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I would add to that list: "knowing when to fold'm" In other words, having made your money, know when to walk away and do something else with your life.

I think if you removed all of the entry requirements for a university degree, you'd see a much worse washout figure. Trading has no entry requirements other than a little cash.

Hey GrandSuperPooper, XAU/USD is going to test 1800 today. Glad I didn't go short as you were suggesting. :D

There is a place where I see computers valuable for my trading style. Maybe its experience, but I find in certain situations I can't calculate and react quickly enough if I am trying to add or subtract from a position, or adjust the stop quickly on multiple entries. A simple application that...

I actually did that on purpose. Debating/arguing with people and then publishing my trades like that really helped me to stick to my guns. Unfortunately, I set my trailing stop too tightly and got kicked out of that trade too early and was therefore forced to settle for less profit, but oh...

Lucias, a couple of other comments for you: I think I have mentioned this before, but one of the things you can do with forex, is deposit only the amount you're willing to risk on a given trade. It forces you to follow your own stop rule, and eliminates the effect of a "black swan" which...

I went with 2), currencies. At any given time, in my trading account, I have only slightly more than what I am willing to lose on a couple of trades. If I lose it, out comes my credit card for a reload. This has allowed me to double my $2000 account since the beginning of November. I am...

Do you not value $100 more than $5? I certainly do. This isn't scared money; this is common sense.

When I first started the average loss was only $12/$2000 or 0.6% of the tradable account I keep seperate from my trading account. :D Therefore, scaling that, with $10,000 you can earn $75/day with 0.6% risk. $150/day with 1.2% risk. $300/day with 2.4% risk.

I don't agree with this. One learns best by starting small and gradually increasing their position as they get better. Fear isn't the issue. Replaceability is the issue. I can replace $10,000 pretty quickly. Replacing $500,000 will take a long time. Risk should be adjusted accordingly.

I can trade 3 ounces of gold with a $10 deposit. fxcm.co.uk.

This paragraph is also very misleading. The psychology of trading a $500,000 account is completely different. Very few people can handle the psychology of 2, 3, 400 percent returns on accounts like that. Even 50% is a lot! Its just the opposite of what you think. $10,000 is much, much...

I certainly do a fairly large number of trades. Usually I am trading about 3 gold contracts per trade. 20 trades a day. Average profit per trade 5$ Average loss $12. Successful trade rate is more than 75%. I know this sounds like peanuts, but this is with a deposit of only $100 to $300...

I don't agree. Earning a living while trading stocks unleveraged with $10,000 is impossible. With forex, because of high leverage, it is completely possible When I trade XAU/USD, I am only using a $2 deposit to trade a product with an average daily price range of over $25. I can easily...

I'm working on it, with forex, one little account at a time. I have blown out a few small ($100 to $300) accounts. Remember giving me a hard time back in November when I started that thread about pulling $150 a day out of a $2000 trading account? Ok, I admit it, that was a bad idea. I've...

Interesting story, and I like the chess explanation. I have never been a master player, but I've always played quite well, and understand what you mean about adjusting to your opponent. I recall how I used to play chess with a friend of mine at university. We used to play 30 games in an...

Sometimes there is a real value to "blowing out" a small account. Using leverage and the built in margin calls of your brokers system, you can actually take a bigger risk knowing that the most you'll lose is the small amount you've deposited in your trading account. I pulled that stunt today...

I agree with this completely. I really don't think a large amount of starting capital is needed. In fact, to start with a large amount of capital is probably a big mistake. You're actually better off to learn with only small amounts of money and build yourself up over an extended period of...

Excuses. Excuses. That's why you're broke and belong with the 90%. Take responsibility for your mistakes. Learn from those mistakes. Stop blaming the system.

Yes, but that's how these bear focused models work. They get it right when the crash happens, but get it wrong the other 80% of the time. Lol. Just teasing you, Beau. :D