Simple's Green Room

[simplegreen]

O-Man...be sure and go through the school on babypips.com..its excellent for a new wannabe FOREX trader.It wont teach you anything about trading it but will give you a basic groundwork for what FOREX is...the learning curve really starts for you when you get your demo accounts set up and have MT4 charting capability.Then it becomes a board effort to help you set up the charts and get you to trading.Be prepared to spend at least several months trading demo and dont get too eager to go live ..you need a chance to see pretty well what curve balls FOREX can throw at you so even when they throw a wild pitch you can still knock it over the fence(LOL)
Patience...persistance...good technical skills and being ever mindful of upcoming news releases which is very important.News releases cause banks to take out stops like crazy and you might see a pair nosedive 100 or more pips...then keep diving..OR drop 100 pips only to turn north to set a new high!It can get nutz..believe me!Patiently developing good tech skills and wise money management in trading can easily pay off down the road.
I probably spent at least a year trading demo even tho I had a live funded account ready when I felt I was..even when I went live I know in the rearview mirror I was still not up to the game so I spent a lot of time trading both live and demo til I got bored with demo.BTW I traded demo conservatively and learned good risk management so I would not develop bad habits that I would carry over in to live trading.I was striving also for 100% winning trades even tho most traders will say is not possible.I achieved my goal at least 2 or 3 years ago.Many traders in FOREX ..even successful traders have what I see as a fatalistic view in that they feel success in trading just means thaey had more winners than losers on a given day.I would not accept that belief so I put my nose to the grindstone to hone skills that I felt could be achieved.
On the issue of losing or winning trades as I said I have not had a losing trade in at least 2 or 3 years and most FOREXers will believe I am blowing smoke but let me more fully explain that.My entries are usually small enough to manage but large enough to make acceptable money if my entry was good and I'm riding a trend...BUT..if entry turned to be poor I may end up with as many as 4 or 5 parts to a position and first entry may not get back to breakeven tho the others turn to profit...in a case like that I may close the trade for a nice profit but one part of the trade may well close at a small loss.My entries for some time now have allowed me to seldom have need to cost average but if I need to I am well prepared to handle it with the ability to come out on top.
Statistics from top brokers will show that only about 25% of traders in FOREX make money..app 75% lose money...dont let that discourage you..you can be in that 25% but it wont happen for you overnight.It takes time and patience but patience can be rewarded if you have what it takes.Never ever trade to make money!Trade instead to make a technically good trade...the money is a byproduct of a good trade!Loss is the byproduct of a bad trade that was poorly managed...poor risk management..poor technical skills...exessive trade sizes..etc.
Will end this mini novel for now and wish you success in your move to the dark side(LOL)..wont wish you luck tho...with good skills you'll make your own good luck!