lost
Member Since Sep 12, 2015
1948 posts
Jan 14, 2016 at 09:59
Retail trading is designed to take money from ill-informed traders and new traders,no other reason,you will make some money only if you know what you are doing, same as any job.
"They mistook leverage with genius".
Jan 14, 2016 at 11:18
CheckMate3 posted:
Demo's are useless. Deposit $100 into a real account. Once you've blown that, deposit another $100 and so on. Demo's are only meant to learn the trading platform, nothing else. That's why most expire after 30 days.
There are a multitude of forums, but most of the info is from other losers. Be careful. Probably best to buy a trading book that has good reviews. Look them up on Amazon.
You know, if you're actually learning on them demo accounts can't exactly be called useless.
Member Since Sep 12, 2015
1948 posts
Jan 14, 2016 at 11:56
dianajs posted:CheckMate3 posted:
Demo's are useless. Deposit $100 into a real account. Once you've blown that, deposit another $100 and so on. Demo's are only meant to learn the trading platform, nothing else. That's why most expire after 30 days.
There are a multitude of forums, but most of the info is from other losers. Be careful. Probably best to buy a trading book that has good reviews. Look them up on Amazon.
You know, if you're actually learning on them demo accounts can't exactly be called useless.
True,you have to learn in a safe environment,back test and forward test a system,that's what demo is for.
Some demo's last longer or you can always switch to another.
Buy a book on Economics ,statistics,game theory,psychology etc.
Some reviews on Amazon are from fake accounts.
"They mistook leverage with genius".
Jan 14, 2016 at 23:56
(edited Jan 15, 2016 at 00:17)
dianajs,
I totally agree with you that demo accounts for new traders is an important tool for learning the platform. A Lot mistakes can be sidestepped by knowing the ins and outs of the platform used. Also in the heat of the moment one has to know exactly what to do when it comes to the platform.
CheckMate3 suggested $100 in a real trading account as soon as the trader feel somewhat comfortable with trading demos for a while is not a bad suggestion, the sooner the trader can feel out the real market with real money the better it is. However when funding the first live account the leverage used and the risk the trader is planning to use on a single position has to be planed, $100 might not be enough to have good money management. To give an example here: To use leverage 1:500 and maximum 1 position (0.01 lots) and the risk per position 1%, if the stop loss is hit. $200 is more the right number to fund the account with to be able to trade comfortable with. Even better is around $500 but then the risk management have to be known in details by the trader. The higher the funded account, the less risk the trader need to take on a single position. Ideal for a new trader is 0.20% risk on one position of the account and a maximum of 2 positions opened at the same time, which will bring the total risk to 0.40%. This is a good relaxed risk setup and the new trader can learn at the same time how it is to trade on a live account without jeopardizing his whole account.
I totally agree with you that demo accounts for new traders is an important tool for learning the platform. A Lot mistakes can be sidestepped by knowing the ins and outs of the platform used. Also in the heat of the moment one has to know exactly what to do when it comes to the platform.
CheckMate3 suggested $100 in a real trading account as soon as the trader feel somewhat comfortable with trading demos for a while is not a bad suggestion, the sooner the trader can feel out the real market with real money the better it is. However when funding the first live account the leverage used and the risk the trader is planning to use on a single position has to be planed, $100 might not be enough to have good money management. To give an example here: To use leverage 1:500 and maximum 1 position (0.01 lots) and the risk per position 1%, if the stop loss is hit. $200 is more the right number to fund the account with to be able to trade comfortable with. Even better is around $500 but then the risk management have to be known in details by the trader. The higher the funded account, the less risk the trader need to take on a single position. Ideal for a new trader is 0.20% risk on one position of the account and a maximum of 2 positions opened at the same time, which will bring the total risk to 0.40%. This is a good relaxed risk setup and the new trader can learn at the same time how it is to trade on a live account without jeopardizing his whole account.
