FX trading shock for newbies

[RahmanSL]

Alex98, you reflected my sentiment : )

Demo account is for familiarization of the broker's trading platform. Migrate to a Micro account as soon as you got the hang of the trading platform.

I use to advocate staying on a Demo account to practice, practice, and then practice some more.
But since then, I have come to the conclusion that staying too long on a Demo account and turning that usd3k account into hundreds and thousands of percentage gains give a false sense of being a "natural & successful" trader. And you shouldn't & cannot do all those aggressive & reckless trades on a Live account that you have been doing on a Demo account as that would kill your Live account in no time.

 

[Gracefulpips]

Hi,

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.

Fxpooch, I hope you've read the replies in this thread and now your are more optimistic about Forex trading.
In any case you should be ready that you will lose more money when trading live, and not all of your deals will be profitable.

Of course I also want to win all the time but as far as I understand it's impossible!
p.s. it would be interesting to read your replies about the initial deposit, leverage etc.

 

[Anita V]

I keep reading that you're pretty much guaranteed to blow your first live account... I really don't want to do that! I have one definite solution; I'll never start trading with a live account or I have to come to terms that I will almost definitely lose money.

As for this thread, it IS very educational. It's really good to know what issues may arise that affect performance in a live setting, such as re-quotes and slippage. I'd also be very curious to see a report of that 25K profit vs the blowing of the first live account for comparison.

 

[Romeo]

I keep reading that you're pretty much guaranteed to blow your first live account... I really don't want to do that! I have one definite solution; I'll never start trading with a live account or I have to come to terms that I will almost definitely lose money.

As for this thread, it IS very educational. It's really good to know what issues may arise that affect performance in a live setting, such as re-quotes and slippage. I'd also be very curious to see a report of that 25K profit vs the blowing of the first live account for comparison.

You must set a time limit, where you will start your first live account. Even the few cents you will be losing (or earning?) feel different. You have to learn to pull the trigger! Look for broker promotions that offer live micro account with a few dollars deposit to attract new customers.
Worst case scenario, open a $10 nano account and trade with minimum possible lot size.

 

[Romeo]

I keep reading that you're pretty much guaranteed to blow your first live account... I really don't want to do that! I have one definite solution; I'll never start trading with a live account or I have to come to terms that I will almost definitely lose money.

As for this thread, it IS very educational. It's really good to know what issues may arise that affect performance in a live setting, such as re-quotes and slippage. I'd also be very curious to see a report of that 25K profit vs the blowing of the first live account for comparison.

Following my previous post, there is an offer, where you can trade and make money:

https://www.forexpeacearmy.com/fore...-paid-trade-win-lose-breakeven.html#post64136

If you have an existing demo account, Alan said he could think about it. Take the money and invest it in a real account! Double gain for you.

 

[Anita V]

That sounded like a great way to start. Trade pennies and earn dollars no matter what. Too bad he's no longer offering it. Thanks for the advice Romeo, I'll try to keep my eyes open for a promotion on a reputable broker. A nano account sounds like just my style to start.

I do like your idea of just "pulling the trigger" as I will otherwise continue reading and never get started I think.

 

[Romeo]

That sounded like a great way to start. Trade pennies and earn dollars no matter what. Too bad he's no longer offering it. Thanks for the advice Romeo, I'll try to keep my eyes open for a promotion on a reputable broker. A nano account sounds like just my style to start.

I do like your idea of just "pulling the trigger" as I will otherwise continue reading and never get started I think.

Look at liteforex promotion! They offer $200 real money for you to trade. As it seems you can only withdraw up to $200, so if you make more profits, it's for them.
I believe it is not so important for you, because your interest is to trade with a real account and this is real. Once you see that your strategy is profitable you make second thoughts how to proceed.

 

[MichelAnge21]

That sounded like a great way to start. Trade pennies and earn dollars no matter what. Too bad he's no longer offering it. Thanks for the advice Romeo, I'll try to keep my eyes open for a promotion on a reputable broker. A nano account sounds like just my style to start.

I do like your idea of just "pulling the trigger" as I will otherwise continue reading and never get started I think.

Just dont pull the trigger while holding the gun to your head: that s what many new traders do....

Ok seriously now. Something just crossed my mind. I started a thread in the " scam alert folder " about what I consider a bogus bonus offer from Liteforex. It s a free 200 dollars bonus to fund a LF Boom account. Be a smart newbie and understand that you will never be able to withdraw profits you ll make trading with that bonus money. But if you are successful at trading, you can eventually withdraw the bonus. Considering that offer at its REAL value and understanding that it would be dumb to put ANY of your own funds in it, it is just as good as trading a demo with 200 virtual dollars plus a small chance to cash in 200 dollars after lots of hard work.

I repeat: You ll play to win the 200 dollars bonus ONLY. DO NOT expect to withdraw any profit because YOU WONT. Even if you make 14.3 trillion dollars trading and you think of paying the US debt with it ( hoping to get an autographed pic of Obama for your nice gesture ), you still get 200 bucks and nothing more.

Please note ( very important ) that I DO NOT advise you to EVER fund that account with any of YOUR OWN funds. Treat it as DEMO ONLY. If you fund that account with YOUR money, Liteforex still get a portion of your legitimate profit and you ll be very disappointed. And, when you re ready to trade with real money, CLOSE THE BOOM ACCOUNT and consider brokers that are properly regulated rather than non-regulated ones like them.

One more time ( just in case ) If you blow your 200 free dollars in your BOOM account, DO NOT refund it with your own money: just move on to another account elsewhere.

Do not even count too much on the 200 dollars bonus even if you make a killing trading because there is a clause somewhere in their contract that allows them to cancel the bonus from anybody they want without giving a reason ( and it could be a clause against smart newbies like you who will play to win the bonus without sending them any of your own money ). The promotion still runs for a couple weeks to join. Then, you have 6 months to trade. You must meet their requirements for volumes and pips to be eligible to withdraw the bonus within those 6 months.

As a new trader, you ll have a small chance to get a 200 dollars reward for doing good at trading what you ll consider to be demo. You will have 180 days to grow that account enough to get the 200 bucks. And I repeat, consider that account as DEMO ONLY.

 

[Romeo]

Just dont pull the trigger while holding the gun to your head: that s what many new traders do....

I liked that one

 

[Anita V]

I liked that too, very well said. Luckily, that's not what I have in mind I was reading the agreement that they have to join LiteForex and it says something about having to make a deposit in the first 30 days or something. If that's the case I would just close the account. I do like to consider myself what you refer to as a "smart newbie". I've actually been called that in a different forum so I think that might actually be true. Anyways, thanks for the suggestion Romeo, if I treat it like just another demo, with a potential for mild profit, then I think it could be a useful tool.

I will take your advice MichelAnge21 and NEVER use LF as my broker. The fact that the leverage is 200:1 makes me cringe right off the bat haha