Relative newbie

[BenjaminSzucs]

I have dabble with spreadbetting forex but have only lost money on it. What am I doing wrong?

 

[Paulie_5]

For starters - do you have a trading plan ?

 

[pmccandless]

Now thats a million-dollar question if I ever heard one! Tell us your background and experience. Maybe some of us can help point you in the right direction...

 

[maiden22]

"Having a dabble" is the first thing you're doing wrong.

 

[timsk]

Hi Ben,
Welcome to T2W!
If you've not yet done so, I suggest that you read, mark, learn and inwardly digest the Essentials Of First Steps Sticky. It's written specifically for members such as your good self! Come back with any questions you may have and I - and others - will do our best to help.
Tim.

 

[plamar]

and tell us what exactly mistake did you make?

 

[BenjaminSzucs]

and tell us what exactly mistake did you make?

I think the mistake I made was trying to predict where it would go and getting it wrong. I read stuff on technical analysis and thought I could profit based on what I learnt. I looked at the charts, looking for the trend on making decisions based on that. Maybe I didn't do enough market analysis, I think maybe this was the first big error that I made.

 

[plamar]

I think the mistake I made was trying to predict where it would go and getting it wrong. I read stuff on technical analysis and thought I could profit based on what I learnt. I looked at the charts, looking for the trend on making decisions based on that. Maybe I didn't do enough market analysis, I think maybe this was the first big error that I made.

I bet everyone here made such mistakes. It is just the lack of experience. maybe you should start using any forex robot?

 

[convertyourbond]

Try playing poker first and really think about what you are doing, ie set some rules, calculate pot odds for EV. Playing poker has really helped me get my head around the key principles of:

-accepting when you made a mistake
-accepting when you made the right call but did not get the right result
-risk management
-accepting the fact that you will lose, it is inevitable.

While doing this just keep reading up on trading until you feel you have developed a plan that works for you.

 

[BenjaminSzucs]

i bet everyone here made such mistakes. It is just the lack of experience. Maybe you should start using any forex robot?

do forex robots work?