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How to start like a pro? - afraid to open trades

  • #101
  • Jul 18, 2016 11:34pm Jul 18, 2016 11:34pm
you can start trading on a demo account first. in a demo account you will be able to practice trading well and therefore, we must use a demo account with either. after that, you could try to trade with small capital first, to train your trading psychology well.
  • #102
  • Jul 19, 2016 12:46am Jul 19, 2016 12:46am
Kia ora from NZ,

"You will never win if you are afraid to lose"
  • #103
  • Jul 24, 2016 5:34pm Jul 24, 2016 5:34pm
to be as a professional trader then we should be able to eliminate the fear. Forex is a business that has a lot of risks and therefore, we need to be able to minimize the risks well for us can trade with a maximum. we must have a strong mentality when trading for trading with the maximum we can. mental training then we can try to trade with small capital first
  • #104
  • Oct 24, 2016 3:41pm Oct 24, 2016 3:41pm
Quoting hamedmohd
i dont know how to start this thread but i can till you that i do my home work about the currencies and how to trade. how to use leverage and trade in demo accounts i put a full staratigy that really it is gain more that it lose (not perfect but good one) but i find very hard to open any trade in live account also if i open some for 2 days i close all of it (with profits) and not open any more i dont like to open any positions any more in live account i dont know may be because i afraid i may lose some money ??!!! i try to put a targets,trading...
The problem is with your emotions. You have to learn to conquer fear. One of the rules of forex is never to trade with the money you cannot afford to lose. So whenever you place a trade, just know it will end in profit or loss.

1.The problem is fear. you can overcome your fear by trading micro lots. When you trade a micro lot of size 0.01 on a $1000 account, even if you are on the wrong side of the trend and end up with -100pips, it will only be -$10 which is a very small risk on a $1000 account. That means you will need have 100 consistent losses before your account is wiped out. This is called money management or risk management. When applying risk management, you are not expected to trade more than 5% of your equity per trade.

2.Also, your strategy. If you have a good strategy which you have practiced profitably on demo, migrating to a live account should not be a problem.

3.Thirdly, if you are feeling lazy to open your laptop to analyze the market and place a trade when due, probably trading is not your thing though you believe in forex. Maybe you should get a good fund manager who will trade your account for you,
HavilahFX Academy
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  • #105
  • Oct 26, 2016 12:29am Oct 26, 2016 12:29am
One practical way of overcoming fear is by placing small trades this way if the trades are to even go against against you ,you only stand to lose small losses ,Do this and you are good to go ,another notable fact is when you open small trades you tend to concentrate more on your trading system and gradually get familiarized with your strategy and the market conditions .
  • #106
  • Oct 31, 2016 6:29pm Oct 31, 2016 6:29pm
Same stuff thats been said start trading with .01 lots then it shouldnt be that stressful
  • #107
  • Oct 31, 2016 9:03pm Oct 31, 2016 9:03pm
Mini lots are good choice at begin but upto when... After all we are in market to have money, managing it with proper analysis and system is also needed.
  • #108
  • Nov 1, 2016 12:53am Nov 1, 2016 12:53am
Quoting Mingary
Afraid to open trades .. Focus on what you can lose and not what you can win like 99.999999 % of losing traders.
This is actually true .

I am a trend trader and if you can contain the losses you are on a winning path.

With a risk reward of 1:20 or 1:50 you can take a lot of small losses and still be profitable.

Protect your balance by cutting the losses and let your profits run. ( Very few have the patience to do this)

FX is a waiting game. Those who can patiently wait for "pay day" will succeed.

Day trading and scalping are promoted by brokers because they know you will not succeed in the long run.
My advice:
Start trend trading with a micro account .
The small losses will not hurt you and you can then steadily grow into the bigger scheme of things. ( Jumping in at the top with standard lots is devastating to ones emotions. You need to grow emotionally with your account.)

