You said it here. "... Very bad advice, 1 percent on a given trade is a huge risk. Death by a thousand cuts, in this case is just 100 cuts. if you day trading of course..." https://www.elitetrader.com/et/thre...n-and-re-earn-them.336908/page-4#post-4945139
Where did I say 100 consecutive cuts??? If you loose 50 percent, you would need to make 100 to break even. Every losses gets harder to recoup. Leverage is one of key ingredients to survival. For example look and Yen on monthly basis. Lowest volatility in almost over 20 years. How do you model something like this ????
You intimated it in that sentence I just quoted from you! *rubs temples* Have fun storming the castle!
Well, if a $10 loss on a $1,000 account is a "huge risk" then you've got some serious trading issues to figure out. ***I'll exit this conversation now. Can't believe I need to make such statements.
It means trade in micro lots. You adjust your trade volume to 0.01 to minimize risk and not lose all your money in one trade. The goal is to be a good trader before you start making real money. My advice would even be to find a broker that gives you trading bonus, so that you deposit less and get a bonus money to add to your account. Remember, your goal is not to make huge sum. Use the bonus to practice and learn. When you are ready to trade big you can move to any broker. So, use a demo account, or trading bonuses from brokers like FBS, Forexchief or Instaforex that gives big bonuses.
Amen. I find FX harder than equities because there's less observable crowd behavior to trade with/against to profit from, and then there's the sensible choice in equities of going long by default to make money on average. Currencies sleep/randomly meander most of the time and only heat up intermittently during special circumstances (that can last a while, like Brexit, admittedly). However, it's also true a lot of greater failure rate is FX is due to high leverage being handed to absolute beginners who additionally aren't that careful with the small sums of money they're putting on the table. People will generally be more careful with 100k than 1k as the former cannot be earned by flipping burgers for a couple of weeks.
Thank you padutrader for correcting. I was just telling my girlfriend yesterday that "I been in SIM mode for nearly 1.8 years and studying and getting my practice, and sometimes I feel impatient and just want to go risk live money cash". But I do have a plan and I feel good about that plan. It just being patient and put in the work day-to-day is ALOT of discipline and hard work. What is your comment on this? Tell me something to keep my patient and not in a rush.
yes yes yes yes you are young you have time you have a job so do your job well and work hard..... let trading be your passion...for some time and make your girl friend happy........ and be happy to be alive