New to Forex Trading...

S

shipeichong

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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.
 
Investopedia


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.
 
The biggest mistake for me is to try to be a winner. Or I should say I wish I had never traded Forex.:mad: because 95% forex traders lose money and I am not the top 5%. It's too hard to be the top 5%.
 
I don't think its your mistake to try to be a winner at all. Those statistics are taken from futures traders and generally they are applicable to forex traders as well. I think what those statistics don't show is that the majority of those who are considered to have "failed" - gave up. It will only be a mistake if you give up.

The key to succeeding in forex trading from my experience is to change your mindset a little. Instead of thinking "how am I going to make money", think "how do I protect my capital or not lose money. Once I realized this, for me it changed the way I tacked currency trading 180 degrees. Don't think you failed at all or that it is all too hard, only those who give up fail.
 
Quote from fxet:

The biggest mistake for me is to try to be a winner. Or I should say I wish I had never traded Forex.:mad: because 95% forex traders lose money and I am not the top 5%. It's too hard to be the top 5%.
More...

I don't agree with those statistics.
 
Point is, 95% of anyone in any worthwhile and challenging endeavor fail. Don't worry about the statistics. You are likely to fail until you don't. Its a matter of stick-to-it-iveness.

-Liz
 
Quote from fxet:
The biggest mistake for me is to try to be a winner. Or I should say I wish I had never traded Forex.:mad: because 95% forex traders lose money and I am not the top 5%. It's too hard to be the top 5%.
More...
Is that even a real and verifiable stat? Or is that 95% of "transactions" lose money and 5% of them win? In that case you can be a "successful" trader by losing 19 times in a row, but only 2-5% each time. But on the 20th trade, you'd hit a 100% return that'll make up for all the previous ones and put you ahead. Go back to step-1 and repeat...
 
Quote from Trader273:

Do you have this opinion about everything in your life or just trading?
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Yes, you are right. It should apply to my entire life too. However, I can survive without being the top 5% in my life. But I can't in forex trading
 
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