:27pm
Previous two posters hit it bang on, the forex market is the most lucrative market in the world, not because of what is made, but because of what CAN be made.

All types of business do what at the end of the day? Deposit monies.

Where do they deposit it?? Banks

Who holds the Liquidity that we trade off? Banks

Now lets run this down a bit, if any other business has the potential that forex had, then forex would automatically get bumped up over and above that business, because that business still has to deposit their money into the Liquidity pool.

Let me put it in the simplest terms... If you know what your doing, NOTHING compares to forex, not even if you owned a space shuttle company for public vacations...
  • #24
  • Oct 30, 2009 6:33pm Oct 30, 2009 6:33pm
Quoting forexmick
There are lots of those types around here.
They don't try to learn, they have a wild punt and risk their whole wad on a trade. Then the trade goes to shite, and they say that the game is rigged and that NOBODY can be successful.
Well, guess what Forexdude? You are wrong. Stop chucking a tantrum and quietly learn how to trade. As a mentor and friend of mine says, Its the best business on the planet
After this weeks trading, I have made the decision to go fulltime trading for six months. This opportunity is too good to throw away. This is the career I want. And I have the support of a top trader.
  • #25
  • Oct 31, 2009 2:56am Oct 31, 2009 2:56am
Every business in the world is doing something to get money. They sell goods and services in order to get money. In the world of Forex, you're cutting out all the middle-man bullshit and going right to the source. If you can make it work, it's a great business.
  • #26
  • Nov 1, 2009 2:56am Nov 1, 2009 2:56am
hi please read this .http://www.forexfactory.com/showthread.php?t=3156. i think that is good advice.do not pay for any signals or systems.use that money to fund your trading account.you are going to loose some money take that as learning fees.please start very small.as said in dallas thread it is going to take some time.write yourself a business plan and trade plan.very important.
  • #27
  • Nov 1, 2009 11:24am Nov 1, 2009 11:24am
Four Traders - Four Threads:

J16
Jacko
Strat
BIllyRayValentine

be forewarned however - for a long time you will find yourself fighting a cruent, bloody. ongoing battle with the most formidable adversary there is -


yourself.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #28
  • Nov 1, 2009 12:21pm Nov 1, 2009 12:21pm
Stat mechanics is a good start
  • #29
  • Nov 3, 2009 7:03pm Nov 3, 2009 7:03pm
Quoting fxtrader29
I am an accountant and I see lots of businesses every day. I reckon it is plainly one of the best businesses.
Better than being a brickie in the hot sun or a plumber digging around in sewerage drains
To be sure, it beats farming in the freezing cold too.
  • #30
  • Nov 5, 2009 5:27pm Nov 5, 2009 5:27pm
Quoting DallasTX
I started a 4-month self education period at the beginning of September and hope to be ready to open a micro account by January....
We must have scared the thread starter away. He has not been back here since he posted his one and only post.
  • #31
  • Nov 12, 2009 5:36am Nov 12, 2009 5:36am
Quoting ForexDude
There is no other business in planet, where 95% of people lose money.
Actually somewhere in the region of 25% to 50% of all new businesses fail within the first year and 65% to 95% of new businesses fail within five years. But I wouldn't trust the statistics too much... statistics can be messed around with until they prove anything.

I think trading (forex as well as stocks etc) is the best business in the world... but like any business that is worthwhile it isn't easy, requires lots of hard work and there is plenty of sacrifice and failure. If that wasn't the case we would all be multi-multi-billionaires and the world would implode!
  • #32
  • Nov 12, 2009 5:39am Nov 12, 2009 5:39am
I forgot to give any advice...

Assuming you are familiar with the basics:

Choose an existing trading model that works and you are comfortable with. Demo trade it for 3 to 6 months. If you are consistently profitable open a small live account and trade for another 3 to 6 months. If you are still profitable then start to increase your account and position size. Simple!

Regards,

Dan
  • #33
  • Nov 12, 2009 8:43am Nov 12, 2009 8:43am
Any attempt to structure Your Trading Business similar to any "Standard Business" is a waste of time & effort. I know this because I have done both.

Standard Business:
Overhead. (Costs)
Legal;
+Insurance;
+Accounting;
+Communications;
+Location; (Rent)
+Equipment;
+Taxes;
=Cost of Goods/Sevices Sold.

