I just discovered FOREX Trading 2 weeks ago. I started with a $50,000 Practice Account. In the First 5 business days I was begining to learn the software. I "Lost" $23,000 not only because I was starting to get familiar with it, but because I had Questions that could ONLY BE ANSWERED THROUGH TRADING. It took me a few days to get the "If/Then" cracked. Now It's a BIG giant Cash Cow )
I still have 2 weeks left on the Practice account, and now I can bring in $437 in ONE maneuver ! I just "Banked" over $1600 on Friday alone- - THAT'S RIGHT - - ONE DAY - - $1600 ! It's ALL documented in the account summary. Would have been $2200 if I hadn't hit another Learning Curve )
Trading FOREX is So Simple a Monkey could do it.
Now I want to get back to the $50,000 level by the END of next week. In the 4th week I want to BLOW THE DOORS OFF THE PLACE !
Here's my BIG FAT (I can say it ) TIPS :
1) STOP LOSS should be renamed "Stop & Lose"
I only use "Limits" on Everything (don't know if it'll work in the Real World).
Babysit the Freshly Activated "If/Then" 'til the "If" kicks in.
"Then" move LIGHTNING QUICK to Modify the New "Then" Order to COLLECT THE DOUGH ! Get to the Dollars Window and quick change it to Positive Money (black). Ya, I know it shows negative PIPS...so what )
That's Selling Short...making Dough one the decent, the Down fall,..Drop like a Rock BABY ! ! !
FACT : Carring a Short Sell overnite or over the weekend can COST INTEREST !
2) The only Good Money is POSITIVE Money. Begin with 1 LOT orders 'til you can Make Money 95% of the time. Then, when you feel comfortable, try 2 LOTS once in a while...gradually building your STASH ! *** REMEMBER...50 cents is 50 POSITIVE CENTS. Every tiny bit counts....BRICKS IN THE WALL......build it Strong !
3)During your Practice session : Pretend you somehow started trading your Uncle's Dough while he was out of town...you'd better not lose a Dime & would'nt he be surprised to find even More Money when he returns home.
4) During the Entire 4 weeks - Trade aggresively to learn the software as quickly as possible. Take LOTS of notes. Make your own Glossary of Terms. Research your questions on Google. IT'S A FREE PRACTICE ACCOUNT - USE IT TO IT'S FULLEST. Use it (above all) to answer the " What if I " questions. Try different things. It won't blow up, it's only software, And it's monopoly money.
5) Tell your family & Friends NOTHING. You must be 100% confident in your ability. Don't answer ANY CALLS whatsoever. No interruptions of any kind.
CONCENTRATE... It Ain't a Game Bro - nail the Potential ! (tell 'em all your doing Meditation Therapy).
6) Every time you "lose" dough, go back and analize All the records to see what went wrong & Don't Do It Again ! That's how you learn.
My Last (and I mean LAST) loss was because I didn't have enough pips between the Buy & the Sell on my "If/Then"...it all happened so fast I didn't have enough time to do the Setup.
7) NEVER EVER setup a deal looking at the 1 minute graph - too fast...almost a sure loss. If you set up a deal on the 5 minute graph DO NOT LEAVE YOUR POST in a Volitile Market. Stay there 'til you setup the "Then" part of it.
Tired of being Trapped at your station Making Money ? Use the Daily graph to set up deals that take a while to Hatch. Go Vacuum, Clean the Stove, hop out to the Post Office.
8) REALLY CUT YOUR LOSSES : By Week 2 you should be able to see what times you were trading...see whether you lost more in the Morning or the Afternoon.
Personally, I should Never trade before 10 am. My reflexes are not up to par yet. Conversley, DO NOT setup any deals where you may have to be up past your bedtime. It's a Real Bad Idea.
9)NAILING DOWN A STARTING POINT : I Always use Candles. I Wipe the Trend lines from the graph...they're just a distraction. Zoom out to the Monthly, then come in to the Daily....now 2 hour....SEE THE TREND.....now 30 minute....Watch the Candle Config on the right...the closer we zoom in...the picture changes. A white candle at 30 minutes changes to 2 black & 3 white candles in the 1 minute view.
Zoom back out to the 10 minute view. Hunt for the Perfect HIT POINT. I like to start about 5 pips below with an "If/Then". Depending on the trend, I can set it (USE ALL LIMITS) to collect from 3 to 300 Pips (Yes, That's Right)... you should only do what you can personally afford, I'm playing with Monopoly Money in the Practice Account, so I go for Broke.
I am COMPLETELY Self Taught. This Old Lady trades FOREX better than she Plays the Drums )
Now the only thing between US & the Fast Cash is the RISK FACTOR.
I will return in another Month....
After my Practice Standard account expires, I will immediately try a more realistic MINI (Stern) Account.
The only thing I don't like about the Practice Accounts Is:
You don't know what the real fees will be, or how much you could Lose in Interest Paid. That's Uncomfortable.
Stay Tuned......
Now....GO MEDITATE !

Sounds interesting, I think I might test it out.