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FX trading shock for newbies

Discussion in 'General Forex Talk' started by Fxpooch, Mar 11, 2011.

  1. Fxpooch

    Fxpooch Recruit

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    Hi,

    i saw ur post on whirlpool forum about fx trading...I've recently opened up an account with FXCM after trading for couple of weeks in demo account.

    I got the confidence to trade after studying couple of books about it then earning 25K in just couple of weeks on FXCM's demo account.

    But unfortunately, i've lost all my money on FXCM's live account. And now after going thru numerous posts on internet about scams from FXCM and other brokering firms, i kind of see no point in trading any more.

    Just wanted to get your thoughts on it. Do you recommend any Fx firm in australia that is safe to deal with. Any tips will be helpful.

    Thanks in advance!!
     
  2. Albert.b

    Albert.b Sergeant

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    Pick the right trades Fxpooch and you won't lose all your money, unless the broker is a right crook and won't let you access your funds!

    Bad workers (traders) always blame their tools!

    I have this week, lost halve my money in my FXCM account!

    Do I blame them?

    No I don't, it was 100% due to me getting it wrong - period!

    My friend, if you can't stand the heat, get out of the kitchen!
     
  3. f-man

    f-man 4Xangels Representative

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    Tell us a little bit more about how you traded.
    Was the trading style the same on the demo and on the real?

    If for example you are scalping 3 pips per trade, I can imagine that it will not work the same on the live as on the demo.

    If you were day trading with 30 pips profit per trades and 15-20 pips SL, you probably made the wrong decisions.

    If you want submit statements of the profitable demo account and the destroyed real account. Then we could tell you our opinion about what went wrong.
     
  4. Iono

    Iono Recruit

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    What was the size of your real account in comparison to your demo account? Many times the amounts and risks you take in demo are much different then what you would take in a real account, especially if the amounts differ...with that said as the last person stated what did you do differently...did you keep a log of your trades when you demo'd, did you log your real trades to see any differences...the list goes on, but on behalf of many FOREX traders I would like to welcome you to the real world of FOREX trading, you've blown up your first account and if you keep going you might just become successful......remember it is not the market or the other guy it is you :eek:oh:
     
  5. FXCC

    FXCC FXCC Representative

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    Forum member Iono actually makes a very good point.

    A demo account is a training tool. Choose an account level that reflects what you expect to be doing on your real account, if any when you decide to trade a live account that is.

    Match the account level in your demo to what you expect your live account level to be. If you expect your live account to be XX dollars, try to trade a demo account as close to XX dollars as possible.
     
  6. cjforex

    cjforex Recruit

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    What was the leverage and position size that made the 25k in relation to your account size?

    -cjforex-
     
  7. yoseph

    yoseph Recruit

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    Did you ask them, maybe demo account and real account have different conditions?
     
  8. Pharaoh

    Pharaoh Colonel

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    When you decide to go for a live account, try to also get a demo with the same lot sizes and initial balance. Demos commonly default to $5000 and trade full lots. If your live account is a mini account and trades minilots, see if you can get a demo to match.

    No matter what a broker tells you, there will be differences between demo and live.

    Live accounts are always significantly more likely to have requotes and slippage than demos, since any price on a demo effectively has unlimited liquidity.
     
  9. Ellys

    Ellys Recruit

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    it's very educational discussion
     
  10. Alex98

    Alex98 Recruit

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    IMHO...always trade with real money...start with a micro if need be...but you need to feel the pain even if it just pennies...demo is usually a bad thing...if you can't afford to lose 50 bucks trading a micro account...then you typically have no business trading in the first place.
     

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