I'm gonna add something... Both of you can go play your live trading games in the stock market if you want but when it comes to the global currency market, that is ROOTED in mangling and tangling and skinning alive the best traders from all walks of life in the blood pit called the open forex market, I want you to set a new goal, and here it is. AFTER you both spend 6-months (minimum) trading on demo accounts, make your Live account goal this: to survive for a period of one-year. That's right, forget about making money (though you may have to do that just in order to stay alive). Just trade small in relation to your account size. Give yourselves a full year to expose your (hopefully) already demo-tested trading structures to different live market trading environments, then see how you do. Or, as some of the better traders here say, "see if you got what it takes." Will you / CAN you survive?? <-- That's the right question. Think it over. Coinz
Lose first, then come back in a year or two then get started...I do not know of one trader that hit a homerun from the start...you must lose...If you do hit a homerun from the start you may lose more...(sKalpZy excluded of course) Michael B.
I must say, that I spent 2 years with live money --used good money management and lost real money in the real market. Never used a demo system. It's probably a good idea, but I am better at manual trial and error, so that I have original thought and have the ideas engrained in my memory. Now I would tell you that since I did that , the currency markets are the easiest markets to trade anywhere --that and the ES. Very high probability trades. I use stops, but I rarely get stopped out, the market is tha easy to trade once you done your DD.
Both you scalpz and elictricsavant have prejudiced opinions. You scalpz because you think it is a necessity to practize on a demo account for a long time and because you are so sure we will lose big soon. You elictricsavant, because you say a newbie never can hit big initially. Well, I hope you understand there are people that deviates from these statements and that everyone differs. It is childish to think to see everyone as one entity with the same abilities. I made 40% in the stock market, without previous education, and ive made about 20% in one and a half week in the forex market. Ive no predetermined style, I use 200:1 leverage and I do what I feel like, rather than being bound to rules. Everyone have their own style that they find work fine for them and my style is to trade whenever oppurtunities arise with emphasis on what I know works from previous EXPERIENCES. I figured that if most traders lose even though they have read heaps of books, the informtation must be somewhat useless. My opinion is that real life experience is the best way to develop oneself. Sure you can obtain experience by trading in a demo account, but it is not the same thing as live trading and thus, I think it is not a proper way to get experience. A lot of people have been practicing martial arts , but when it comes to do the real thing, they act emotionally and usually lose big time. Real life experience is the holy grail to obtain further wisedom.
I can't dissagree with B1S1, in that, there's nothing more valuable than Live experience trading Live cash in a Live trading account. Hell, nowadays I'll pop X-$ of money into a sub-account KNOWING there's a high probablility of getting a margin call in that particular sub-account. I've even got a few on that big AUD tumble we had a few weeks back. And you know what? I don't even care -- LET the market take that chicken scratch cash because the progression of the test is so advanced that, when I see how this or that particular trade system design actually performed in the harshest market climates, the feedback it provides allows me to modify it to a new evolve, if you will, just assisting me to create a really kick-a** structure that destroys the market while it in itself is getting pounded to Hell. In essense, having a system to trade that can't be beat. That's what I put that cash there for and I don't miss it. The market reality it showed me is WAY more valuable than what I allowed Mr. FX Market to get high on. My fuller reservation on the "trade live from the start" concept lies in this: If you get your account smoked... whaddayah gonna trade with? adr, c
drasfs, I humbly stand with what I said. I believe that no trader can ever say he never loses...Historically speaking some of the better traders have faced losing first and sometime have faced three or more complete blow-ups and then had to re-start. I was trying to help and giving what I thought to be true honest advice. I beleive I did. Why would I guide a trader with the small minority and outside chance of what COULD happen. That simply would be irresponsible on my part. drasfs, I expect an apology from you to insinuate that I am childish. I am a 47 year old adult, probably old enough to be your father. I am a trader of 28 years and I do not appreciate being addressed this way. drasfs may I remind you that you are posting in an archive where hundreds perhaps thousands can read and review for years to come... You elictricsavant, because you say a newbie never can hit big initially It is childish to think to see everyone as one entity with the same abilities. May I remind you our thread author posted this: that's why I need guidance on this I am a conservative trader with conservative thoughts perhaps. I make about 3-5% per month consistently. I have no more than an 8% DD and I use leverage of no more than 4:1 (my yield is on the WHOLE amount, even with this small use of the account). Now there are better traders than I and I admit that. But for a new trader to pay his bills and make a living, he better be prepared for a roller coaster ride in the beginning. then to manage his emotions...well thats a whole new concept Michael B.
Your intention was good and I appreciate that you took your time and wrote what you believed in and help those who need it, in contrast to many other that dont even bother to write anything. Im sure you have a lot of experience as you usually are quite insightful. You did however change your sentence. First you said: and now you changed it to: I humbly believe that no trader can say he never loses. I totally agree with you, that everyone is bound to lose sometime, but I dont agree with you that no one can hit big initially, that was what got my attention, as where is usually an exception to everything. You are putting everyone in the same basket when you say that. Im adament about that there are different sort of people with different qualities, that might have a knack for it, right from the very start, even though if it is a rare sight.
I would prefer that this person contemplating trading to review and ask the question : IS THEIR ANYBODY IN ET THAT HAS HIT IT BIG INITIALLY AND HAS NOT GIVEN IT BACK? Go ahead ask it!!! Prove me wrong. Michael B.
by the way the sentence was a run on sentence, this is what followed the three dots... Historically speaking some of the better traders have faced losing first and sometime have faced three or more complete blow-ups and then had to re-start.
If this fellow blew up from the start, what would happen to his bills drasfs? would you pay them? The management and agony (pain) of losing and not being able to pay the bills will wipe most of the traders to be out... Michael B.