newbie here.....had kinda same question, after "demo" trading on a number of sites, bacame very good at scalping, day or swing positions. found out about the "real deal" after month of due dil. hurrah for the net! Am I glad I didn't just "go for it" Anybody got an opinion on this?http://www.forex-day-trading.com/forex-scalping.htm I was able to make 50-100%/ day/ using half the available margin. ( in demo) yeah yeah ...I know its not real, but after reading all the horror reviews on most retail fx shops, it looks like currenex is it w/right broker .....but dont have enough cash for that. The old "catcha 22" I'm serious about the inquery, didn"t mean to steal thread and can laugh at good shots from the hip.
Dude, I hope you are NOT serious with this statement ?? What rock have you been sleeping under, moron ?? I swear it does not seize to amaze me of the amount of dumb comments many et members continue to post on these threads !! When we have people in their 50s and older in our country who are homeless on the street and millions more who live in federal susidized housing. And you make a numskull comment like this. For many people in this World young and old alike , having $5k in the bank would be a fortune and would be like winning the lotto. You need to take your head out of your elitist a$$ and get a clue about reality !!! How about we close you down !!!:eek:
I think he was asking for some advice on what direction he should take. I dont think he was asking if other people thought that with $5000 he would make it anywhere. With the right leverage and financial Education you can make money with very little. Im not saying your going to be rich but everyone starts off small. (well unless your a prince of some middle eastern country.)
if youre for real.........a practising, income producing trader could take your 5k and make an affordable yearly income (if you lived in a tin shack in outback Oz)....... get a bigger pile......you need room to move, lottsa patience......paper trade till you hate the idea.....get mentor if you can......make an ebook containing all the stuff that's WORTHY from this site.......long road chap/chappette ......very long road......very similar to the road I started......best of to ya....... here is a post from another site for a newbie: Also.......constantly......ask questions of anybody who knows their subject and this requires careful listening......understand that knowledge (not to be confused with experience) requires PRIORITY......this mean having someone, experienced, who can assist you in prioritising that knowledge.....what knowledge needs immediate attention, what knowledge needs to be left till the earlier foundations are set...... One of the boons of this site is the depth and width of the knowledge, however, all rookies get the bench and understudies don't get to go on stage until the lead actor is sick......apprentice mechanics get to change oil filters long before they get to rebore a Lexus engine..... ......a priority of mastering trading........ HOW to learn on how to master trading......... is one of the missing ingredients I see everyday.....inappropriate prioritising from well-meaning traders who were successful in their own right was a real challenge for me and took me a long time to recognise.....a great trader is not trained in the art of training necessarily.......this is the way to minimise the pit-falls....there are ample enough pot-holes on the road..... Have a clearly defined goal with a clearly defined plan of what you want to achieve......that leads you onto a clearly defined strategy........be aware that trading has requirements and thinking that are unique to this business...... that is exactly what trading is.....a business......be business-like....... very little, that you hear, has not already been explained by someone to someone else..... yet WHEN you hear that information for your business.......you need to have someone put that into perspective........ especially the loose areas of self improvement, consistancy of thinking, proceedural habits of execution.....I say "loose" as those are the areas that require commitments and preparedness that very few other industries provide....... who you spend time conversing with ....this last one, about who you converse with.....that is an important point......ensure you surround yourself with like-intended people......positive attitudes to the business conduct....... May I offer this; start with a "I am trading and here is my first list of knowledge priority" then invite others to comment on that list........ask; what do think is missing and do you think I am too far ahead of my knowledge to include this area of work right now? You see, experience from others is an area that's going to make all the difference, a significant difference.....doesn't guarantee anything, know one may do that......you have the initial knowledge which is to prioritise learning requirements..... I had often repeated Tims sentiment "where were you when I first started?" I had not learned how to ask the right people let alone the right questions...... Always have a great urgency to learn and no rush to transact...... You are running a business and I bid you well in that. J
You are going to LOSE your 5K. So prepare yourself to lose your money. EVERYBODY loses. Traders learn from their mistakes. You can read how to trade in books. But you still will lose when you start trading your own money.
I agree with jimmygold. That was a very wrong comment that "thehangingman" said. "thehangingman" does not sound like he is very smart or educated. I wouldn't pay too much attention to him. He probably is some 18 year old kid. Only a kid would make a comment like he did. There are people in America who work their entire lives and are unable to save 5K. They live off food stamps and welfare. They work minimum wage jobs because that is all they qualify for. This is sad but very true.
Butterball, what happened to you mentally that you can't understand and comprehend what people write down? Did you get in a car accident or something that damaged your brain and left you mentally retarded? The guy said that he has 5K to trade with. He didn't say that his life savings was 5K.
no limits to what you can achieve with 5k....or 1k, for that matter. the only limits are those you impose on yourself. sounds like a fotune cookie homily, sure, but it's true. fwiw, i know someone who traded $1200 into a fortune. i should add that he did this only after blowing out accounts totaling $130k, but the fact is, he built it back up -- and then went on to many multiples of this sum, from the $1200 he had left. that takes heart, and guts. so, with heart and guts -- and brains and epic self-knowledge, and all the other things that go into making great traders great -- it can be done.