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.
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 .