10.6 EDSEL

[95026862]

hey guys, am i doin this right ?

i took a long on EURGBP last night, i'm in about 16+ pips right now. must be doin somethin right. i also took a long on nzdcad today, it's at 7+ pips

[rocketman99]

hey guys, am i doin this right ?

i took a long on EURGBP last night, i'm in about 16+ pips right now. must be doin somethin right. i also took a long on nzdcad today, it's at 7+ pips

I would be careful with your EURGBP long as the GBP is expected to rocket up tonight - strong GDP numbers are expected. There are a raft of GBP announcements from 9:30 GMT tonight.

[95026862]

i typed that in wrong, i meant i took a short

[95026862]

gonna be some big profits tonight

[nanningbob]

Yip, trading demo for the meantime is the way forward for me.

Raising $ 1'000 minimum is going to be difficult, no joke, could take about 18 months *if* nothing else goes wrong in the rest of my finances (yes, it is that bad, I have even stopped smoking in order to save money, whilst good for my health, I really miss the tobacco )

Anyway, my problem not yours...I will stay on the forum though, as I am sure that Bob will bring further changes to the system as it evolves..

Cheers

H

So much to sacrifice to put $1000 together and yet you are prepared to put it all into a forex account when just starting out and not quite sure yet what exactly you are doing. Hmmm! Do what yours truly did about 4 years ago. Open an A--l--p--a--r--i--U--K micro account and fund it with £10 and not a penny more. Make sure it's a 1:500 leverage account and start trading 0.01 lots. See how long it takes you to lose it all. Then put another £10 in and see if you get to keep it for longer than the last time and so on. Suddenly, you will find that the 10 becomes 20 and then 40 and so on. You can begin to call yourself a trader then.

If you are not able to turn £10 into 20, you have no business risking your life's savings on forex. Never mind how rich they are, nobody loses a grand without stopping to bat an eyelid.

And as for demo-trading, it has its uses; but it is not comparable at all to live trading. YOU NEED TO HAVE SOMETHING TO LOSE to derive any real benefit from the routine.

You certainly are in good company here, and it shouldn't be long before you are managing a 4-figure account and more. Here's wishing you the best.

You are right. If you cant make 100 turn into 200 you cant make 1000 turn into 2000 or 10K into 20K. To learn this business you must be willing to pay tuition just like a university degree. I certainly wouldnt trust a doctor who hadnt gone to school and paid his tuition to learn his craft. Too many people get into thinking of the money they are going to make and not the process it takes to learn the craft. I came to a point in my life where I had to decide I was going to pay the price of learn this business. I shut down trading for about six months and I studied charts. I read everything I could. I developed my own ideas about trading and threw out just about everything I was taught. I decided I was going to keep my tuition low and trade 300 dollar accounts and trade pennies. I learned alot. My first goal was to see how long I could keep my money before I lost it. Eventually I got to the point I didnt lose my account anymore. I may not have made a lot but I wasnt losing. Then I learned to slowly increase my account and quit going for the home run. Day by day, week by week, month by month. Half percent there, 1 % here, and all of a sudden I had 450 in my account. You get laughed at, sneered at, mocked, and ridiculed but I was learning to crawl. Soon I learned that if I made 5-10% a month I was doing better than the vast majority of people in all forms of investments. I started teaching that and got razzed at FF unmercifully.

I learned something. Brokers cant kill accounts of small lot size traders. The ones that grow their accounts by pieces instead of chunks. So here I am today. If I was new and had a thousand dollars to trade. I would trade one cents lots. If I couldnt make 50 bucks or 5% why waste your money? You think trading 10 cent or 20 cent lots will help you. It wont. If you cant make one penny grow into two pennies, why pay a 1000 to find out. Shoot I remember when I had so little confidence I traded a 50 dollar account after my 6 month study and did one penny trades. All of a sudden I had a 100 dollars after 6 weeks. Then and only then did I start to have the confidence I could be a trader. Then I added money and still had to learn lot size to account size. A little confidence can be a dangerous thing but I learned and learned and learned. Now my account, and I added funds along the way, is in the thousands and thousands of dollars. It took me 7 years to get to this point. I didnt know anyone that taught the things I taught. Start small, trade pennies, small lots to account size, live to trade another day, yes you will have losing days, weeks even losing months. I tried to be honest and realistic. So here I am today. That was my road, what is yours going to be???? :youknow:

[95026862]

When you lose lots of money in this business, it's like paying for your education. You have to see it as paying for college. That's why i'm not completely butt hurt yet. Learning lots and thanks to bob and this amazing system, i can get my education a lot quicker and safer

[rocketman99]

When you lose lots of money in this business, it's like paying for your education. You have to see it as paying for college. That's why i'm not completely butt hurt yet. Learning lots and thanks to bob and this amazing system, i can get my education a lot quicker and safer

I like the college analogy. I am in my fourth year of forex college and have blown three demo accounts along the way. I have not lost a cent of real money as during this time I have only traded demo - I have not graduated yet. With Bob's system I feel that I am getting close even though I had a rather big setback last week that wiped all of January's profits. But January still has three days left!

[nanningbob]

When you lose lots of money in this business, it's like paying for your education. You have to see it as paying for college. That's why i'm not completely butt hurt yet. Learning lots and thanks to bob and this amazing system, i can get my education a lot quicker and safer

I like the college analogy. I am in my fourth year of forex college and have blown three demo accounts along the way. I have not lost a cent of real money as during this time I have only traded demo - I have not graduated yet. With Bob's system I feel that I am getting close even though I had a rather big setback last week that wiped all of January's profits. But January still has three days left!

Dont feel bad, I have had to use most of my Jan profits to get rid of DD also. So it happens. What I want to do now is make sure I get an increase of my account for the month and then I have Feb. Either way I keep that account balance going up.

[95026862]

trading a demo is nothing like trading real money. trading a demo, it's like " ah who cares i lost 10k ".. lose $100 in a live account and it's like " ah f*%$# my life !"

[HannesJoubert]

To everyone, respect, thanks for the advice and understanding.

The standpoint of rather trying to turn $ 100 into $ 200 instead of $ 1000 into $ 2000 is exactly what I was shooting for. And I was doing okay up to a point, where I guess I was spread to thin across to many pairs, that also did not move in the direction of my trades, initially. So, I took the knocks with the idea of rather closing out the losing trades than watching all my equity be taken off the table (trade another day). Of course, the day after I did that, the trades turned around in my favour.

So, the lesson I thought I had learned was "you are under capitalised" hence wanting to trade 1c per pip seeing as I have no more capital to give at the moment. Then I find out that 10c per pip is the standard, therefore I was thinking, "okay, raise more money" Now I am being told not to...

Okay, my solution then is to concentrate on one major (eg Aud) and only trade the pairs related to that...this will ensure that I will not be spread to thin, but, risk will be concentrated on one major only, also not wise. So, what to do?

BTW, I have been at this college for around 6 years now... I have said in the past, I am not the sharpest knife in the drawer that is possibly why this is taking so long. Desperation is a funny thing...

So, what do you suggest? To carry on placing trades across all pairs as the setups appear, or to focus on one major and its pairs?

Thanks

H