How many of us will succeed in Forex?

Hi every,

Yeah Edward, first and foremost, how creative your site, well done. I started live trading (forex and derivatives) just after my second week of learning basic fundamental and technical analysis which make up 75% of my decision strategy and 25% make up my gut. Now, here is a very important point for anyone who would love to be successful in trading:

1. Have passion for trading and not just making money!
2. Believe that even the very best guys out there make losses, so you are not exceptional
3. Never give up! be a strong man with strong appetite for risk
4. Learn from your mistake that you're naturally bound to make (Nobody has ever won consistently!!!)
5. Know the fundamentals and technical analysis very well, and have your eyes on economics calendar every day
6. Always seek expert adviser whenever necessary
7. Have a plan (possible target) that you would want to achieve and never take your eyes off that target no matter what!
8. Listen more to unsuccessful traders story and compare your experience.
9. Find out what sort of questions BIG GUYZ ( I mean expert trader ask their peers)
10. Believe that trading is part of you and NO ONE can take that from you (not even HFT's)
11. Don't allow your emotions get the best out of you.

Now, I have lost more than my initial investment and profits all add together and I have enjoy the opportunity of working with a highly experience trader from wall street new york, believe me the day I lost $500 same day he lost $4500. A good lesson to learn that no one should tell you that you can always win with certain strategy consistently, you must be dynamic in your approach it simple art not science get that guyz!

I have learned the following...

TO BE A SUCCESSFUL TRADER, YOU MUST BE NOTHING BUT PATIENT!!! PATIENT!!! CALM DOWN! RELAX YOUR MIND AND SMILE EVEN WHEN YOU'RE LOSING, THAT IS PART OF THE GAME. NEVER BE GREEEEEEEEEEEDY, TAKE LITTLE AND LEAVE REST FOR OTHERS...FX OPEN 24 HRS, YOU CAN COME BACK OTHER TIMES AND WIN MORE. FINALLY WHENEVER YOU'RE TRADING ENVISAGE THE FORCES THAT CAN BRING YOU DOWN IF THAT LOOK POSSIBLE DONT DO THAT TRADE BECAUSE IT IS TRUE THAT THOSE FORCES TRUELY WILL BRING YOU DOWN AND ALWAYS WATCH THE BIG MOVES WITHOUT YOURSELF GETTING INVOLVE AND SEE HOW IT END, SURE ONE DAY YOU WILL ENJOY ONE YOURSELF. EVERYONE ENJOY TRADING.

Very special thank to Edward.

Abu

Hi Jeff,

yes, on Demo you're trading the same charts, the same market as live account traders do.
(Well, if to set a goal to find any differences, you might have less slippage, fewer delays and re-quotes while you're demoing it, but in general - it is the same.)

The challenge is to mentally switch from trading with virtual money to trading with real money. You may discover many new things about yourself, a new personality, so to speak, when you start trading live for the first time; quite often, all of a sudden, this becomes your prime challenge - to deal with emotions, excitements, fears etc in order to achieve any trading goals.

Best regards,
Edward

Hi,
I am very new to this. I lost all my demo account 7 months ago. Set it down and now have picked it up again as winter is a slow time for my business. From the article, I think there's a hint there I'm not clued into. With a demo account am I seeing the same charts, prices and price movement that I would if I were trading the real Forex market?

Appreciating this site,
Jeff

Esta página es excelente. Muchas gracias

I am new to Forex. I have been devouring books and articles like your here. I had already decided that I would not open a live account at least by the 6 month line but with the caveat that I need to have more wins than losses on my demo account (2:1) regardless of the amount of the profit or loss.

I am already on my 2nd month and although I have a profit in my demo account, I have more losses than wins (5:7). I continue to research and understand the strategies that are listed on this site. I am only focusing on one currency pair (EUR/USD). As I improve and gain greater confidence and knowledge, I'll start to look at the other pairs that make up the "FAB Five".

I am in no rush to lose the money I am going to invest with. I fully understand about the risk involved but I am learning to manage it and have started to see the rewards in that. I plan on being here a long time.

Happy Trading!
Vince

Hi Shashank,
It could be possible with some of the largest Forex brokers in the world, although I don't know which ones exactly might have this option, but also as well with your local brokers.

