Forex Trading Experience

[toxiz77]

Originally Posted by black

sometimes, u cant drill a theory in U without experiencing it.. i mean sometimes ya. take for eg. money management, many new traders (like me) tend to use high lot to profit fast or "take revenge" and ended up more like gambling than trading. so i think without experiencing such pains it is very hard to learn for some forex lesson.

Black
- Lets share.

I have the same problem as you

[Pinalli]

Originally Posted by toxiz77

I have the same problem as you

This seems that you dont have control on your emotions. You need to be patient, analyse situation and work only on your strategies.

[samjoseph]

I have learnt from a Forex beginner tutorial that if you want to open a live account and want to trade with Forex, you must have at least 6 months experience in virtual trading (Demo trading). You first need to open Demo account and work on that for 6 months.

[Pinalli]

Originally Posted by samjoseph

I have learnt from a Forex beginner tutorial that if you want to open a live account and want to trade with Forex, you must have at least 6 months experience in virtual trading (Demo trading). You first need to open Demo account and work on that for 6 months.

Hi there,

Thats not a compulsion dear. The time frame actually depends up on how you you adopt and make yourself a trained trader.

[prvnsgr]

First i would like to thanks this forum.because this help in forex Education...I always have a lot of confusion about the forex trading but i got cleared all doubts by forums like this.

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Forex Trading

[bobneedham]

I have recently started trading forex. I learned mostly from articles on the internet. I used a demo account from ufxbank. I demo trade every day and treat it as if I was really losing money.

Anyway, after a week of testing, I finally decided to be a little aggressive and managed a win of around $1,700. Cool. If only this was real money. I decided to lower my bets to $340, just to be on the safe side. I took loss but still decided to go up to $380. I was taking profits like $1, $2, $5 or even $0.33.

After 2 weeks, I finally decided to open a micro account and made my first real deposit. I traded and took profits like $0.33, $1, $7 and so on. and added $125 to the account in just one trading day.

I decided to trade again the next day but I guess the market was against me. I kept shorting but was kicked by a margin call. I decided to go aggressive to recover the cost. Yet I lost another round and my account fell below $100.

Lesson learned: never get bored with a demo account, unless you're absolutely sure you're ready to stop greed from taking over your trade.

[Pinalli]

Welcome prvnsgr! Welcome to the forum. Hope you have a good and learning stay here.

[Chunnel]

Originally Posted by bobneedham

I have recently started trading forex. I learned mostly from articles on the internet. I used a demo account from ufxbank. I demo trade every day and treat it as if I was really losing money.

Anyway, after a week of testing, I finally decided to be a little aggressive and managed a win of around $1,700. Cool. If only this was real money. I decided to lower my bets to $340, just to be on the safe side. I took loss but still decided to go up to $380. I was taking profits like $1, $2, $5 or even $0.33.

After 2 weeks, I finally decided to open a micro account and made my first real deposit. I traded and took profits like $0.33, $1, $7 and so on. and added $125 to the account in just one trading day.

I decided to trade again the next day but I guess the market was against me. I kept shorting but was kicked by a margin call. I decided to go aggressive to recover the cost. Yet I lost another round and my account fell below $100.

Lesson learned: never get bored with a demo account, unless you're absolutely sure you're ready to stop greed from taking over your trade.

Greed is something that can be shut out with an expert advisor (but to develop one you'll need to find a strategy that works for you and transalte it into a program.)

[Forexcube]

Cognitive behavioral strategies
...can influence a better profit result.

Two cognitions might influence the coping style

-Think whenever you make a trade what could I loose with this order. This must at least be equivalent to reflection like how many profit could be made"). ;-)

-Set oneself a goal e.g. consecutive wins should be at least 10/20/30/40/50,... :-)

Give it a shot!

Good luck!

[neilboso]

Originally Posted by Pinalli

Definitely this is a wonderful forum with enormous information. Therefore just keep learning and posting things that are new in forex trading which can help all.

Very well said, very valuable advice..share some more and keep learning here..