Yes this is very nice and knowledge sharing forum .many of us experience to read there preschool lessons , That help beginners to know all basics of forex trading. Reading different articles also enhance our knowledge of forex that help in real trading.
What is it with people showing up here having never trading anything in their lives saying they want to learn to trade forex? Why forex specifically? Why don't they just say they want to learn to trade, period? Are they seeing infomercials on TV or reading things in their spam folders?
This is a well known phenomena. People think they are (MUCH) better than the average person. Overestimations instead of sense for reality. Studies showed that 90% of the drivers think they are in the 10% best drivers group. This is mathematically impossible but that doesn't mean anything to them. Because they are convinced that they are REALLY in the top 10%, the other drivers that think they are too, are wrong is their argument. Now you know why 90% of people lose money in trading. Because they also think they are, or will be in the top 10%.
I agree but i also believe that you have to start somewhere. They may not become the trader who they though they could become but i believe that will be up to the individual to determine his or her determination and flexibility. I think the issue is people other traders are mis-leading the newbie trading telling them all kind of mis-leading information and probably making seems as if you can just start trading with very little knowledge and make money. It is so much you need to know and learn not just in regards to trading but other important aspects such as self discipline and being able to control your emotions that a lot of newbie traders don't consider when they start this journey of becoming a successful trader. I believe for those newbies I would suggest before you even open an account you need to educate yourself first from a proven successful trader who has a proven track record of consistency, profitability, and low drawdown over a period of time, which is hard to find. Many trader will sell newbies a dream telling them they can make alot of money and not really telling them the reality.
Yes learning is a important part and it has become very easy with social networks and forums where you can post your problems and can get remedial measures immediately.
Forex has been touted at the get rich quick market, especially for non-U.S. citizens who can get somewhere around 500:1 leverage.
Some brokers offer 1:1000 on micro, and 1:500 on regular accounts, but I have seen some crazy offers like 1:3000 which seems unreal. However, I suggest keeping the leverage low at first to get used to the market as higher leverage might lead to higher damages.
well even many people say and many articles wrote, big leverage is bad for your account however , i am curious art of money management/Risk management is depend of your Stop loss in percent or your leverage.? because it seems if we risk for example 1% for every trade . do not care how much is your leverage, your only risking 1 % of your equity