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Advice to new beginners.

Discussion in 'Beginners Bootcamp' started by FloridaForex, Dec 16, 2007.

  1. FloridaForex

    FloridaForex Private

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    Hello there. I am a new user here but have some postings in the trade journals section. I am posting this here to give some adivce to new traders:

    Hello beginner's its true that in Forex you can make some serious money. The success stories you heard are 50% accurate. I got in to forex when a friend of mine told me about it almost 5 years ago. I bought some books and started to read. Then went online did some research and everything looked pretty exciting to me. I went in opened a demo account and started pressing buy and sell buttons and guess what happend... i made money and the excitement went up... well... 2 more days went and i lost 40% of the money in my demo account.... few more weeks and i went to $400 balance from a starting initial balance of $40,000 :) i became so discouraged and got out of forex...as I thought it was nothing but Gamble. Few more weeks went by and I started to remember the first few days when I made a lot of money in my demo and I started to remember how excited I was how happy I was and guess what happend??? yes i went back in Forex with a new demo account and this time before i took a trade i took time and studied and at the same time I started to do more research on how the forex market moves. In the weekdays I use to trade demo and in the weekends I use to go back in my charts and look at the losing trades I had. ...... well to make the long story short.... (hope I am not boring u).... i traded demo for a complete 4 years... that is rite... for 4 years before I went in my live account. I have two live accounts now and I have developed a trade plan that suits my trading style. Dont get me wrong I still lose sometimes but my profits are well over my losses alomst 80% wins / 20% losses.

    You can do the same ! dont get excited and start loosing money in your live account. Trade the Demo's atleast for a good 6 months and keep a percentage of your wins / losses. Keep a journal (record) of your losing trades and spend time to see why you lost??? Remember Forex can give you financial freedom. There is a huge risk but there is a huge reward also?? where else can you make $2000 with in a few minutes???

    I had a fulltime business which I closed down. I make more money in Forex that I have ever made. I live the life I only dreamed of in the past. You can do the same.... I am not bragging about who I am.... I am only trying to give you courage.... If I am doing it... and so are many others... you can definately do it...

    I am not here to promote a website or give buy / sell signals. So please dont think anything negative. I am here to say ... there is HOPE :)

    Good to All and Merry Christmas :)
     
  2. ____________

    ____________ Private

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    I started just like you, last year playing in demo, and after losing lot of the demo money I go out of forex because I needed the time to do other stuff that gives me money. Now I've started all over again, I "formatted my brain" and started learning everything I can about how the market works and what makes the price to move, today after a couple of months of reading books and charts I'm developing a plan and a strategy, I hope to get in the market between july and december 2008 :)
    don't remember what i was trying to say, anyway thnkx for the experience, I love to read REAL fx success stories not those sales pitchs lol
     
    #2 ____________, Dec 17, 2007
    Last edited: Sep 12, 2011
  3. zrashidin

    zrashidin Recruit

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    Thank you for your input FloridaForex

    Thank for your input FlFx.
    Indeed a good advise to those new in forex trading!!
    I still remembered one of my successful trader friend told me : He said " Most traders are like those who go to casino.They win if they are right. While the wiser traders are just like casino owner who wins most of the time. He said there are few loses, however, the gains more than compensate the loses."
    The message here is that , the fund is run like a business rather than betting on the direction of the market. We do not have to be right to win so long as we are not completely wrong.
    The only key to this my friends, is through solid knowledge with proper forex education and lots of practices.
     
  4. Lhar_fpa

    Lhar_fpa Private, 1st Class

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    That's a good story of your's floridaforex, but how come you demo for 4 years? That's a very long years to learn from a demo. By the way, how much is your starting trade?
     
  5. trader545

    trader545 Recruit

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    Advise

    Hello everyone!

    I can give you advice how to choose a broker.

    The specific parameters that one should look on before choosing a broker is:

    1. Reputation in the financial market.
    2. Certification and regulation.
    3. Spread charged
    4. Facilities provided like daily updates, recommendations, mobile trading, pone trading etc.
    5. Customer care support
    6. hidden cost if involved
    7. User friendly platform etc.

    A good forex broker should be always reliable and efficient.

    And of course, first try on demo account. If it is a success, then you may try with the real money!

    Hope it helped!
     
  6. Alex-the-Gr8

    Alex-the-Gr8 Private

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    Thoughts on Gold today?

    What are your thoughts on XAU? Love to hear. Thanks! Alex
     
  7. vans22

    vans22 Private, 1st Class

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    Hello FloridaForex !

    I just read your post here on this thread. I am currently doing my own study as to how to do forex trading effectively before I actually trade live accounts and thank you very much for that inspiring post you got there. I'm sure traders who are loosing lately and have been wanting to quit are now having second thoughts if they are going to quit or not. Good luck and Happy pips!;)
     
  8. Lhar_fpa

    Lhar_fpa Private, 1st Class

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    I am 100% agree with what you have said trader545. It's good to check broker's background before engaging yourself with them.
     
  9. Shuvalov

    Shuvalov LiteForex Representative

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    I suggest one more parameter - minimal amount of deposit. Many companies offer lite types of accounts.
     
  10. Agent86

    Agent86 Sergeant

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    Nice post

    Nice post this is all good advise

    I too learned and traded 3 years in a demo to prove my track record and status before I invest my hard earned cash.

    Nice lesson of patience.
     

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