Giving up on Forex. Any last chance advise?

[TraderPierre]

Originally Posted by tradermoe

Trading is not an easy task

On the contrary, trading is pretty simple when it comes down to it, the difficult task is controlling one's emotions, discipline, and money management.

Sorry, I don't think any training course is worth anything close to $1,999, especially as most of the information is probably available free on the net!

[tradermoe]

Once again Traderpierre, you are saying this without witnessing there consistent gains first hand and for free. You seem to be an extremely successful and consistent trader...hats off to you. But for others of us who would like to continue learning to get better and be better, its always good to try out new things especially when they dont cost you a penny. I am sharing this information for those who are in the situation as a newbie looking for a sense of direction. I was there and I found a place that offered alot so if my experience helps someone good for them. As for you, again congrats on your success and best of luck.

Tradermoe

[TraderPierre]

Fair comment, you make a good point.

I would drop by and have a look but unfortunately Paltalk upsets a program I run.

Good luck with your trading.

[bogdansbg]

So...
I'm a member of this forum for some time and I watched many threads, opening, closing, wasting time in many cases.

I started with $2000 with a bad broker that claims is one of the best and after I lost $500 with them (lost by their mistake not mine) I got my money out and searched over 3 months another broker, a ECN one preferably. I did it, I found it and I'm inlove with Forex as I was never before because I know all my loses and earnings depends on my click. I share with you this feeling because a good broker gives you confidence and takes away the thought of being scamed.

Moving forward from the fear of a bad broker I started to give-up on forums and strategies found in books, hundreds of books that I read, studies, applied in demos and even in live accounts. I read forums for fun, to have knowledge about other people's strategies and thoughts regarding Forex.

More, I started to develop my own strategies, growing with market, moving with market and improving daily even if some days are bad with loses. I am happy when I have only 1 lost trade at 2 winning ones. I never go for hundreds of pips from a trade even if I can do it, I Discovered something Else Beautiful ...

I discovered that you can't be a successfull trader with $2000 account where 1 pip = 1 USD or less. I have the knowledge now, I opened a 30.000 USD account where 1 pip = 100 USD and all I need per week is 10 pips. That means 2 pips per day, that can be done in few seconds during market news or Anytime and ALL Because my superbe broker that offers 0-1 pip spread on EU and UY.

So ... this is the problem with small accounts. You can't build a $10.000 account from $2000 account with few pips per week. You must catch big moves of 100-200 pips and if you play (eg GBP/JPY) you can lose everything over night.

And finally I think small accounts are for experts and big accounts for beginners My strategies are built for big accounts because when you do 2 pips = 200 usd / day you don't have to think about your past account where you tried to catch a 100 pips (per week) move to make $100.

As an advice: don't give-up your job if you want to live from a $2000 forex account. A $2000 forex account will bring you $200 usd / month if you have a proper discipline for mind/soul/knowledge.

Hope my post to help many people and those who lost catch this: don't give up, learn more, study more and eliminate the fear of losing. Winners think loses are part of their strategy, when it happens.

[RebateFX]

bogdansbg, you are so correct there. The forex market is full of people trying to make $1 million from $1000 accounts and over margining themselves to breaking point in order to get rich quick.
Your very good post reminds me of the old saying "If you want to make a million in forex, start with a billion!"

[FXTrademaker]

For what I have learnt, anyone new to trading currencies should not trade with boworred capital and expect a minimum return, especially to pay off a loan, if one still has only 50% of equity left should leave and learn from the mistakes made.

This article might be helpful for those of you who want to begin trading or already are trading.

http://www.fxtrademaker.com/trading_advice.htm

I hope this helps other traders, since 'Smart people learn from their Mistakes; while Wise people learn from other's Mistakes'

[bogdansbg]

Originally Posted by FXTrademaker

For what I have learnt, anyone new to trading currencies should not trade with boworred capital and expect a minimum return, especially to pay off a loan, if one still has only 50% of equity left should leave and learn from the mistakes made.

This article might be helpful for those of you who want to begin trading or already are trading.

http://www.fxtrademaker.com/trading_advice.htm

I hope this helps other traders, since 'Smart people learn from their Mistakes; while Wise people learn from other's Mistakes'

Yes, you should never trade with borrowed capital, ofcourse, not with $2000 or $10.000. That won't give you enough power to pay back. Borrow $50.000, get a ECN broker that gives you 0-1 pips spread on some pairs and you will discover how Forex works, you will discover how market moves at your orders and so on, because a $50k account gives you power and ofcourse you can pay back the money in 3 - 6 months with only 5 pips/day (not 500 pips/day with a $2K account).

Regards

[Tekunda]

Originally Posted by bogdansbg

Yes, you should never trade with borrowed capital, ofcourse, not with $2000 or $10.000. That won't give you enough power to pay back. Borrow $50.000, get a ECN broker that gives you 0-1 pips spread on some pairs and you will discover how Forex works, you will discover how market moves at your orders and so on, because a $50k account gives you power and ofcourse you can pay back the money in 3 - 6 months with only 5 pips/day (not 500 pips/day with a $2K account).

Regards

Tell us a little bit more about your trading style, if you don't mind. You say you target only 5 pips per day. Now let us assume your first trade gets you your 5 pips. Do you call it a day then? Or do you keep on trading to get a "buffer" for loosing days?

And what happens when your first trade starts to run into negative territory? What is your s/l?

So in order to make up for a loosing trade you would need at least 2 winning trades and the problem starts when one of the trades ends negative also. Then you would need 4 winning trades to make up for the losses.

Since I think that the win-loss ratio is against you, I would certainly like to learn more about your trading style.