You have to crawl - micro lots,
before you walk - mini lots
before you can run- standard lots
before you can fly - multiple standard lots

G

Ps :There are at least two very good Trend trading threads on this forum to assist you.
Never Ever Give Up!
  • #109
  • Nov 1, 2016 4:52am Nov 1, 2016 4:52am
That is my advice as well - open a cent account and use the smallest lot possible. You won't make big profits, but you will gradually teach yourself how to deal with trading with real money.
  • #110
  • Nov 2, 2016 4:34am Nov 2, 2016 4:34am
I've just started trading live after using demo accounts for 6 months. Trading micro lots is the best way to go because I really don't care about losing €2-4. It's the cost of learning to trade in my opinion. Demo accounts don't have the emotions attached no matter how much you try to take them seriously.
  • #111
  • Nov 4, 2016 7:01am Nov 4, 2016 7:01am
Getting rich quickish without leverage is essentially HFT. And if there's someone doing HFT on MT4 and able to withdraw big profits without broker giving them hard time withdrawing it well hats of to them as they're pretty much able to eat the bucket shops or mm's potential profit then
  • #112
  • Edited 8:44am Nov 4, 2016 8:26am | Edited 8:44am
How to start like a pro!!!??? I keep seeing this sentence all over this forum: trade like a pro! Ok guys, how does a pro trade? If you want to trade like a pro you need to be a pro!!! It does not make sense to wish to trade like a pro when you are, or we are, amateurs, we trade as a hobby, in most cases. If you want to trade like a pro you need to be employed by a company that trade on this markets, by a bank or a hedge fund or a pension fund or simply by an investment fund otherwise you, or we, can't trade like a pro, we all trade like amateurs.
Regards!
  • #113
  • Nov 6, 2016 9:42am Nov 6, 2016 9:42am
whether you're a beginner or a pro, we all begin at the same place. There are many good replies here, some are crummy. I'm not sure I saw anything about a constitution in this thread. It's basically a mission statement that's written down and read daily before you even look at your balance. Your constitution is what you as a trader stand for, your do's and don'ts. Where you intend to funnel your profits, what prospective you give your losses. I read about this in a forex book. It's been a very useful tool in my arsenal. Once I composed my constitution and totally understood it, trading tiny lots was very effortless for me. Hope this helps someone.
  • #114
  • Nov 9, 2016 7:47am Nov 9, 2016 7:47am
Quoting timestamp
Trade on demo and build up your confidence, train you hand and mind to open the trades. Then open a real account and try making the smallest possible trades and keep them for relatively short periods so that you don't get extremely nervous and make a mistake.
Hey mates,

As an additional recommendation from my side, I would strongly suggest to any beginner to stay away from news trading. Potential huge win might be very attempting but this is also the easiest way to blow your account within a matter of seconds.

GL to you all
  • #115
  • Nov 9, 2016 12:06pm Nov 9, 2016 12:06pm
Quoting UlliC
{quote} Hey mates, As an additional recommendation from my side, I would strongly suggest to any beginner to stay away from news trading. Potential huge win might be very attempting but this is also the easiest way to blow your account within a matter of seconds. GL to you all
Any temptation can be eliminated with a trading constitution, read aloud daily. Unless you're interested in wasting your hard earned cash.
Hope this helps-
Reno
  • #116
  • Nov 9, 2016 2:47pm Nov 9, 2016 2:47pm
Hi.

Opening a trading position can be full of emotion, especially ŵhen you're risking too much of your account.

If you're day trading, losses can occur everytime, that's ŵhy its so hard to keep up ŵith that type. Sometimes you're right and sometimes you're not. It just depends on your style of trading and how confident you are. My advise is that no ever should trade on advises and trade only as per your plan or strategy. You must create one, have an edge, back-test and test it on a mini-lot account for at least 6 months for it to function. Trade on strong, good market conditions asŵell. That is hoŵ you'll be confident.

And the last thing is, minimize your risk to use logic ŵhile trading. Even if you're sure 99% that you'll get a trade right, do not put your account at risk. Over-confidene can and ŵill kill your account, even yourself if you lose a large amount.

I recommend trading fundamentals and go for long-term trading, because that is hoŵ you survive foreign exchange trading, from ŵhat I've experienced.

All the best,

Noorx
  • #117
  • Nov 10, 2016 11:00pm Nov 10, 2016 11:00pm
Definitely you can not be a pro from the first trade you open. You learn up along the ladder; through profits and through losses as well. Accumulated trading experience makes you a pro eventually.
  • #118
  • Last Post: Nov 12, 2017 11:57pm Nov 12, 2017 11:57pm
Frankly, it’s not possible to start your trading as like a pro trader! Because, it’s a long journey not an automatic process! But, of course it’s possible to you! Just you need to focus on now learning process with enough concentration and determination as well.
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