A small step into the unknown

[bsid90]

Hi there folks,

I've been perusing through this forum for a couple of months now drawing up my own strategy, carefully running through people's experiences and advice. I've been running a demo account for about 3/4 months now and am constantly finding excuses to stay there and not play with real money....but as my rugby coach always said, there's no training as good as playing the game.

I want to get into Forex firstly to give me some income boost but with the ultimate goal of breaking out of the usual method and spending the next 50 odd years making someone else some good money!

So I'm taking my first steps into it all, I've got my Fundamental Analysis time set aside in the mornings and evenings to help me understand the market a bit more and "hedge my bets" and my no more than 1% rule to keep me humble. Hopefully one day I'll be in a position to help out newbies the same way a lot of your advice has helped me!

Thanks all,

Ben

 

[Pharaoh]

It sounds like you're firmly headed in the right direction.

My personal suggestion to see if your system is ready to try live is to recalculate all your profits and losses as if you got 2 pips less profit (or 2 pips greater loss) on all trades and see if you still end up in profit. If so, the time may have arrived to try this in a very small live account.

 

[iMusingKiMi]

It sounds like you're firmly headed in the right direction.

My personal suggestion to see if your system is ready to try live is to recalculate all your profits and losses as if you got 2 pips less profit (or 2 pips greater loss) on all trades and see if you still end up in profit. If so, the time may have arrived to try this in a very small live account.

Yeah, I agree with Pharaoh.

If you think finally it is ready to go for live, start it with very small live account. Get use into it before going for larger account. If it is profitable strategy, no matter SMALL or LARGE account, it will still profitable. Doing step by step are much more better than going for big now. You will have fear if you take too large of step.

 

[workitout]

forex demo account and try out some demo trading will give you a good technical foundation on the mechanics of making forex trades and get used to using a trading platform. Demo account is the best way to learning without risk. In this case to learning about the trading sistem. But next step you also need learning and practicing for the psychology, so using a real account will be better. But make sure to make deposit in less margin.

 

[bsid90]

Hi Pharaoh,

Duly noted and to be checked this evening, thanks very much for the advice! Could be a bit close I think, in which case some more tweaking is in order.

I'm planning on starting my first account with about 10% of the money I have put aside for this, make sure the real world doesn't drag me in too quickly and make me lose my head.

 

[bsid90]

Thanks for the response and advice

I was looking at 10% of my overall money (I could replace it fairly quickly through my normal salary) to make sure I properly trial out my method and then also to make sure I don't out grow my own shoes and start getting ahead of myself.

I'm definitely aiming for a small account, I'd like to boost my income to begin with but the money will be put aside for when I feel truly confident to be trading and can open a larger account (I'm thinking a couple of years time or something of that ilk).

 

[bsid90]

forex demo account and try out some demo trading will give you a good technical foundation on the mechanics of making forex trades and get used to using a trading platform. Demo account is the best way to learning without risk. In this case to learning about the trading sistem. But next step you also need learning and practicing for the psychology, so using a real account will be better. But make sure to make deposit in less margin.

Thanks for the response!

I've had a few months using the demo account and am feeling fairly confident with it now, it certainly makes a lot more sense than when I first looked at it anyway!

Strategy wise it makes sense to me, analysing the news etc and seeing what is going on I actually find really interesting (enjoy it truth be told) but the psychology is the main thing I want to get a firm grasp on. If I can keep my "no more than 1%" rule in play and keep a smart head on my shoulders when reading the news etc I'm hoping it should be a fairly consistent start

 

[iMusingKiMi]

Choosing a broker also are important as well. If you have relatively spare money to work it out, let's assume you are depositing more than USD 1k, it is best to find higher reputation broker. Especially you can have a lot of better reputation broker if your deposit are more than USD 1k because usually higher reputation and safe broker have higher minimum deposit.

 

[robertrfx]

Choosing a broker also are important as well. If you have relatively spare money to work it out, let's assume you are depositing more than USD 1k, it is best to find higher reputation broker. Especially you can have a lot of better reputation broker if your deposit are more than USD 1k because usually higher reputation and safe broker have higher minimum deposit.

Can't use reputation word for brokers. There are reputed brokers due to advertising. I am not gonna mention their names. Forex Peace army broker reviews section is the best place imo to check before taking broker decision.

 

[iMusingKiMi]

Can't use reputation word for brokers. There are reputed brokers due to advertising. I am not gonna mention their names. Forex Peace army broker reviews section is the best place imo to check before taking broker decision.

I agree this. Especially I have seen these days, a lot of broker employing some forum poster to spam on well known forum such as FPA with some smart posting to avoid getting spammed cat from moderator. But some highly reputation bank or stand long broker don't do this. Plenty of them out there, but as I previous mentioned, they require higher deposit amount.