Please Help A Beginner :(
- Thread starter kashif
- Start date
- Watchers 21
I use to make the same mistake when I fist started. (If it is the same mistake) You're watching the price or a chart, you see it starts to bounce up and wait, It moves up more, and you start to think, "this might be a good trade but ill wait to see it goes up a little more." The price proceeds to move up even more, then you start thinking its a great trade (time to get in). You enter the trade and bam! The price starts to dip, You start thinking you were wrong but, "hey they go up and down all the time". meanwhile the price keeps dipping until you reach a point where you think it may not come back up? You exit the trade for a lose. (Maybe even immediately switch to a bearish trade and go through the thought process again.)
I think Emotional control and a method to analyze your pair, that you have confidence in would solve your problems. All the basic stuff traders like to shove down your throat.
(For a good reason though, because it works.)
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Hi Kashif
I'm new here but have some experience in this area. First off I doubt your broker would be doing that to you in demo mode. If you were signed with a disreputable broker they'd at least wait for you to trade live before switching things up on you. Demo is like an advert for their services.
Now as far as signals go I'd avoid them. It's a whole industry nowadays but the promises are rarely if ever carried out. If you had a winning formula would you sell it to random newbs or use it to make yourself rich?
EAs are a different story. If programmed correctly they can work, and can be more sophisticated than a beginner's own strategy. But, and it's a big one, if you get on the EA bandwagon now you will never learn. I say put the hard work in mate, learn to trade on your own, and then when you are confident you've developed your own strategy that works for you, you can formalise it but making your own EA.
Good luck and happy trading.
I'm new here but have some experience in this area. First off I doubt your broker would be doing that to you in demo mode. If you were signed with a disreputable broker they'd at least wait for you to trade live before switching things up on you. Demo is like an advert for their services.
Now as far as signals go I'd avoid them. It's a whole industry nowadays but the promises are rarely if ever carried out. If you had a winning formula would you sell it to random newbs or use it to make yourself rich?
EAs are a different story. If programmed correctly they can work, and can be more sophisticated than a beginner's own strategy. But, and it's a big one, if you get on the EA bandwagon now you will never learn. I say put the hard work in mate, learn to trade on your own, and then when you are confident you've developed your own strategy that works for you, you can formalise it but making your own EA.
Good luck and happy trading.
This is good to hear that you are practicing demo trade as there are lots of newbie who like to come to Forex market without practicing demo trade. If you are loosing on consistent basis then it is obvious that you are doing same mistake over again and again. Just try to find out those mistakes and if you can't then my personal advice to you that you should ask someone expert in order to find out your mistakes.
Demo trading is not doing you any good, almost all newbies do that and think they learn how to trade and gain experience which is not correct and one reason for the high failure rate.
