Quote from AyeYo:
So, I made the mistake of opening and funding an account first, then doing my research second. From everything I've read about forex.com, a solid 80% of the reviews say it's a scam.
Careful, here. A market that transacts more than the combined total of all three major North American markets in a single day, is no scam. The scam comes from people who prey upon the ignorance of the uninformed and the uneducated in this business.
Those who never learn to trade properly, never have a chance at ever being profitable on a long term basis. Short term profitability, will not make a successful business in this industry, regardless of what anyone tells you to the contrary.
Opening an account "first," was your "first" mistake. Learn from that mistake and grow wiser in the future for having made it.
Study the market data. Everything you need to know to become a highly successful trader, is locked-up inside that data. Learn to develop your OWN technical analysis and then learn how to apply it to the market. Develop a REASON for being here, if you don't have one already. Just getting your feet wet in this business, is not going to lead to long range profitability or long term success. Survivors in this business are a unique group of people with a high degree of intelligence, mental and emotional
The most important thing for you to know as a newbie trader, is the importance of Risk Management. If anyone tells you otherwise, they are lying to you, or they simply don't have a clue what this business is all about. Your first assignment in getting up to speed in this world, is to learn how to measure, quantify, account for, recognize, identify, pinpoint and minimize risk.
Do that and everything else will fall into place, as it should.
Fail to accomplish that task (and it is a daunting task no doubt) and you will virtually guarantee yourself long range failure and bankruptcy in this business.
A Jedi Trader accounts for the risk in the trade, long before he/she ever enters the market.
Take the emotion out of the game, is my advice to you. This is NOT a trip to Vegas. This is a very serious business where Trillions change hands every..... single..... day. The question is, what fraction of those Trillions will you capture between the time you enter and exit the market.
This business can be fun, but it is STILL a business, no doubt.