New to Forex Trading...

[hcour]

My Biggest Mistake in Trading FX or Anything Else (or What I Did This Summer)

Focusing on making money instead of trading well. Big diff. Big mistake. There are lots and lots of jobs out there that you can do well and not love, in fact you can detest them. Trading is a different animal; I don't see how a trader can go thru all the study and failure and trial & error w/o having some kind of genuine passion for the undertaking. It's a lot of fucking work to simplify it, to sort thru all the reams of information and find your own way within it all. It has to be about more than making money and being independent, you have to love the act of trading. You will be frustrated, you will be bored, you will be giddy and you will be despondent, you will want to give in and give up, but if you've got the bug, your talent will out. Eventually.

H

 

[ElectricSavant]

Well Said.

Quote from hcour:

My Biggest Mistake in Trading FX or Anything Else (or What I Did This Summer)

Focusing on making money instead of trading well. Big diff. Big mistake. There are lots and lots of jobs out there that you can do well and not love, in fact you can detest them. Trading is a different animal; I don't see how a trader can go thru all the study and failure and trial & error w/o having some kind of genuine passion for the undertaking. It's a lot of fucking work to simplify it, to sort thru all the reams of information and find your own way within it all. It has to be about more than making money and being independent, you have to love the act of trading. You will be frustrated, you will be bored, you will be giddy and you will be despondent, you will want to give in and give up, but if you've got the bug, your talent will out. Eventually.

H

 

[ElectricSavant]

So....how is it going? You opened up this thread and never once contributed other than your opening post...I am curious how it is going for you and your thought on the comments in this thread would be nice?

Michael B.

Quote from shipeichong:

Hi, I am new to Forex training and I had been reading up on many stuffs about Forex and understand some of what they are talking about. I am interested into going into Forex for full time, but I am aware that trading real life is not a piece of cake like trading by book. I am currently still a student still studying in a university in Singapore, and so there is no urgent need for me to rely on Forex to earn a living.

However, after my graduation, which is one and a half year later, I have plans of being able to go into Forex trading full time one day. I will like to use my free time outside of studying this one and a half year to brush up my skill as a Forex trader. I won't be trading with a real account, but will trade with a demo account for quite a period of time first since I am not in a hurry to get money.

I heard that 90% of Forex trader failed in their endeavours. I will like some good advises from all of you about your past mistakes and what you had done wrongly so that when I did move on from a demo account to a real account, I would not be the 90% that lost money. Do share with me, if you do not mind what mistakes you make as a newbie trader, so that I can learn not to repeat them in my own learning process.

Good Forex sites that have free and quality information are hard to find. I had found a few I read from, but will appreciate if any of you had any good recommendation. Thanks.