if you know what you are doing , full lots , if you dont know what you are doing , put the 10,000 under your matteress unitl you do ., This is not betting sports , forex is you verse the central banks of the world.. it is not a joke ,, money moves very fast ... It is not out of reach to make 400 a day and more ... But that takes long hours of charting and a nice roll... And you know what else it takes???
BRASS BALLS>>>
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Quote Originally Posted by rvolpe21:
how about with 10k whats reasonable?
if you know what you are doing , full lots , if you dont know what you are doing , put the 10,000 under your matteress unitl you do ., This is not betting sports , forex is you verse the central banks of the world.. it is not a joke ,, money moves very fast ... It is not out of reach to make 400 a day and more ... But that takes long hours of charting and a nice roll... And you know what else it takes???
Most places will let you have a "paper trading account". I traded fake money for 2 years while I learned. I traded 1-3 mini lots for another 4years. Even now I rarely trade over 5 minis. Jumping in off the street and trading full lots is a surefire way to lose a lot of money. I have seen it time and time again.
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Most places will let you have a "paper trading account". I traded fake money for 2 years while I learned. I traded 1-3 mini lots for another 4years. Even now I rarely trade over 5 minis. Jumping in off the street and trading full lots is a surefire way to lose a lot of money. I have seen it time and time again.
KP, Thanks for offering up a lot of good info. I'm fairly well versed trading options but have been looking to get my feet wet in forex. I know there is a steep learning curve, and I would not just jump in blindly. Any recommendations for reading material, websites, etc.? Realistically I could allocate about $2K-$10K, any insight as to a good starting point? What is your time commitment on average per day/week?
Thanks in advance.
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KP, Thanks for offering up a lot of good info. I'm fairly well versed trading options but have been looking to get my feet wet in forex. I know there is a steep learning curve, and I would not just jump in blindly. Any recommendations for reading material, websites, etc.? Realistically I could allocate about $2K-$10K, any insight as to a good starting point? What is your time commitment on average per day/week?
Best Beginners book in understanding the Forex Market https://www.amazon.com/Day-Trading-Swing-Currency-Market/dp/0470377364/ref=la_B001JSJPP8_1_1?s=books&ie=UTF8&qid=1391649331&sr=1-1
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Best Beginners book in understanding the Forex Market https://www.amazon.com/Day-Trading-Swing-Currency-Market/dp/0470377364/ref=la_B001JSJPP8_1_1?s=books&ie=UTF8&qid=1391649331&sr=1-1
Rvolpe21 Start a micro account with $500 and trade for .10 a pip You'll get a feel for it and action without risking your wad...new traders often go crazy buy/selling multiple lots, start slow you have some pretty good traders here to guide you along..GL Wall and Rick hows it going fellas??!!Good to see forex threads alive and kicking
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Rvolpe21 Start a micro account with $500 and trade for .10 a pip You'll get a feel for it and action without risking your wad...new traders often go crazy buy/selling multiple lots, start slow you have some pretty good traders here to guide you along..GL Wall and Rick hows it going fellas??!!Good to see forex threads alive and kicking
Good call man. When I first started I started with about 1,800 and blew up my account in about 2 weeks.
My advice is to make easy to adhere to rules for trading that you will never deviate from. I am in the middle of refining my latest "method" that I will post after I test it (100 trades).
You are on a gambling board.
For me gambling on trades was something I had to overcome. The need for action will blind you to your greater objective of making $.
Proper money management, using stops, and knowing when to take profits is key.
As a gambler I let wayyyyyy to many winning trades "roll" until they were nothing or even losses.
Understanding the markets will take a lifetime.
Understanding yourself needs to take place much much sooner if you want to be successful.
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Good call man. When I first started I started with about 1,800 and blew up my account in about 2 weeks.
My advice is to make easy to adhere to rules for trading that you will never deviate from. I am in the middle of refining my latest "method" that I will post after I test it (100 trades).
You are on a gambling board.
For me gambling on trades was something I had to overcome. The need for action will blind you to your greater objective of making $.
Proper money management, using stops, and knowing when to take profits is key.
As a gambler I let wayyyyyy to many winning trades "roll" until they were nothing or even losses.
Understanding the markets will take a lifetime.
Understanding yourself needs to take place much much sooner if you want to be successful.
Good call man. When I first started I started with about 1,800 and blew up my account in about 2 weeks.
My advice is to make easy to adhere to rules for trading that you will never deviate from. I am in the middle of refining my latest "method" that I will post after I test it (100 trades).
You are on a gambling board.
For me gambling on trades was something I had to overcome. The need for action will blind you to your greater objective of making $.
Proper money management, using stops, and knowing when to take profits is key.
As a gambler I let wayyyyyy to many winning trades "roll" until they were nothing or even losses.
Understanding the markets will take a lifetime.
Understanding yourself needs to take place much much sooner if you want to be successful.
0
Quote Originally Posted by rick3117:
Good call man. When I first started I started with about 1,800 and blew up my account in about 2 weeks.
My advice is to make easy to adhere to rules for trading that you will never deviate from. I am in the middle of refining my latest "method" that I will post after I test it (100 trades).
You are on a gambling board.
For me gambling on trades was something I had to overcome. The need for action will blind you to your greater objective of making $.
Proper money management, using stops, and knowing when to take profits is key.
As a gambler I let wayyyyyy to many winning trades "roll" until they were nothing or even losses.
Understanding the markets will take a lifetime.
Understanding yourself needs to take place much much sooner if you want to be successful.
Gambling can be utilized as a positive just as it can be a negative.
The concepts of money management and not chasing losing bets is pretty key in the Forex world.
If you have ever been on "tilt" playing poker, you can recognize it and guard against it.
Honestly it took me years before I was able to step away from the charts and not follow bad money.
I had to institute a rule for a while that I can not trade the same pair 2 times in a 12 hour window.
I would get in using my indicators then the trend would break down, and I would reverse the direction of my trade in an attempt to get back some losses. This is the single worst thing you can do in the FX market.
0
Gambling can be utilized as a positive just as it can be a negative.
The concepts of money management and not chasing losing bets is pretty key in the Forex world.
If you have ever been on "tilt" playing poker, you can recognize it and guard against it.
Honestly it took me years before I was able to step away from the charts and not follow bad money.
I had to institute a rule for a while that I can not trade the same pair 2 times in a 12 hour window.
I would get in using my indicators then the trend would break down, and I would reverse the direction of my trade in an attempt to get back some losses. This is the single worst thing you can do in the FX market.
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