Sorry guys. I have another rookie/newb question...

[Michael "Grimweird" Tan]

Hi there mike, sorry to hear about your situation, but honestly looking at it from a positive side, you are going on the right path with forex, you can never rush it! it must be done slowly but surely, and yes the demo environment is a bit different from live, there is a saying that goes "only invest what you can afford to lose" so set your priority and even if the investment is small and earn only cents, you still earn knowledge with it. I really wish you best of luck, and happy trading and welcome to the world of forex

Thanks a lot for your good wishes man. I've learned that patience and "greed control" is absolutely crucial in trading. My immediate goal is supplementing my laughable income, even $2-3 a day would be a great help right now. It really is THAT bad. I plan to start shooting for that in another week or two. For the medium term, I would really like to earn something like $5-10 a day, but I don't see that happening for another few months at least In another year or so, I might aim for $10-20 a day if at all possible.
Right now, I can only pray to God that I don't run into any more misfortune in my life. I'm already at rock bottom as is.

Best of luck to you and may you be ever profitable.
Mike.

 

[dkami]

Thanks a lot for your good wishes man. I've learned that patience and "greed control" is absolutely crucial in trading. My immediate goal is supplementing my laughable income, even $2-3 a day would be a great help right now. It really is THAT bad. I plan to start shooting for that in another week or two. For the medium term, I would really like to earn something like $5-10 a day, but I don't see that happening for another few months at least In another year or so, I might aim for $10-20 a day if at all possible.
Right now, I can only pray to God that I don't run into any more misfortune in my life. I'm already at rock bottom as is.

Best of luck to you and may you be ever profitable.
Mike.

Trading with money you can not afford to loose is a recipe for disaster and will only lead to more hardship. It should be your second income as you are a newbie

It takes year's to learn how to trade gaining profits consistently and in my case it's a never ending battle to gain more experience!

Trading should be treated as a business and not a get rich quick scam, profits should be calculated monthly,yearly and not daily. Every trader has a bad day once in a while so this is why it's important to treat trading as a business reinvesting the profits until you reach your 1st goal.My 1st goal has always been the same, to withdraw my initial deposit once I doubled it!

 

[Whitesnake]

We lose money because of our own mistakes such as trading without the knowledge of the forex market and no idea about the risk and money management, these are the reasons for losing money to the forex market.

 

[Michael "Grimweird" Tan]

Trading with money you can not afford to loose is a recipe for disaster and will only lead to more hardship. It should be your second income as you are a newbie

It takes year's to learn how to trade gaining profits consistently and in my case it's a never ending battle to gain more experience!

Trading should be treated as a business and not a get rich quick scam, profits should be calculated monthly,yearly and not daily. Every trader has a bad day once in a while so this is why it's important to treat trading as a business reinvesting the profits until you reach your 1st goal.My 1st goal has always been the same, to withdraw my initial deposit once I doubled it!

Umm, yeah, trading IS my second income. My job (hopefully starting in a couple days) is a "sanitation technician" a nice euphemism for "toilet cleaner"

I figured it'd take time and if it takes years, then it takes years. I sort of semi-believe that it'll only take years if you want to "get rich" and live a "comfortable life" as a trader though. And if that's the case, I'd say it'll take never. There'll always be a bigger house, a faster car or a hotter girl that's "just out of your budget" no matter how much money you have in your bank account.

I think the secret of being a successful trader is simply to curb one's greed. Unfortunately, that might actually be a far greater challenge than anything the vagaries of the market can ever throw at you. Right now, all I want is a couple extra bucks to keep me and my kid fed. Maybe I'll make it maybe I won't, but I'll be damned if i don't give it my best shot.

Thanks man, I really appreciate your advice and I'll try to keep things in perspective.

Best regards,
Mike.

 

[Michael "Grimweird" Tan]

We lose money because of our own mistakes such as trading without the knowledge of the forex market and no idea about the risk and money management, these are the reasons for losing money to the forex market.

True, and a bigger reason is greed. Plain and simple. You can be the most knowledgeable, intelligent and skilled trader. But if you don't know when to stop, take your profits and use that money to simply enjoy life then seriously... What's the point? You'll NEVER have it all.
I think too many people allow trading to take over their lives. While I think money IS important. I believe it's far more important to be happy. To be honest, you don't really need a lot of money for that and I think that's what EVERYONE is really after

Best of luck to you man.
Mike.

 

[Red Herring]

Wazzup Red.

I'd love to start with a $50 account but I'm SO dead broke right now, I'd be lucky to start with a $10 account I lost a lot of money trading Binary Options (Deathtrap for the unwary) and I can hardly afford to eat. Plus I have a child to take of care of and this has caused me to be extremely careful with my money. I should begin working as a part-time cleaner next week after the printing company I was working for fired me after 20+ years of service. The owner died and the son who never liked me took over.

So now, I'm trying to learn Forex as soon as I can in order to help make ends meet. If I can even make $5-10 a day it would help a lot as the part-time job's pay is really very bad (equivalent to about $10 a day). I'll need to be REALLY careful with my money and my trades if I go "Live" and I think it might be better to learn all I can first before that. I think I'm an above average trader, but my current situation makes trading extremely precarious.

Thanks a lot for the suggestion though, maybe I'll put aside a little money to fund a larger account

Have a great day pal.
Mike.

Sorry Mike for the late reply. You can earn more than $10 a day through outsourcing jobs though it is competitive to get a job at the beginning but safe and easy when you have a start. There are some long term jobs too. When you will earn good for living then you should keep aside $10+ for trade.

Regards

RH

 

[Michael "Grimweird" Tan]

Sorry Mike for the late reply. You can earn more than $10 a day through outsourcing jobs though it is competitive to get a job at the beginning but safe and easy when you have a start. There are some long term jobs too. When you will earn good for living then you should keep aside $10+ for trade.

Regards

RH

Thanks man. Right now I'm gonna stick with this crappy job for a while and try to supplement my income by trading. So far my demo trading is earning about $3-4 a day on 0.01 nanolot trades. For me that's more or less okay I guess. So I might decide to up it to double that (a MASSIVE 0.02 lots LOL!) if I can repeat this in live trading for a month or two.

 

[Red Herring]

Thanks man. Right now I'm gonna stick with this crappy job for a while and try to supplement my income by trading. So far my demo trading is earning about $3-4 a day on 0.01 nanolot trades. For me that's more or less okay I guess. So I might decide to up it to double that (a MASSIVE 0.02 lots LOL!) if I can repeat this in live trading for a month or two.

Just a quick note:

Demo is always profitable due to lack of emotion and slippage by brokers.When people goes live from demo, faces losses. Just be strict on 0.01 volume.

 

[jlangeles]

Want a honest advice Mike? Keep trading only in demo right now, just to learn the thing, forget about live account at least for 1-2 years. Forex is a hard, tough path and honestly, very few people have consistent profit, heck, I have a degree in finance and banking, and it took me 4 years and like 900 USD to start having some sort of profits, even teachers who are/were executives, CEOs, CFOs in banks struggled with this market, even more with bigger leverage. Just to make things clear, I really like your attitude of having success, but I don't think it's safe to risk your child income in this, not right now. Some people mentioned money management, well, take that advice but for your own income, focus on that. Oh, and just one other thing, if you start to be profitable (even in demo), why don't you sell your signals somewhere?, you can make money in that way too.