Is it possible?

#1
I want to invest money in the forex trading.But I am confused. I will see me after one year as a successful forex trader. Is it possible? And how can I begin this ?
 

4xpipcounter

Well-Known Member
#2
Jaal, if you are an exception to the rule, you can start making money one year from now.
Now, let's assume you are the rule, not the exception. It takes work and time. You have to develop the following three elements of trading all traders need:
1. Methodology
2. Money management
3. Mental discipline

Ask any successful trader, and you are bound to fail without any one of them. They are also developed in that order.
The nice thing is you have picked an excellent forum to come to to learn.
To begin with, open a demo account, experiment with some indicators that appeal to you, come back here and post your findings. There are many good traders on this forum that are willing to help.
Stay away from any site that wants money from you. Stay away from anyone that gets here giving you their e-mail or web address claiming they can help you.
That's exactly what you need to know in a nutshell.


I want to invest money in the forex trading.But I am confused. I will see me after one year as a successful forex trader. Is it possible? And how can I begin this ?
 
#4
I want to invest money in the forex trading.But I am confused. I will see me after one year as a successful forex trader. Is it possible? And how can I begin this ?
Jesse Livemore:

"Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on"

Every market has its own dynamics. Forex is a continuously moving market. You need to practice in a demo account and once you gain confidence, you can invest with real money. There are lot of things to learn first how the forex markets work like the interbank markets and stuff like that. I jumped in with real money and lost all of it as I did not even know how the market worked. Don't commit my mistakes. As long as the markets are functional, they will be there for you to make profit. Learn the basics and hone your tactics, success will be yours

Begin with forex books and concentrate on one major pair like EUR/USD and study the chart patterns and how the price is moving.

Shepherd
 

4xpipcounter

Well-Known Member
#5
Shepherd, I can say the same thing, as most of us can.
I have also started each account small, so I never did lose the outrageously amounts of money we hear many lose. Nevertheless, I bankrupted thrice.

With me, I believe it was impatience more than anything. In 2005 I thought I was ready to conquer the world, but instead I was conquered.
Now, I feel the markets are much bigger than me. I constantly feel humbled to be a part of the action. Yet, it is unimaginable to bankrupt an account.
Well, okay, a few months ago I bankrupted a demo account in a trading contest. That was the kind of deal I rolled the dice and came up empty, so that really does not account.


Jesse Livemore:

"Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on"

Every market has its own dynamics. Forex is a continuously moving market. You need to practice in a demo account and once you gain confidence, you can invest with real money. There are lot of things to learn first how the forex markets work like the interbank markets and stuff like that. I jumped in with real money and lost all of it as I did not even know how the market worked. Don't commit my mistakes. As long as the markets are functional, they will be there for you to make profit. Learn the basics and hone your tactics, success will be yours

Begin with forex books and concentrate on one major pair like EUR/USD and study the chart patterns and how the price is moving.

Shepherd
 

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