MoneyTec.com Traders Community Forum - View Single Post - A brief introduction and a few basic questions.

FOREXFORKAREN · 05-06-2005, 11:06

Some very good advice in this thread. When I first began trading on my demo account through fxcm.com, I would open 30 positions a day and because of one piece of information I had wrong I lost money on almost every trade. I misread instructions on using the RSI and waited for the RSI to move north of 70 to buy and south of 30 to sell. Well, it is the complete opposite and I learned to pay attention to details. Details and virtual trading are a must if you want to cut down on your losing trades. I currently use the MAC/D, RSI, Stochastic slow, ADX, Bollinger bands and the Parabolic SAR along with Japanese candlesticks to confirm whether or not to open a position. I have learned that it will take many hours into the early morning hours to get a grip on such a huge amount of information. Recently my wife asked me why I am studying the charts when the market is closed, and the charts are not moving in real time. So, as you can see you must become infected with the desire to learn this exciting and financially rewarding business. It is a business, so treat it as it is your own. Try to develop a strategy and use it the same way every time you trade. For motivation I think about what my wife goes through every day at her job. When we first married in 1991 I made a lot of promises to her, I had a lot of things going for me. To see her up and down on ladders every day, her hands raw from handling boxes, limping up the stairs to our apartment because her feet hurt so much. This is my motivation to study my as* off and saturate myself with Forex, Forex, Forex. Sure, she could find another job, but the way the economy is right now it is best to hold on to something bad than not have a paycheck. I have given up nearly everything to study this market and have only touched the surface. I am paying down my debt and at the same time becoming an intelligent trader. Letting the market come to me. So, work hard and the rewards will follow. Do not get frustrated when most of your trades early on go sour. It happens, deal with it and move on. Best of luck to you and everyone else in this forum. EJM

05-06-2005, 11:06	#6 (permalink)
FOREXFORKAREN level 3 Join Date: Jun 2005 Posts: 110 Rep Power: 4	Re: A brief introduction and a few basic questions. Some very good advice in this thread. When I first began trading on my demo account through fxcm.com, I would open 30 positions a day and because of one piece of information I had wrong I lost money on almost every trade. I misread instructions on using the RSI and waited for the RSI to move north of 70 to buy and south of 30 to sell. Well, it is the complete opposite and I learned to pay attention to details. Details and virtual trading are a must if you want to cut down on your losing trades. I currently use the MAC/D, RSI, Stochastic slow, ADX, Bollinger bands and the Parabolic SAR along with Japanese candlesticks to confirm whether or not to open a position. I have learned that it will take many hours into the early morning hours to get a grip on such a huge amount of information. Recently my wife asked me why I am studying the charts when the market is closed, and the charts are not moving in real time. So, as you can see you must become infected with the desire to learn this exciting and financially rewarding business. It is a business, so treat it as it is your own. Try to develop a strategy and use it the same way every time you trade. For motivation I think about what my wife goes through every day at her job. When we first married in 1991 I made a lot of promises to her, I had a lot of things going for me. To see her up and down on ladders every day, her hands raw from handling boxes, limping up the stairs to our apartment because her feet hurt so much. This is my motivation to study my as* off and saturate myself with Forex, Forex, Forex. Sure, she could find another job, but the way the economy is right now it is best to hold on to something bad than not have a paycheck. I have given up nearly everything to study this market and have only touched the surface. I am paying down my debt and at the same time becoming an intelligent trader. Letting the market come to me. So, work hard and the rewards will follow. Do not get frustrated when most of your trades early on go sour. It happens, deal with it and move on. Best of luck to you and everyone else in this forum. EJM Last edited by FOREXFORKAREN; 05-06-2005 at 11:09.