- Aug 12, 2014
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"I'm leaving that to my grandkids."Lastly, never turn a "losing trade" into a long term investment.
I only have a small amount of money that I am going to be using to start. I was going to focus on day trades and short term swing trades at first trying to build up the total hopefully. If I lose it, it wouldnt bother me too much (just a few rounds of golf lol). I have been making trial runs the last 2 weeks trying to minimize losses and maximizing gains. I'm going in expecting to lose at first, even though the trials have been decent to good more often than bad. Switching to the actual trading system and not on paper I'm sure will take some getting use toGood advice @Taco Gratis. As someone whose entire career was in trading financial instruments, don;t ever think about or what you hope to make on a trade. Trading and Investing are 2 different things In trading always define what you are willing to lose and stick to it. Always know what the downside is!. In reality as a trader you don't care about the upside b/c that is what you are trying to do and that is gravy. Concentrate on the risks. Most investors always want to know what they can make, almost none asks how much can I lose? Lastly, never turn a "losing trade" into a long term investment.
Currently I'd say day trading/swing trading. Starting with a small amount trying to increase it as quick as I can, if I can lolWhat is your goal?
Dividend producers? Long term holdings? Ultra-long term holdings? Day trading? Just playing around with a few bucks?
Currently I'd say day trading/swing trading. Starting with a small amount trying to increase it as quick as I can, if I can lol
I swing/momentum trade, but ain't gonna talk about itI will admit... I dont think I ever seen a single post in here regarding anything along those lines. Enjoy the ride!!!
I'll have my beginning of week update posted in the other thread by tonight.Don’t buy now. Wait until there is another blood bath. Its coming soon.
Speaking of trading and first timers, has anyone heard from the guy who was inquiring about jumping into the ForEx market??????
He is right here. Still messing around with it. I have good days, I have bad days. I enjoy the challenge of learning it. I am learning that the brokers are the ones making all the money. The spreads change so quickly that even on a breakout gain they take nearly all the profit on the spreads. I am actually looking for a new broker who has fixed spreads (if there is one) so I know what I am in for in the beginning and not have it change based on the amount of profit that may be made on the trade or the market change.
Thanks for asking Mr FireFoley. :)
I have seen spreads within 4 and as much as 30. When there are spikes one direction up or down, the spreads widen as the spike does....at least with the last broker. I even emailed them a screenshot that they completely took my position and took all of the profits. What was a 30 pip spread in my favor with decent profit; I actually lost money due to the spread. Their answer, we have to right to change the spread based on "market volatility"
One thing I would tell someone new and doing demo accounts. DON'T BELIEVE THE DEMO ACCOUNTS. THEY USE VERY FAVORABLE PAST MARKETS THAT ARE EASY TO READ. I WAS ABSOLUTELY KILLING IT WITH DEMO ACCOUNTS......REAL TRADING IS VERY DIFFERENT.
no1g8r, thanks for the info. I am only trading with major pairs. No exotics whatsoever....not comfortable with those at all.
I am looking for a new broker....any suggestions?