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Are you in a hurry to make money?

Discussion in 'Beginners Bootcamp' started by downtrend, Sep 21, 2016.

  1. nahiyar

    nahiyar Private, 1st Class

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    This excitement and quickness we all do as a beginner. Some experience tell us we should not think meaning fully. , trade management and organized behavior of trading need some practice and experience . Then certainly traer will praise these qualities that will help him in taking profit and doing less mistakes in trading.
     
  2. Notati

    Notati Recruit

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    Targeting to earn a lot of money is not such a bad idea. Unfortunatelly, FX market is functioning on two sides – up and down. This fact brings, at one point of time, all traders back into reali
     
  3. bigdolly

    bigdolly Sergeant Major

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    Haha, yes unless you find your market alpha, trading based on hunch, S/R lines and other approaches based on imagination or doomed to fail. That's why we have to improve our technical background if we want to trade in profit.
     
  4. EuroTrader

    EuroTrader Sergeant Major

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    The first mistake every new trader makes after coming to the live market is using high leverage that gives him chance to make big profits. He make some profits and want to increase profit exponentially and becomes a victim of forex doom cycle.
     
  5. Notati

    Notati Recruit

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    Everybody wish to get rich quick and earn big money and leave thier job. Market know what newbie trader want and what they learn/study. After in the market for long time a lot of trader know that importing are risk control, trade setup and maintain thier trading psychology and discipline.
     
  6. outofphase

    outofphase Private

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    The other mistake is opening an account with less that 1,000/USD. 1,000/USD means only trading micro-lots. And this is good enough for new traders who are doing ok on demo and now want to test the water with real money.

    Ideally, the minimum should be 10,000/USD, which means only mini-lots. That's how you manage risk properly.

    A 100,000/USD account means trading only 1 lot.

    So, obviously, there is not going to be any fast money with this sort of risk management.

    Of course, you can always use leverage and trade more than the above recommended size. Immediately, you are taking on more risk and if you lose, you will need to decrease your size, and it will now take more time just to get back to where you started from.

    So, either you hope to be lucky, or you have it all figured out to ensure a profitable win/loss ratio from day 1. If you are not sure you have it all figured out, then there's your answer: take on as little risk as possible.

    For those who don't get it yet, here is a clarification on what having figured it all out means, ie being so good, you know, but really KNOW what the market is going to do. Here is an interview of Stanley Druckenmiller. Druckenmiller was George Soros's partner when they took on the Bank of England and made $1 billion back in 1992. This is a guy who has been trading/investing for 40 years now, and 30 years in a row achieved 30% returns every year. Listen to what he has to say about his returns now. And listen to how he screwed up this year with his short SP500 trade and ask yourself: Do I know as much, am I as good as Druckenmiller, a guy with 40 years of experience in the markets?

    If yes, then great. Go open your hedge fund. But if the answer is no, I would recommend to all newbies to think hard and long about what taking risk means and how it should determine the size of your positions.

    Here's the interview: https://www.bloomberg.com/news/vide...y-stocks-bonds-trump-fed-full-interview-video .
     
  7. downtrend

    downtrend Sergeant

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    Guys please do not be in hurry to make money in forex market. I was testing a new strategy last week and went live on hurry and start of the the trading was bad. It resulted in losing trades and I have to take risk for recovering losses.
     
  8. Notati

    Notati Recruit

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    Forex trading is a business which demands patience on behalf of the trader. You can't expect things to go your way all the time. You need to look else where if you are looking to make quick cash. A lot of people have been left disappointed with the losses. Don't be one of them.
     
  9. Notati

    Notati Recruit

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    My favorite team is Chelsea F.C. I have been following it for many years now. The player that made me fall in love with the club was Didier Drogba. He is a legend in the football world. My favorite current player is Eden Hazard. We are lucky to see him in his prime. I hope that he stays for long in the club.
     
  10. Citaub

    Citaub Recruit

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    Anybody taking first steps on forex market should start with smaller amounts. I would not recommend leverage at the beginning. During time, when you learn how to manage risk and capital you can move to higher lots. But targeting high profits at the beginning, would not be very wise to do
     

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