How many of us will succeed in Forex?

Hi, I have been trading for a little while now and have been told by others I use the waterfall strategy - but I can't find information on what that strategy is to compare to how I trade

Like you said there are exceptions. After a month and a half of demo trading and continuous studying, I finally opened a real account. It was very successful. I opened an account with $1,500 and averaged about a $1000 per week.

VERY GOOD

Thaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaanks

Just a comment: I use a 6 by 6 by 6 program. I have a s/l at 6; profit at 6 and a hold no longer that 6 minutes. I started using this with a very small pip value and as time went by I increased my pip value.
I use a 5m chart with no indicators.....only look for a pivot candle, meaning the highest or lowest of a three candle grouping.
Best trading to everyone.

:D nice

thnx

Excellent space for new trader comments Ed.
It is definitely different "passion" in a demo vs live account.
I just opened a live account and after struggling between loosing and winning (a little luck, a little bad luck)...i entered a streak of loosing trades. I was using range trading but my entry order was being just triggered by a high spike and then went back for a losing trade...The micro account does not allow me to put a stop loss in an entry order, so sometimes while leaving it open i suffered a big loss overnight,
I decided to stop and take a step back and go back to strategy planning.
I was only looking to 1 min, 5 min and 30 min charts. Now I know to look the larger picture to have a better trading (daily chart).
Now it is getting better, little by little. With patience. Trading only 3 to 5 lots per trade.
HAppy trading to all ! Luis

I have completed 1 month with my demo account and i feel now m ready to do some real trading...

If you have huge money and you are thinking of becoming trader, belive me you can compair yourself with suicide bomber. You have huge ammunition and a trigger.

For you to become a conquror , you not only need ammunition but you also need to have proper training , constant practise untill you become perfect, you need a good mentor, good stategies, dicipline.

i will also advice to have some other source of income also at least for first 3 years untill you start earnigng consitantly from Forex trading.

good luck.
Deo

Another lesson...

Short term trading is more trading and less analysis.

Long term (Timeframe) trading is more anlysis and less trading.

There are less sucessful short term traders than long term one.

Trading has to be done in relax mode.. and not sitting infront of screen for 12 hours and get stressed out. Better study for 12 hours and take few trades.

regards,
Deo

Dear Edward.
Thanks for this site and this section is incredible.
I want to share my experience. I am full time trader since one year and incurred immense losses. I read lot of books , stategies and still reading.
Every experience is new and you have to pay for it.
I started with live account intially. I only new two buttons BUY and SELL.
I was trading stocks. Blown up account in one week. It was very big account actually.

Then I thought let me give the money to professionals who charge for making huge profit. I choose the best available treader who also wrote couple of books.
In 9 months I lost 30 percent of my huge capital. That guy never followed simple basic rules like stop loss and position sizing. The leson here is , even if you are sucessfull after 10 years of expereince , you have full potential to fail , even get bankrupt if you play with those money management rules. There are stories when big sucessfull tradred went bankrupt. I am not scaring newbees but just want to request to be really strict with money management and emotions.

AND MOST IMPORTANT THING.
The learining curve is very loooooong. You learn new things every day.
BUT EVERY NEW IDEA IS A POTENTIAL LOSS. SO BE CAREFUL.

IT TAKES TIME TO BE SUCESSFULL. And 3 years is resonable and must.

Those who are reading , please take serious note of this , please remember you have family to feed.

Kind Regards,
Deo

Thank you for your wonderful advice Edward :-)

I wish I had read it before I lost 80% of all the money I had saved up over the last 25 years :-(

Guys take his advice, it is well worth it. Practice, study, practice, study, practice and then practice some more.

Don't get greedy, don't leave positions open without any stop losses, don't keep widening your stop losses, do put in limits to close out your postions whilst your in profit. Making no money or very little money is so much better than losing a fortune.

Use demo accounts, and when you start a live account, bet very very little at all, until you are consistently making some money.

Don't blame the brokers, don't blame the hedge-fund managers, don't blame anyone but yourself if you don't follow Edward's top-notch advice.

Take care with your hard-earned money; it took me 25 years of hard labour to earn it, but I lost it in just 6 weeks

Great summary, great advice!

Thank you, Abu.

Best regards,
Edward

Well done Edwards.!!