1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Help and maybe some advice please

Discussion in 'Beginners Bootcamp' started by Rommel, Jan 13, 2010.

  1. Rommel

    Rommel Recruit

    Joined:
    May 31, 2009
    Messages:
    7
    Likes Received:
    0
    Hi there

    Like i said in the welcome thread... first of all pardon for me for my grammatical mistakes english is NOT my mother tongue, im 23 and i dont have a lot of money obligations... food and gas thats it.

    I dont have a forex account yet, im still learning... i was contemplating 2 options.

    1.-Sell my car and grab 10k and use that amount to invest it on my forex account and buy a cheaper car and of course pay for some signals maybe for a YEAR or until i get good at this maybe more.

    2.- Get a Loan, i was thinking 15k and of course pay for some signals service, but one of you guys almost has a heart attack (LMAO) when i said that...
    ideas? comments? heart attacks? lol

    everything is welcome
     
  2. cowmadagan

    cowmadagan Sergeant

    Joined:
    Dec 23, 2009
    Messages:
    393
    Likes Received:
    1
    sell the car, skip the signals, invest 3K in a micro account, 7K under your mattress.
     
  3. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,655
    Likes Received:
    2,201
    Never ever ever under any circumstances borrow money to fund trading or to buy classes, signals, etc. The brokers and sellers of forex materials all will make promises that you'll easily be able to repay the loans, but most of these promises aren't worth the electrons needed to display them on your screen.

    I like Cowmadagan's idea. Trade down to a cheaper car, use some of the money to open an account, and hold the rest in reserve.

    Before funding the account, get a demo account and play with it. Only when you can show consistent profits from week to week on demo (or trading nanolots live), should you put any real money on the line.
     
  4. Forexwatchman

    Forexwatchman Sergeant

    Joined:
    Sep 17, 2009
    Messages:
    198
    Likes Received:
    0
    And I'd like to add one more thing. If you are able to invest more than $100 right now, then skip the demo account as its pretty much a waste of time for two reasons. 1) It's NOT REAL MONEY, so real emotions and psychology don't go into a demo account trade ever, I don't care what anyone else says. You got to be out of your mind if you think it would help a newbie by getting a demo account with $50,000 of play money to learn how to trade with.

    And 2) Live accounts act differently than demos, so why waste time and experience on something that isn't giving you truly accurate activity. Back to the $100 or more thing, you can easily trade nanolots and be a pretty bad trader and still last for months AS LONG AS you study up on a crucial part of forex called money management. Oh and stay away from any leverages over 1:100. Basically what I'm getting at is there is no substitute for the real thing.
     
  5. Stony

    Stony Sergeant

    Joined:
    Mar 21, 2009
    Messages:
    167
    Likes Received:
    2
    I agree with Forexwatchman. Demotrading is useful only to learn the handling of the platform and to develop technical trading routines. Live trading is totally different concerning your psychology, even if you trade only very small amounts of money. It´s the real money on stake which makes the difference!
     
  6. Rommel

    Rommel Recruit

    Joined:
    May 31, 2009
    Messages:
    7
    Likes Received:
    0
    I like your idea THANKS, and all of your ideas are helpful thanks, just one thing that i dont quite get it.
    I thought it was really importan to have a signals service, why would that be a mistake??? im confused.

    Lol i thought my approach was timid... im going to start with 300 right now and in about a month im going with 1k and then will see. My only SERIOUS concern is that a broker is going to steal my money if i lose money im ok with it trust me.

    Thanks a lot guys if you have some additional advice are welcome.

     
  7. Bowmaker

    Bowmaker Private, 1st Class

    Joined:
    Sep 16, 2009
    Messages:
    40
    Likes Received:
    0
    I thought I was the only one who thought that demo accounts werent really that good an idea. Ok if you know quite literally nothing then you should try a demo for a few days just to understand how the platform works etc but the best training you will get is with live,real,hard earned money. As has already been said playing with toy money dosnt learn you good money management and its quite easy to get lulled into a false sense of security. Start with small account on smallest lots you can get and the fact that your using real money will give you the real buzz of trading without risking too much. Only when youre confident should you increase your stake and if you decide to go for signals,EA or whatever read as many reviews as possible on FPA or other sites. I certainly wish I had researched more when I started. Good luck
     
  8. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,655
    Likes Received:
    2,201
    First, you should learn the basics of forex trading. That will give you MUCH better ability to evaluate a signals service to see if it:

    1. Might actually be profitable.

    All of them claim to be. If you don't know how to trade forex, you've got no way to judge if the claims are even realistic, much less true.

    2. Fits your trading style.

    Some services send SMS signals 24 hours per day. Some are trade rooms that run specific hours or go around the clock. Some services send signals once or twice per day at specific times.

    3. If a specific signal makes sense.

    Even a service with a wonderful track record will make mistakes. If you just do what they say without any built-in reality check, they could accidentally send a 500 pip SL instead of the intended 50 pip SL. Being familiar with both trading and the signals service will make any errors easier to spot.

    As for demos - whenever testing a new service, try it on demo or nanolots first. That way you don't wipe out your account if the service is total BS. You might get lucky and get a refund of your monthly fee if this happens, but no signals service will reimburse you for losses in your account.
     
  9. cowmadagan

    cowmadagan Sergeant

    Joined:
    Dec 23, 2009
    Messages:
    393
    Likes Received:
    1
    I still say you should get a huge amount of practice on demos, but just be really disciplined about it. Maybe if you have a friend and you compete against them, you'll have a much safer way to practice while having some emotion involved. Maybe even turn it into a bet for the $100 or whatever. I'd rather see my $100 go to my friend than my broker.
    I'm all for getting into nanolots too, I just still think you should do demos first.
     
  10. Eric Alyea

    Eric Alyea Master Sergeant

    Joined:
    Jun 16, 2008
    Messages:
    365
    Likes Received:
    2
    Stay in the Demo laboratory

    I agree with cowmadagan.
    I’m a firm believer in practicing what you what to actually live. Stay in the Demo laboratory till you KNOW you have a disciplined way to trade.
     

Share This Page