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What most newbies must go through when trading Forex

  • #41
  • Jan 16, 2012 8:17am Jan 16, 2012 8:17am
fantastic piece!!....i thought i was in a world of my own before reading...i know alotta great traders suk to begin with, but this piece really knocks it down....i can relate entirely word for word all the way up til the last parts of step 2 where i'm at-having blown accounts like its nobodies business and now paying for signals...by the sounds of things it seems im in for whole lotta more pain!!happy days
  • #42
  • Jan 17, 2012 6:02am Jan 17, 2012 6:02am
ahhh.. brings back a lot of memories
The article exactly sums up my years in forex. i'm now between 3rd and 4th stage and cant wait till stage 5!!

passion. perseverance.
  • #43
  • Jun 18, 2012 3:56am Jun 18, 2012 3:56am
I've just blown my account from 500 to 20 quid. I think I'm pretty much on stage two. Is this a good platform to use for trading?
  • #44
  • Jun 20, 2012 10:28am Jun 20, 2012 10:28am
thanks for sharing nice article


btw guyz there is a contest going on with hotforex a demo contest where the winners can get 2000 usd ) who joined ?
  • #45
  • Jun 20, 2012 11:13pm Jun 20, 2012 11:13pm
thanks for sharing..
  • #46
  • Jun 21, 2012 8:52am Jun 21, 2012 8:52am
Quoting JessColbert
I've just blown my account from 500 to 20 quid. I think I'm pretty much on stage two. Is this a good platform to use for trading?

I did the same thing with my first 500 but I guess it was less than 20 in 2 days LOL, but that was a year ago, had to learn the hard way though, the demo contest sounds interesting though
  • #47
  • Jun 21, 2012 3:00pm Jun 21, 2012 3:00pm
I am without a doubt between steps 2 and 3. But my hopes are high. My biggest hurdle is not to look at pips as money. I must say though, every time i get stopped out, i just remember the most important sentence for me in the original post.

Quote
"How many years would you go to college if you knew for a
fact that there was a million dollars a year job at the end of it?"
And I consider my loss as tuition.
  • #48
  • Jun 22, 2012 6:22am Jun 22, 2012 6:22am
Great article.
Never forget that profit isn't certain, even if you invest many years in this...
  • #49
  • Jun 26, 2012 9:38am Jun 26, 2012 9:38am
"How many years would you go to college if you knew for a
fact that there was a million dollars a year job at the end of it?"

if only this phrase can be applied here, man I would stay in college a little bit longer but its a really good thought and a great reminder
  • #50
  • Jun 27, 2012 11:15pm Jun 27, 2012 11:15pm
What most newbies must go through when trading Forex? I thing novice traders should overcome the fear of losing money and the main peoples' sin - the greed!
  • #51
  • Jun 27, 2012 11:16pm Jun 27, 2012 11:16pm
Quoting ladylyn
Great article.
Never forget that profit isn't certain, even if you invest many years in this...
Any trader can do mistakes even the most experienced and professional
  • #52
  • Jun 27, 2012 11:30pm Jun 27, 2012 11:30pm
I can really relate to this article. Everyday I am chasing money, doubling my position sizes and losing money. So far i lost 50% of my account its brutal. Any advice for a newbie
  • #53
  • Jun 28, 2012 2:41am Jun 28, 2012 2:41am
The best advise for u is a proper money managment
  • #54
  • Jun 28, 2012 3:36pm Jun 28, 2012 3:36pm
I hardly use stops and hold onto my losers way to long. Usually my posiyion are to big and when the go the wrong way i get crushed. Trading is a work in progress for me. I trade options, futures,commodities, equities, but i haven't traded Forex yet, though i plan to start soon. Thx for the advice
  • #55
  • Jun 29, 2012 3:31am Jun 29, 2012 3:31am
Quoting pacman550
I hardly use stops and hold onto my losers way to long. Usually my posiyion are to big and when the go the wrong way i get crushed. Trading is a work in progress for me. I trade options, futures,commodities, equities, but i haven't traded Forex yet, though i plan to start soon. Thx for the advice
goodluck man!! as im as new as you, i think i still in the stage two
  • #56
  • Jul 2, 2012 8:51am Jul 2, 2012 8:51am
Quoting pacman550
I can really relate to this article. Everyday I am chasing money, doubling my position sizes and losing money. So far i lost 50% of my account its brutal. Any advice for a newbie

50% is big, but compared to me, I lost about 80% in 2 days (it was a small account) take it slow, and easy, try to go through some free online lessons such as pipsology.. I cant relate to others such commodities options since i only trade forex (im not expert) but it really helps to slow down a bit and do some reading again, it refreshes and makes you more composed in you upcomming trades and best of luck!!!1
  • #57
  • Jul 6, 2012 7:00am Jul 6, 2012 7:00am
Prolly worth a bump..
Gone to a better place
  • #58
  • Jul 13, 2012 6:03am Jul 13, 2012 6:03am
Quoting Rajj
when the trade turns bad you don't get angry or even because you know in your head that as you couldn't possibly predict it it isn't your fault - as soon as you realise that the trade is bad you close it . The next trade will have higher odds of success cos you know your simple system works.

You have realised in an instant that the trading game is about one thing - consistency of your 'edge' and your discipline to take all the trades no matter what.

You learn about proper money management and leverage - risk of account etc etc - and this time...
Fill in the gaps! Go to Post #1.
Gone to a better place
  • #59
  • Jul 25, 2012 5:29am Jul 25, 2012 5:29am
Quoting Rajj
Hi all, i stumbled on this article on my research after loosing some money in my demo account (started intentionally with $300 to about $57 in two weeks). I realised that this article sumed up what i and most other newbie traders go through. I have scaled through stages 1-3 and hope to move on to 4 & 5 very soon. Please enjoy this....

(Courtesy: Soultrader)


Step One: Unconscious Incompetence.

This is the first step you take when starting to look into trading. you know that its a good way of making money cos you've heard so many things...
thanks for the article. I believe I am on the stage two... newbie here
just received an sms trade alert something about Actual <-0.3% in GBP GDP. then my coach suggested this site to look for the figures of the actual before executing my trade. to learn more about trading aside from relying on my coach, i decided to join in this forum
  • #60
  • Aug 5, 2012 1:40am Aug 5, 2012 1:40am
nice one. Thanks.
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