New to Forex Trading...

Discussion in 'Forex' started by shipeichong, Aug 12, 2006.

  1. shipeichong

    shipeichong Guest

    Hi, I am new to Forex training and I had been reading up on many stuffs about Forex and understand some of what they are talking about. I am interested into going into Forex for full time, but I am aware that trading real life is not a piece of cake like trading by book. I am currently still a student still studying in a university in Singapore, and so there is no urgent need for me to rely on Forex to earn a living.

    However, after my graduation, which is one and a half year later, I have plans of being able to go into Forex trading full time one day. I will like to use my free time outside of studying this one and a half year to brush up my skill as a Forex trader. I won't be trading with a real account, but will trade with a demo account for quite a period of time first since I am not in a hurry to get money.

    I heard that 90% of Forex trader failed in their endeavours. I will like some good advises from all of you about your past mistakes and what you had done wrongly so that when I did move on from a demo account to a real account, I would not be the 90% that lost money. Do share with me, if you do not mind what mistakes you make as a newbie trader, so that I can learn not to repeat them in my own learning process.

    Good Forex sites that have free and quality information are hard to find. I had found a few I read from, but will appreciate if any of you had any good recommendation. Thanks.
     
  2. jebigabre

    jebigabre

  3. Investopedia


    Good Forex sites that have free and quality information are hard to find. I had found a few I read from, but will appreciate if any of you had any good recommendation. Thanks.
     
  4. fxet

    fxet

    The biggest mistake for me is to try to be a winner. Or I should say I wish I had never traded Forex.:mad: because 95% forex traders lose money and I am not the top 5%. It's too hard to be the top 5%.
     
  5. jebigabre

    jebigabre

    I don't think its your mistake to try to be a winner at all. Those statistics are taken from futures traders and generally they are applicable to forex traders as well. I think what those statistics don't show is that the majority of those who are considered to have "failed" - gave up. It will only be a mistake if you give up.

    The key to succeeding in forex trading from my experience is to change your mindset a little. Instead of thinking "how am I going to make money", think "how do I protect my capital or not lose money. Once I realized this, for me it changed the way I tacked currency trading 180 degrees. Don't think you failed at all or that it is all too hard, only those who give up fail.
     
  6. I don't agree with those statistics.
     
  7. Point is, 95% of anyone in any worthwhile and challenging endeavor fail. Don't worry about the statistics. You are likely to fail until you don't. Its a matter of stick-to-it-iveness.

    -Liz
     
  8. Is that even a real and verifiable stat? Or is that 95% of "transactions" lose money and 5% of them win? In that case you can be a "successful" trader by losing 19 times in a row, but only 2-5% each time. But on the 20th trade, you'd hit a 100% return that'll make up for all the previous ones and put you ahead. Go back to step-1 and repeat...
     
  9. Do you have this opinion about everything in your life or just trading?
     
  10. fxet

    fxet

    Yes, you are right. It should apply to my entire life too. However, I can survive without being the top 5% in my life. But I can't in forex trading
     
    #10     Aug 17, 2006