Add it all up & you will arrive, approximately, at your Cost of Doing Business.
(I say approximately because the list is not complete & Then allow for The Unexpected. ~ Another 5% -10%)

Take the Cost of Doing Business & add another 20% - 25%
Cost of Goods/Sevices Sold.
+20% for Supervision & Profit
=MSRP. (The price you will sell your product at)

Then do the research to discover If the Market will accept that Price.

Simple really.
But here's the flaw in 'Comparing'.

Your Trading Business.
You may be able to calculate your Costs. (with a strict plan)
But how can you determine If the Market will accept your 20% - 25% Mark Up Price?

You Can't! No one can.

X% Profit/Month targets are the fastest way I know of to kill an account.
If your Target is even as little as 2%/Month and you are Negative 0.5% with 3 Trading Days left, How would you Trade? Not wisely, I'm guessing.

The Independent Used Car Salesman.
Teach That Guy in you how to read a Chart & you got a Chance.

Learn how to recognize opportunity to Profit &, if it's costing you Money, don't let it sit on the lot too long.

@ Dallas & anyone else interested.
  • #34
  • Nov 12, 2009 9:45am Nov 12, 2009 9:45am
90% of people don't read. 90% of traders quit trading. Is there a connection here? I think there might be.
  • #35
  • Nov 12, 2009 10:36am Nov 12, 2009 10:36am
Quoting coscorp
Four Traders - Four Threads:

J16
Jacko
Strat
BIllyRayValentine

be forewarned however - for a long time you will find yourself fighting a cruent, bloody. ongoing battle with the most formidable adversary there is -


yourself.
I agree with you coscorp. I traded on demo for two years, trying everything under the sun but never became consistently profitable until I started learning about Price Action and got away from the short timeframes.

I was expecting too much profit, too fast, and taking too much risk. I'm starting to really make some progress now and I have learned more about what it takes to be successful from the threads you mentioned than any others I have read.

To all new traders:


Be realistic. Be prepared to take time - maybe a lot more than you expect. But it will take a lot of work and learning to become successful at anything else you do to become financially independent, so why should this be different? Study and understand what Strat and the others are teaching on their threads and you will learn what you need to be able to trade effectively. Whether you can develop yourself personally to have the patience, discipline, and courage to trade for a living is hard to predict, but if it is possible for one person then it may be possible for you too. Protect your trading capital, be persistent, and keep learning and who knows, you might just find that trading is the greatest "business" in the world for you.

Good luck,
Dave
  • #36
  • Nov 13, 2009 9:36am Nov 13, 2009 9:36am
Hellooo Bemac, so ye're fae Bonnie Scotland then pal? Fae where exactly? I used to live near Kirkintilloch. Parkhead or Ibrox...or neither?

Funny, hav'nae met many Scots who trade forex so it's kinda pure dead brilliant to meet one! Who're ye with? I'm with ACM.
  • #37
  • Nov 15, 2009 11:38am Nov 15, 2009 11:38am
i will not tell about how to be a success because i'm not sure exactly how,
but here is some advice from my experience.

-be patient, every minute passes while watching you learn.
-never risk more than 5% of your money in a single trade.
-better be out of the market watching then be in and loosing(if you are not really clear about the trade you're entering).
-enter the market with small amounts and try to sustain your position and hopefully your account will grow slowly but surely.
-find yourself a job that doesn't take all your time, a hobby too because forex is not everything, it is a part of your life that will gain its importance by time.
Forex is about people behaviour so try to read to aquire knowledge.

hope u the best.
  • #38
  • Nov 16, 2009 7:56pm Nov 16, 2009 7:56pm
It seems that there are a lot of challenges waiting up ahead basing on your shared information.
  • #39
  • Nov 18, 2009 5:58pm Nov 18, 2009 5:58pm
as newton said success is 1% creation and 99% perspiration.
  • #40
  • Nov 19, 2009 1:08pm Nov 19, 2009 1:08pm
losses can happen but we can’t let them affect us, not so much..Market is all about predictions and yeah, it can happen that you don’t predict so well but those lost trades should be looked as learning experiences and nothing more.
Look at your platform (I usually trade on my iphone acm platform) and start fresh
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