I am not rich ! do I have a place in trading?

[melaniehamilton]

Today people want to learn how to trade forex are lucky the availability and accessibility of information through online resources. The forex market is for everyone, without exception.

 

[daytrader221]

I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.

First point, I watched Bill Gates recently talk about success having something related to not being afraid to fail.

Second point, being rich doesnt make a trader... a trader could be a poor guy using other peoples money to make profits for them while taking a slice. There are many people out there doing this thing. They have to be good at selling themselves and their ideas to get people to invest.

 

[robertofx]

Get a job instead of seeking riches via trading.That way you save up a pot to try trading in a few years time, in the meantime demo trade.

Sounds about right. This is what I am doing at the moment

 

[rrayne20009]

Forex is not only for rich peoples its for everyone.Forex isn't gambling it is a business of hardwork and patience in learning skills to be successful.You can actually start forex trading with a small amount like $100 or even lower and profit from it.But of course,you need knowledge and skill to profit.

 

[annedre]

Forex trading is for everyone.. It doesn't matter if you were born rich or poor.

 

[CherryP]

Hi

I would agree with the above posts that is a lot to do with psychology. Anyone can start trading even with small amounts . a lot is having the confidence and understanding to pick the right trades. Take baby steps to begin with . Don't trade money you can't afford to loose and trade a practice account in for a while till you feel more confident then you won't loose any money. Read books on investing in shares to start you off a number of them talk about physiology as well as techniques for learning what shares to trade in . At the end of the day you will loose money on some shares the key is to build a portfolio of shares so that overall you have more shares making money than those loosing. That way you overall portfolio of shares keeps growing.

Good luck

 

[robertofx]

I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.

Don't give up mate. Learn Learn. Then you can get some place

 

[Billy Gates]

I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.

You shouldn't even start thinking about it while you have the fear that you will fail. Work on your fears and then decide.

 

[TraderRod]

I have not been following this thread. So if this has already been mentioned you must forgive me!

Anyone wanting to get into trading, they must not start it with real money at first - pick up one or two instruments that you have a real liking for and follow their price movements for many weeks (yes, many weeks or even longer - the longer the better normally) -

If it's forex you want to trade, pick up your own country's currency and watch its price movements and its macro economics against the USD.

Get yourself a demo account and start testing out as many indicators as you can until you find an indicator that would make your trading successful - if you cannot do this then doesn't matter how much capital you have at your disposal, you will end up losing it all for sure.

It may take you 2 years or even longer to really come up with a working strategy but it will be well worth your efforts - don't forget to become a practicing good Doctor, one would need to spend at least another 10 years after the high school to really learn one's craft. So why would anyone expect to become a good trader who can earn many times more than a Doctor overnight?

There are some people who say trading with a demo account is not the same as trading with real money but I tend to disagree, if you could really make yourself believe that every penny you lose from your demo account is like real money. This latter is the main decider in your future success.

 

[spreader_legger]

Yeah ... Those negative nellies have a point . 80% of all endeavours
Are paychological, so it's important to get that sorted first of all
I am more confident than most of these idiots. You have the ability to
Change and make this a success.

P.S this is not the best forum around for encouragement.

 

[com37]

A couple of points

1. You don’t need lots of cash to start trading, profits and losses are all relative to what you start with.
2. You will lose trades, no-one ever wins every trade – fact! The idea is you win more than you lose, which will be helped by your risk/reward strategy
3. If you don’t try you will never know how good/bad you are.
4. Don’t risk cash you can’t afford to lose. I.e. don’t go hungry for the sake of a trade!

Good luck

Thank youu...I am newbie here..thank you for good suggestion

 

[forexjudge]

I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.

You can only start forex with what you can afford to lose. If you are scared of losing, then I am sure this business is not for you, because losing is common here. What makes a real trader is the ability to maximize profit and minimize loss.

 

[neil]

dream peddlers

My opinion is that you should look for a good broker first and start practicing demo in order to get good experience about forex market because forex is not a one day something. Iike when i started with my broker profiforex, I was able start with micro account with just the deposit of $1 since there was no much fund then. I wish you good luck in forex!

Hang on - you are a TRADING SYSTEM Vendor - you have a VENDOR BADGE that states that. Yet you are obviously a beginner since you state you have a Micro account opened with one Dollar !! Who would buy a sytem from a "trader" whose experience is suspect, who trades in micro amounts (rhetorical question)?
Mods should look at this poster.

 

[nunrgguy]

You can only start forex with what you can afford to lose. If you are scared of losing, then I am sure this business is not for you, because losing is common here. What makes a real trader is the ability to maximize profit and minimize loss.

Forex trading is for everyone. Your bucket shop will gladly take all your deposit, however small

 

[nunrgguy]

Seriously though, shove £500 in a micro account. Trade tiny amounts and see if it's for you after you've blown up in a year or two.
This will teach you what's involved, the amount of time and energy involved and how long it really takes.


If you don't blow up,consider upping your size a bit.....but we're getting into fantasy land here.

 

[OrderFlowDashPro]

Honestly, I can't recommend anyone to go into trading. There are very few opportunities. If you look at most other careers, there are real opportunities. Why then did I build a business around supporting traders? Because some of us, feel a strong motivation to do what we are best at, almost like a responsibility.

Absolutely having more capital will dramatically increase your probability of survival, it is just the way the game is. However, it is not sufficient to guarantee success as some "rich" traders tend to develop bad habits as greed takes over. People tend to compare what they can get based on what they have. The concept is the utility value of money -- meaning that the more you have the more you need to make a difference.

I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.

 

[frank1212]

follow a great service...i was in the same position as you are not long ago i turned 10k account into 70k in my first year following optionscholar.com. Not huge money but enough for my lifestyle and nothing beats working from anywhere I want. I set myself at a stop loss...said to myself if i lose 1k I'm done...great thing about these guys is that they don't lose much so luckily I was never down. very consistent. Goodluck!

 

[csc2009]

''I am just thinking I dont have that much to spend in trading yet I have the courage to try. I am just afraid I'd fail.''

My advice is don't do it if you are afraid, because nobody always win, you will lose you will win, the point is you win more than you lose.

 

[FXLord]

If you are a beginner in Forex trading, your account risk should be as small as possible. The main reason for smaller accounts for beginners is not that they cant trade and shouldn’t risk money in Forex trading, but this is because beginners do not have enough statistics on their system or trading method to optimize your account risk per trade. You don’t know how often you lose, how big your drawdowns are, your longest losing streaks, etc.After you have gathered enough information about your trading (i suggest a year’s worth of trading), then you can begin to adjust your account risk per trade to your risk comfort level.

 

[csc2009]

Don't let the emotions of greed, fear and hope dictate your trading activity. Confidence, trading plan and education (babypips is good) will help you!