Okay, I started this thread on 28-July-2013 which was over ten (10) years ago and I became a member of the FPA on Jan 16-Jan-2010 which was just a couple of months when I stumbled upon the forex market and started drabbling on it. My forex journey has been a challenge with more than I can remember very dead trading accounts littered along the road. I could never become a full time Forex Trader as I carry out construction project works for the Oil & Gas industry and, often times, I just didn't have or take the necessary time to properly analyze market to make good trades and instead made trades based on economic & geopolitical news that happens my way. Most times a lot of my daily/weekly trades were made on the fly (a hope and a prayer kinda thing) or reading and following dependable Analyst like Sive Morten here at the FPA.
However, even though I still cannot be a full time Forex Trader quite yet, I am happy to be able to say that I have been consistently making money from the forex market. After all these years, I have learned that patience, disciple, self-honesty are the three most crucial factors that contribute either success or failure in trading the forex market.
For those starting out on the forex journey, my advice is to treat your trading account like you would an investment account. Do not try to turn your US$100 into US$1m in matter of months because, though that’s theoretically possible, the more likelihood will be in blowing that account in no time. Use money to make money which is to say you need to have a well-funded account. I would personally recommend a US$5,000 start-up trading account and gradually, through the months & years, add more money into it. Of course the obvious thing is to select a very well trusted forex Broker which means taking the time to do your research. I will not name my forex Brokers here (they will need to pay me to do that), but I would stay way away from manipulating Brokers like, on the top of my black book, I-See-Bucketshop.
Just consider what your US$5,000 can do for you over a period of time as tabulated below:
I do not calculate by pips but in monetary daily gains. In all honesty, is it really that difficult to make US$5 or even US$50 daily? A quick carefully picked scalp can easily net these profits. As I have already emphasized above, patience and disciple are critical criteria for success and being brutally honest with yourself over how you trade is also very important.
Over the course of the weeks or months ahead, and time permitting, I might even post one or two of my actual live trading accounts here just to showcase what I am writing about.
Cheers and all the best!