Thread: How many years to become profitable?

Originally Posted by ;

Go look for the FXCM videos where Rob Booker talks... he strikes the stage nicely.

Rob booker created a stage? What was it?

Originally Posted by ;

rob booker made a point? What exactly was it?

That video is very very excellent. Rob strikes trading right on the mind... If you are a consistently profitable trader, Phil, then I am surprised you do not like him.

Originally Posted by ;

This specific video is very very good. Rob hits trading directly on the mind...

OK, I am bored, which video and what point? It is either this or clean my office.

Originally Posted by ;

Or the $500 you lose in a demo account is worth more then the $500 books/lectures.

Utilizing real cash during the beginning isn't worth it in my opinion. Maybe after you're finished playing and studying through the initial learning curve with a demo account, and feel you're ready to try out some real cash to take care of the pychological shift from demo to real, then yeah, I'd say the $500 afterward is worth what you may get out of it.

Sorry, I just assume that you (overall ) have a method and have used it/learned it onto a demonion.

Originally Posted by ;

Horrible advice in my view. Why would anybody in their right mind go into live trading believing they will lose it all? If you do, you are absurd and should save both your money and time.

I agree. The whole tuition money concept, putting money into an account and figuring you will most likely blow it's a sure route to eliminating yourself from forex. LEARN! Even though you will find out more later when you open your real account you should not open an account with all the mindset that you likely will lose it.

Forex is indeed much about mindset. I have some regional friends that also commerce, and when we sit down together and I ask them , for instance, they closed this trade at this time and they reply with something like well I was only getting a bit scared or I figured I had just close it now and lose less or any other absurd, responsive, emotion response. Protect your money - consistently. That doesn't mean that you won't ever be down to a trade or that you can't ever lose but it does mean that in the event that you blow your account you screwed up. More than likely you didn't learn that much either. I know a man who newspaper traded for 6 months, had a erratic achievement, quit his job, bought 5 monitors and put 25K into a real account - 3 months later its all gone. What did he learn? Hmm probably 1. That its easier to lose money in forex than it would be to create it 2. That forex is not for him. If you finance your real account, you should be more sure of your plan and your subject than just oh well, I would blow this, even if I do then it is going to be tuition, haha you don't need to blow loads money to learn forex, dispite what so many gurus will attempt to sell you.

Originally Posted by ;

OK, I'm bored, which video and what point? It's either this or clean my workplace.

You probably need to clean your workplace.

http://www.fxcmexpo.com/video/RobBookerQT7512K.swf

Thank you for your inputs, my original plan was, read read read and use it in my demo account until I double my demo account, however long that takes. . .until than no reside trading!!! I began getting intersted in Currency Market about two weeks ago, and thus far I'm down $400 in my 5k demo account!! Believe it or not I've learned a couple of things from my mistakes currently...

is it wiser to trade on daily charts or 30m/1h chart for a newbie?

thank you all

Originally Posted by ;

Thank you all for your inputs, my original plan was, read read and apply it on my demo account till I double my demo account, however long that takes. . .until than no live trading!!! I started getting intersted in Foreign Exchange about 2 weeks ago, and so far I'm down $400 on my 5k demo account!! Believe it or not I have learned a few things from my mistakes currently...

can it be wiser to trade on daily charts or 30m/1h chart for a newbie?

Thank you all

Great job about being disciplined and performing some demo trading. I think 1 hour charts are better because you may see more opporutnities (challenges) to test out your trading and practice what you've discovered. Of course there's no reason why you could not trade another pair on a daily at precisely the same time.

How about trading 4hr charts or longer....it will provide you less wipsaws and will help instruct you dicipline. I think that the 4hr chart is your min. You should look at.Also you wont trade as often....that can be a good thing, beleive it or not. Good luck man

Originally Posted by ;

How about trading 4hr charts or more....it will give you less wipsaws and will help instruct you dicipline. I believe that the 4hr chart is your min. You must look at.Also you wont exchange as frequently....that may be a fantastic thing, beleive it or not. Fantastic luck man


rsq955

yup. . 1 hour charts arent value it