I appreciate your decision to join the world’s largest financial market; however, you must be cautious enough while entering the world where there are many traders who lost almost all of their initial capital during their beginner’s trading. In order to be a successful trader in Forex market, I suggest you first start on demo account before going live. As a beginner, you should keep searching for information that helps you make better decisions about the Forex market. All this information will add up-to your knowledge of how the $5.3 trillion daily turnover market moves. Online Forex trading for beginners can be especially tough. This is mostly due to unrealistic expectations that are common among Forex newcomers. What you need to know is that Forex trading is by no means a get-rich-quick scheme. Forex traders do not get wealthy over a night, week or even a month. The sooner new traders realise this, the less money it will cost them. Perhaps the most surprising statistic for newcomers is that 90% of retail traders lose 90% of their investment in 90 days. Unfortunately, for the vast majority of these traders, their losses could have been avoided. You have to study different aspects of Forex and CFD trading and understand them as much as possible. Though, it’s not necessary to pile-up everything and being disappointed after then.
Where did you get your stats? I assume its too overrated, 99% lose in currency exchange market and high leverage just speeds up this process. That's why I turned to low profile make no more than 50:1 on my Hotforex positions.
There's no arguing with any of the above. Nonetheless, I went ahead and concentrated my efforts on developing a system where I walk away from each day of trading with a profit, and if you can do that successfully, the monthly and yearly performance will follow automatically.
Well...this must be about the most ridiculous "system" for "walking away from each day...with a profit" that I've ever seen in my life!
I hope so, really. In my case I don't pay attention to daily results at all. Plus my timeframe is 4H and D so sometimes I even don't bother to check the charts daily (pretending I forget about it, just to rule out emotional impact)
It seems to me that I'm right at least about 80% of the time, but I like posting trades to hopefully keep myself as honest and humble as possible. In light of my embarrassing post from yesterday, I took a second look at my approach, and as a result, just went long USDCAD at about 1.2541 with a take-profit target of 1.2567 (though ideally, according to my new perspective, I should have entered this trade yesterday at around 1.2490).
Keep winning trades open as long as possible and close losing trades quickly. This is the main rule i adhere to trading with Hotforex. What I see is your trading just few pips up so I think you need to work on your money management.