Originally Posted by
HyporX
Just to clear the air and explain a few things....
Ive been a profitable forex tracer for almost 3 years now and I can tell you its not easy. Anyone portraying this job as a way to make money quick is a liar.
If you are serious about this here are some tips to help you out.
Look up:
Bankroll management
A strategy of your choice (what works for you as a trader, there are short term trades and long term) I use Ichimoku
Lot sizes and how you should manage risk to reward
And then finally make sure you are with a brokerage that is treating you right and helping you with tight spreads and good leverage.
In terms of demo accounts please do not think that just because you made money on the demo account means you will make money on a real account. A demo account should only be for testing new strategies. Only once you have pulled a consistent profit for more then 3 months in a row should you consider moving it to the real account.
There are plenty of things online as well as a plethora of books on forex as well as online courses (Be careful with online courses. if you can find a mentor that tends to work out better)
If after all this you do decide to start trading and you've got a strategy and tested it and feel comfortable the number one tip is do not change your strategy or compromise due to a loss or try and chase a loosing streak. That is the main difference between a profitable trader and a gambler. The job of a forex trader is just to play the statistics, its like most professional poker players, you're not going to win every trade you'll probably win 60% of your trades to start off with but if you consistently pull 60% month after month you are suddenly a profitable trader.
And just one last thing to give you all a bit of perspective. I make around 8-9% a month on my bankroll. And that is considered a really good return... so if you think you are going to invest $500 and turn it into $1000 in a few short weeks this isn't the place to do it. (it is possible and when i started i made 2K off 500$ in a month but lost it a month later) only when you understand this and keep learning everyday will you take profits consistently.
8-9% of 200k isnt too bad of a monthly income tho so chin up and keep learning. Any questions feel free to ask.