Best regards,
Edward

Hello!
I am new in forex and wants to use your demo account and have a question regarding this.
Can we choose a INR(indian rupee) in the account currency.

Shashank Goyal
India

i disagree on the fact that you have to be trading demo on long term basis to actually make profit on forex. say if you are scaling the trends withing hours or days, you wouldnt really need too much demo time to be good at it. especially if your targets are within 15 to 200 pips.

At this level you would need a good understanding of trending patterns and also know how the market would react to say predicted results and the actual results. This does come from long term experience but can be easily learnt over by studying the stats and learning how to cope. Ive seen that even of you cannot rightly predict how a market reacts to fundamenntals, its an even game if you trade bothways with adequate stoplosses, so that the wrong trade will cancel out and you would end up sitting on profit either way.

I certainly do agree that mastering your emotions is key to success in both term long term and short term trades, but its a totally different story when you swith from demo to real. You have a hightened sense of doubt or fear in trading real, that is merely shrugged off if you are trading Demo. So I think experience as Real trading is as important as the amount of time you put into demo trading which I believe is just a good way to test your strategies than to actually learn what it is to trade real.

Ok, here it is the truth about Forex (or trading in general). The market is TOTALLY random, therefore it is IMPOSSIBLE to be consistently proficient. Over time, no matter what strategy you use, you'll lose money, and your money goes to the pocket of your broker. If the market had some degrees of predictability, then one would learn how to make money out of it, since there is NONE, it's like gambling. In other words, if you go to the casino, you have the same chance to win or lose. The 5 % of winners simply doesn't exist...never existed, and never will! I'll give you a perfect analogy with the world of sport. Experts know that it's impossible to develop big muscles or run 100 meters in less than 9 seconds without steroids. However, there are testimonials (the ones who are not caught at the doping test, which is a true farce) who swear that they did it. They are simply paid off to lie to the public, so the dream can continue.
The market is the same. If you're thinking of investing your real money, do it, but just for the fun and the excitement, NEVER hope that you'll make any money out of it, if not out of pure luck. If you disagree, you can contact me at pier_international(at)yahoo.com
Good trades to everybody

Thank you, Karl

I'm very glad you like the website. I'm pleased to have such readers as you too.
Learning and practicing is the key in Forex.
Happy trading!

Regards,
Edward

Hi Edward

First, let me repeat what you have heard a million times - What a great site this is. I have been doing so much research online and 99% of the time the info is useless or results in a long winded load of rubbish that culminates in someone trying to sell you some get rich quick system or book or robot.

This site is the best I have found so far.

I started trading on a demo account a while ago without knowing much just trading "by seat of my pants" style. I started with a $50 000 account where I lost $25 000 in a couple of hours then over the next day I went up to $131 000!!! You can imagine what was going through my mind. Obviously I was thinking THIS IS DEFINETLY FOR ME.

I decided to close that account and open another demo with a more reasonable starting point ($1000) that I would be using if I were to open a live account. Needless to say I am now finding there is more to trading forex than first meets the eye!

I am now at a stage where I feel the more you know the more you realise you don't know. I also go through stages where I feel really positive about the potential of trading and stages where it really looks like glorified gambling.

I am currently experimenting with the basic strategy #1(EMA10-25-50) to start with. I am struggling with it because its hard to judge where to put a stop loss. On the face of the strategy looking in the past, it seems to work most of the time. All too often I hit my stop loss due to a price change soon after placing the trade although the predicted overall trend does continue as expected. The other question is will the price actually go up or down enough to make a profit. Please excuse my newb thoughts!

Thanks again for a great site.

Karl

the most patient and well-self-controlled will succeed in forex... i think.

-leto

Hi Charles,

I don't mean to discourage you from trying it sooner. In fact, real trading experience is invaluable, it provides a good road map for future studies.
Trying with a mini investment (which you can afford to lose) won't hurt, especially if your trade profitably on demo and feel ready.
The bottom line is, no matter how you plan to get your trading experience: by studying longer or by diving into live trading, just do it wisely: for now set a goal to learn, not to earn. I haven't seen anyone making a fortune from his first live account immediately.

Happy trading!
Edward

what about some one who study and demo trade for just one month and he is making a good profit? well to me, one year is too much of a time. Charles (Nigeria)

what if i study fx trading and latter make a live account and still fail?
well i have plan to demo trade for just one month. Charles (nigeria)