Forex Trading Experience

[FXexpert]

Hey everyone,

I'm sure there are varying levels of experience here when it comes to trading. Some of us have been trading for years, while others are just starting out, I'd like to get everyone's take on how long they have been trading & how they think experience helps traders(if at all).

So here's the question, how long have you been trading Forex & what role do you think experience plays in trading?

Thanks in advance for your response!

 

[mikey109021]

I think more and more people are starting to learn about forex through word of mouth. And people are starting to become more techical perspective savvy, so that could also be the cause for the rise in popularity.

There’s definitely increasing demand especially with the recession global market, people want a side income and this may be a good way for people to make a little extra cash and hopefully not risk too much.

 

[FXexpert]

I agree, Forex trading is becoming much more popular.

 

[Pinalli]

Here are my considerations for a successful forex trading system.

1. A great forex trading system is always likely to be simple in context. There will be fewer rules to follow and you will find it easy to handle.

2. A successful forex trading system cuts down losses as quickly as possible. This is important. The system should prevent you from making further losses. So getting you out of a trade the moment it turns bad is very important.

3. A successful forex trading system follows long term trends. It doesn’t help if you are making small profits. A system that will help you focus on long term trends will naturally help you to make greater profits.

 

[fxp]

The best way to learn to trade is by far from a trading course, of a REAL trader. Find a consistent trader and convince him to pass you his knowledge. I have been to a course like that and I am 100% sure I would have never earned this knowledge otherwise.

 

[Pinalli]

There are times when there simply is not a trade to be made. And even if we need the money, we might lose more than we could make if we do not find the strength to restrain ourselves and our thoughts.

 

[mickbali123]

Thanks to this site which help in forex trading. It also increase the experience in trading..

 

[wantrader82]

i also hope to gain more experience in trading using this forum.thank for sharing.

 

[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.

 

[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.

 

[toxiz77]

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]

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]

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.

________________________________

 

[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]

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]

Coping your Forex style

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]

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..