Replies to post #41316 on FOREX TRADERS

[Relentless Despot]

No, his post was spot on. Forex is a bit different than trading stocks. The pace is such that it can be all gone.. well half gone in seconds.
To answer your question, yes you can double up. But it will take years of practice before you can get there.
Start with a demo account and play around for at least a year before you jump in.

Most who expect to waltz in and quickly double up like they do on witless momo penny stocks are gone before their second post. Forex is a game for thinkers.

[daiello]

On the contrary ganman, give it a few months and you'll understand exactly what I'm talking about.

Too many people care about the returns that are attainable, I'm pretty sure you can make doubles weekly in most asset classes, unfortunately, that's alot of risk, so you're better off putting returns on the back burner and understanding how the FX market works. Ask most FX traders how many times they lost it all before trading clicked for them. Ask how many wish they demoed for years before going live. I'm one of them. I lost a good amount thinking that a month of good trading in demo was all I needed. I lost it all thinking that I could do a double every week. I was doing 10-15% days, and then I had a -80% day. Thus, my balance was crap!

The best thing to do is demo, determine a good system, use risk and reward to determine your unit sizes, and make sure it works in the long term.

You'll also become addicted, and you'll read lots of information, comments, opinions, but in the end, you need to have confidence in yourself and your trading strategy.