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ad man wrote:Beleive me i know all about it. i blew up an account already.... the thing is the exact strategy i used used to consistently build up a demo account i used on the live market...weird.....
Pablo660 wrote:Hi
Just updating chat with some questions ;
What's a good software now?
There are lots of demos out there.Download one and see which ones you like.Would recommend Oanda and FXCM.
I was thinking to just try to make a small income, 100-300 tt a day in (2-4 hrs/ day). Is this achievable?
Yes it is achievable.No it's not realistic.You can't tell the market you want to get paid everyday.You have to take what the market will give you on any given day/week/month.Some days you may make money but there will be losses.The size of your losses is all you have control over.
How easy it to put in and take out money ?
Deposit could be with cc or wire transfer and withdrawl could be with wire,cheque,paypal(depending).
Any advice on the whole.
There is a stat that says 95% of traders fail.What makes you think you can beat other traders who have higher i.qs nanosecond technology,inside information,more resources and millions and billions of funds available to them at this zero sum game?As a retail trader you have lots of advantages but lots of disadvantages as well.Trading a profitable method most times is simple but definitely not easy.It takes a doctor 3-5 years at University then another 3-5 years to specialize then they begin to make any real money.Trading is just like any other profession,you have to do the hard yards but unlike other professions nobody is going to show you how to trade profitably.Those who know don't say and those who say don't know.How committed are you and how hard are you willing to work are questions you have to ask yourself before you start down this road.Good luck.
Thanks
Lol now reading back
I real procrastinating on this yes
Miktay wrote:Interesting thread. Does anyone 'trade' local TTSE equities?
Pablo660 wrote:So trading and emotions don't mix
It's like gambling ( I don't gamble) you have to potential to get roped in,
Isn't it about learning trends and predicting charts vs news to see where currency may go?
yes but it's really more about making educated guesses.....you can look at trends all you want, but when you jump into a trade and the market turns against you, stops you out, and then retraces to complete the predicted move, you will be left scratching your head if you're not prepared for that kind of thing
What's the minimum you can go in with e.g. $1400 tt or 200 usd ?
Skanky from East ? We worked together? Feedgrow lol
Thanks
Pablo660 wrote:So trading and emotions don't mix
Emotion has no place in profitable trading.If you get emotional chances are you will make mistakes.Profitable trading is about executing your plan despite emotions, flawlessly over a long enough period that you can profit from your edge in the market.
It's like gambling ( I don't gamble) you have to potential to get roped in,
Whether you think it's gambling and other moral dilemmas are issues you will have to deal with on your own.
Isn't it about learning trends and predicting charts vs news to see where currency may go?
Predicting has no place in profitable trading.It's a mistake a lot of traders make thinking they have to predict the future price movement.If you or anyone can predict the future with a high level of certainty there are bigger things you should be doing with your life than trading.
Of course there are traders who are large enough to move markets and whose goal is to move markets enough to profit from their positions.As an example if you think OPEC deals and supply and demand are responsible for the prices of oil,your road to profitability will be that much steeper and rougher.
Trading is about taking your signals repeatedly,dealing psychologically with losses and having the patience to get to and maximize the winners.
Skanky from East ? We worked together? Feedgrow lol
Lots of people get involved with trading because they see the glorious lifestyle portrayed on tv and movies. Profitable trading as I know it is nothing like that.I get up at 0230 and trade till 1300 Monday to Friday.Trading is also a very solitary profession.You alone run your trading business.Working 12 hour shifts or even 24,36 or 48 like we used to is a piece of cake compared cause when you off shift you off and you get paid notwithstanding.In trading you get paid for your efforts and forex trading is a 24 hour job from Sunday evening to Friday evening.In the same way you can't expect to read a book over the weekend and then perform brain surgery Monday morning,you can't expect to do some course online or read a book or get a tip and think you're a pro.You have to do the hard work.
Good luck
Thanks
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