Start learning by trading live, this is the only way that counts. I am not a believer in trading demo accounts too long . Demo accounts might be good for to get to know the platform better and maybe sometimes for testing your strategy. CFDs (taxable though as well as deductible) with MT4 platform micro lots is not a bad choice, and by trading micro lots you get the feel of the emotional level of trading, when real money is at stake. You don't stand to lose much with this kind of low stake. Increase your stake as your learning curve improves.
Advice please!
- Thread starter boxersam123
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N Rothschild
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absolute minimum would be 3 years of learning fulltime and practicing...
N Rothschild
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N Rothschild
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well what ever it takes a while is what im getting at, some people will progress faster than others..took me about 2 years
It took me a few years to realise these points. Its not you against the market its you against yourself, yes you are your biggest nightmare. You are in complete control, the market is just there. You decide what to trade, when to take that trade, what your win will be, what your loss will be. You'll think the market knows your every trade because it will take your stop then move to your profit target. It will move to just shy of your profit target and will then move to take your stop. Trading is the biggest mind f**k you'll ever meet but with experience you might over come what others cannot. You have to be focused and disciplined at all times, you need a well thought out trading plan if you are to attain long term success. ITS NOT EASY
What you and every trader is looking for is a consistant return from your trades. How you build that
consistant approach is up to you, but you build it, you cant buy it!!! Its learned through many many mistakes, years of them infact.
As a person how will you handle failure? will you give up after 6 months of crap returns? because thats whats going to happen. People here say dont risk too much to begin with, I dont aggree with that, you need to learn how dangerous these markets are and to do thatyou need to lose money. So when you think you have figured enough out to trade, go trade it with reasonable money and watch in horror when you discover the emotions of trading. Without that proper risk of loss, you wont discover these emotions.I'm not saying bet the farm but give it a go with a decent level of risk.
Trading for me has these equall parts which you will have to learn and discover.
Money management (your risk capital/risk per trade/draw down limit)
Trading psychology (dealing with lossing trades/emotions/understanding)
Trade setup (what kind of setup you'll be taking/stop loss/profit targets)
Trade managment (is it taking too long to move/adjusting stops)
Trading is really enjoyable but only after you gain consistancy. Its a bitch to learn but well worth
the effort. Good luck!!!
What you and every trader is looking for is a consistant return from your trades. How you build that
consistant approach is up to you, but you build it, you cant buy it!!! Its learned through many many mistakes, years of them infact.
As a person how will you handle failure? will you give up after 6 months of crap returns? because thats whats going to happen. People here say dont risk too much to begin with, I dont aggree with that, you need to learn how dangerous these markets are and to do thatyou need to lose money. So when you think you have figured enough out to trade, go trade it with reasonable money and watch in horror when you discover the emotions of trading. Without that proper risk of loss, you wont discover these emotions.I'm not saying bet the farm but give it a go with a decent level of risk.
Trading for me has these equall parts which you will have to learn and discover.
Money management (your risk capital/risk per trade/draw down limit)
Trading psychology (dealing with lossing trades/emotions/understanding)
Trade setup (what kind of setup you'll be taking/stop loss/profit targets)
Trade managment (is it taking too long to move/adjusting stops)
Trading is really enjoyable but only after you gain consistancy. Its a bitch to learn but well worth
the effort. Good luck!!!
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montmorencyt2w
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Well, there is quite a useful site around somewhere (sorry I don't have the URL to hand and am too lazy to look it up at the moment) that compares SB firms. Included there is an interview with the head honcho or some senior figure with one firm (it's probably just as well that I can't remember 100% which) who said something like "In our first year, most of our customers won, so we had a bad year....".
Says it all really doesn't it?
Now, the $64,000 question in my mind is whether, people like FXCM and Prospreads, who offer a DMA platform in a SB wrapper ( or should that be a DMA-like platform?) really not care whether you win or lose? Or more precisely, is it not really in their interest for you to lose (because if you lose badly enough you will no longer be a client of theirs, whereas if you carry on, they will make money from the spread or effective commission)? FWIW, as I've mentioned before, Dirk Du Toit is as scathing about the average FX broker as a lot of people here are about SB firms. I'm trying to keep an open mind on all this, but I have read a few horror stories on 'tinternet. No names, obviously.