" Lock in the profit and minimize the draw down "
Jan 15, 2016 at 08:07
It's pretty dangerous to trade with $100, unless your profits are like $5 a trade or something. Otherwise, people will be forced to use high leverage and trade orders which can lead to account annihilation. Save till you have at least $1000 to trade with and your profits will be worthwhile.
Why spend 7 hours on a trade that gives you $5 when it can give you $100. Don't forget time is valuable.
Why spend 7 hours on a trade that gives you $5 when it can give you $100. Don't forget time is valuable.
I don't owe you pip, You don't owe me pip. Lets help each other.
Jan 16, 2016 at 17:42
One more thing regarding demo accounts. If you have a brand new strategy, it's not the best idea to test it on a live account right away. Personally, I always test it for a while on a demo account first, then I would move onto the live account. Yes, it's different on a live account because the psychological pressure is different there, but it's better to know whether a strategy works on a purely technical level before you put yourself under undue stress when you test it with real money.
Jan 16, 2016 at 23:07
(edited Jan 16, 2016 at 23:12)
kayz,
that is the reason I suggested to fund the first account higher then $100, the risk per position will be just too high and uncomfortable for a new trader. We are not talking here about making money but more about getting experience in a live trading account environment. The actually profit in dollars are of no concern when learning the platform and to test strategies. $500 is about right amount to have good risk management for a new trader. After getting the feel of his strategy and by trading in the heat of the market for a while, the stakes can be raised after that. Time will become more important as you say when a new trader gets more experience.
that is the reason I suggested to fund the first account higher then $100, the risk per position will be just too high and uncomfortable for a new trader. We are not talking here about making money but more about getting experience in a live trading account environment. The actually profit in dollars are of no concern when learning the platform and to test strategies. $500 is about right amount to have good risk management for a new trader. After getting the feel of his strategy and by trading in the heat of the market for a while, the stakes can be raised after that. Time will become more important as you say when a new trader gets more experience.
" Lock in the profit and minimize the draw down "
Jun 09, 2021 at 07:11
Initially you will lose but continue practice on demo and you will start understanding trading gradually. Do not think about losses. Even experienced traders make mistakes and lose. There is no way to escape loss, so accept it and continue trading and try not to repeat the same mistake again.
Member Since Jul 23, 2020
869 posts
Aug 08, 2021 at 02:36
Accept the loss and find the reason behind it.
Member Since Aug 05, 2021
401 posts
Aug 18, 2021 at 15:39
It can be totally overwhelming in the beginning but stick with it and don’t give up!
Sep 01, 2021 at 19:53
I feel that your journey should start with babypips as they have really nice educational material. Watch some youtube channels but be sceptical about everything you learn. If you happen to learn a new trading strategy, don't invest your own money to check whether it works. Make a demo account and test your ideas there without losing the real money. Trading is not an easy walk, so be prepared to challenges and difficulties.
Member Since Feb 20, 2021
53 posts
Sep 02, 2021 at 06:22
The beginning of your trading career is often the toughest part because you have no idea what is going on and what you should be doing in that particular situation. You need to keep calm and just analyse what is happening around you. You don’t need to react and open a position if you don’t understand. Just take your time to figure out things so that you don’t make a wrong move.
Sep 02, 2021 at 11:35
Exactly how I felt one year ago when I started my journey but it gets better with time and you start figuring out things. Go to babypips and start the course for basics there and demo trade for a good amount of time. Only move on to live trading when you feel confident about your trading strategy and it provides you good profits.
Member Since Mar 17, 2021
536 posts
Sep 03, 2021 at 08:40
croisssan posted:A good broker is the most important thing in this market.
Fortunately, working with a broker , I managed to get almost no losses, but it is worth noting that I spent a lot of time on training.
Member Since Mar 17, 2021
536 posts
Nov 13, 2021 at 17:57
reece22 posted:For me, babypips is the best site for learning.lissuhmichelle posted:
i'm new to this and i'm completely lost and have no idea on what i'm supposed to do..
Start the beginning check out babypips preschool
