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How Not To Go Broke in Forex

  • #61
  • Dec 30, 2011 6:46am Dec 30, 2011 6:46am
Quoting SmartKenya
Best advice... Avoid demo get a micro lots broker or head to liteforex get their cents account play there.... 20$ is 2000 can trade for as little as their lots sizes..

Youll thnk me if u go live... Live feeds are never equal to demo... Some demo even miss spikes..

Peace
This is I agree..., it will sharping the instincts a lot faster...
  • #62
  • Dec 30, 2011 6:47am Dec 30, 2011 6:47am
In my opinion, I use micro lot when I want to learn or test some strategies.
and I use bigger lot if I want to earn some money
  • #63
  • Dec 30, 2011 7:17am Dec 30, 2011 7:17am
Quoting Fudomyo

lol... it's a pretty funny list when you just look at the bullet points.
lol yes sorry about that, I intentionally took it out of context

Quoting Fudomyo

actually, that post was intended for the Rookie section so so I was trying to be as discouraging as possible.
(I still remember the poor bastard that inspired it.)
I'm not sure if that post was genuine or not but there are people driven to such lengths by pure desperation, and worse (Mark Barton in Atlanta is one which sticks out in my mind, there were others)

Quoting Fudomyo

it's a delicate balance between increased risk to improve performance and lowered risk for preservation of capital. I found this method works well for me personally, but it took time to set up properly and trade effectively. Most beginners should stick to a very conservative approach until they've been consistent for a couple of years trading live.

Longevity is everything.
Very much agree with the above, and thanks for giving a broad overview of what you're doing. I believe developing one's own unique set of parameters which we're comfortable with is important.

People's nature sometimes leads them to deride what they can't/won't understand, I think we're seeing a perfect example of that in this thread!

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  • #64
  • Dec 30, 2011 7:27am Dec 30, 2011 7:27am
Quoting 2+2=4ex

you only made $500 on 50,000 pips, hahaha. That's funny bob.
I must be missing something, why is that funny? Presumably he could scale up if he really wanted to and had the necessary resources.....


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  • #65
  • Dec 30, 2011 8:05am Dec 30, 2011 8:05am
Quoting pipmutt
I must be missing something, why is that funny? Presumably he could scale up if he really wanted to and had the necessary resources.....


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if he could, surely he would. he hasn't, and won't. if you don't know why it's "funny" then you have missed a lot of happenings. don't worry yourself about it. many others are in on the joke.
Congratulations ScalaFX for coming out of the closet!
  • #66
  • Dec 30, 2011 8:11am Dec 30, 2011 8:11am
Quoting nubcake

you have missed a lot of happenings
......story of my life
  • #67
  • Dec 30, 2011 8:42am Dec 30, 2011 8:42am
Quoting simpleman
I agree with you sir and I also trade without stops and can't tell you how much success I have got compared to the methods with stops. If you are right with your trend understanding then there are more chances that the trade will not go against you and need no stops, whereas with stops even if you are right with the trend understanding you will still be stopped out cos of volatility. Keeping far away the stop will mitigate the purpose of having stop and might want to just close the trade when certain % of equity loss happens and this is how I close...
It is not so much that we dont use stops, it is when do we take a loss. That is the difference. Somehow these guys think I never have a losing trade but 20% are. However, my 20% are covered by winning trades so I have a steady upswing of an equity curve. I have found using percentage of my account for taking losses or adding a position to be far superior than using hard stops. It is a whole different mindset that when not understood or comrehended leads to ignorant ridicule. It has never lead to a blowup of an account nor will it ever lead to a blowup of an account if you can understand or comprehend the basic concepts. The reward is a steady monthly percentage of the account. I had one losing month last year and that was around 7%. I got that all back the first two weeks of the next month. So big deal. If you are astute to their arguments you will see they argue from ridiculous extremes like buying at the peaks of downtrends. I dont know anyone that trades like that but that is one of their arguments. Silly really. If you show them it would take over 50,000 pips to blow out your account, a ridiculous figure but that is what it would take, they then say you cant make money. But I do, it has to do with compounding, similar to compound interest but not quite the same. Then they say if you make money you will blow out your account then. I dont think I could take a demo account and lose 50,000 pips on purpose, maybe I could try some day just for the fun of it. So round and round it goes. I am enigma to them because it is not suppose to work, but it does. Wish I had more time for this but I dont but if you dont want to go broke in forex, tone down your lot size and quit trading high leverage.

Where did I get the one penny to 500 dollars sizing??? From a professional trader who trades with millions of dollars. That is how he does it and he knows he will never blow his account. His ratio actually was higher than mine using no levearage. It would have taken over 100,000 pip in losses to wipe out his account. FAT CHANCE. It does work if your patient enough to do it. The market ranges over 80% of the time. The 20% of the time it breaksout the runs are not that big and are easily tamed. Handle the couple of biggies every year with carefully controled losses and bingo you are a winner.

Anyways good luck trading. Now watch these beagle dogs go crazy over this post.
  • #68
  • Dec 30, 2011 8:54am Dec 30, 2011 8:54am
Quoting nanningbob
Where did I get the one penny to 500 dollars sizing??? From a professional trader who trades with millions of dollars.
.... an ant who tries to walk like a giant is still an ant.
Congratulations ScalaFX for coming out of the closet!
  • #69
  • Edited 9:21am Dec 30, 2011 8:55am | Edited 9:21am
Quoting nanningbob
It is a whole different mindset that when not understood or comrehended leads to ignorant ridicule. It has never lead to a blowup of an account nor will it ever lead to a blowup of an account if you can understand or comprehend the basic concepts. The reward is a steady monthly percentage of the account.

You said it all, it is a different mind set game but some traders think their way is the only way and do not want to believe that there are other strategies too that make better returns. What if I double my account in 3 months and then loose 50% of profit I still made 50% in three months.

Rigidity kills.

Have a good 2012 with your trading and non trading stuff.
  • #70
  • Last Post: Jan 2, 2012 2:46am Jan 2, 2012 2:46am
Quoting pipmutt
I think we might both be wrong, apparently the correct quote is "The love of money is the root of all evil" - Originates in the Bible, Timothy 6:10 (King James Version), I just googled it
i stand corrected.
yes, that's what i meant to say, but apparently my mind was on holiday mode. lol
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