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Originally Posted by educatedfool
good thread, very good... gone through all 20 pages on one breath... i've realised, that i need at least two months more to start my first mini account... and then a year on it to learn how to do it with real money... lots of work... 2 demos blown, 3rd +200 pips and growin'... 3 months in the "game" and i'm beginnin' to believe...  it can be a way of life, despite all people i know tell me that is only a "toy" for rich...
mind my english, next posts will be better
wish me luck,
edu |
yo fool
demo's are great but they do not come close to the real thing. Once you start trading with real money, even if it's mini money, you really start to learn. I spent 2 years demo trading and blew out approximately 1million in monopoly notes. How, well simple, I knew it was not real money so I did stupid things and on some occasions I nullified a $50,000 account in 3 days.
But since trading my own money I take a different approach. I too sit up all night reading charts, drawing fibs, reading reports, analysing trend, plotting pivots and now when I enter a trrade I can give you a reasoned reason why, even if it fails, whereas before I would read something saying 'go long on EUR' and I would go long on EUR. I read everything including news stories. When they say trading is a job not hobby it is true. But for me it is both because I love it. I started trading when I was 13 and at the age of 14 I made more in the stock exchange than university grads in employment. Then some time later came the big crash of 1987 and I went took a collosal loss in under 30 minutes. I burnt my fingers, went away and became a lawyer instead. Now I've done that, seen that, and I re-entered the market, this time with Forex and modern computing and internet. At 14 I scalped and account traded like a pro. But I always knew that if I had the facilities of a screen and instant access to the markets then, I could have made millions.
You can not play this game without knowledege of charts and indicators. The market is unpredictable, but she is also logical. Read Larry Pesavento on Fibo's - incredible book and a great place to start your trading career!
pk
