I am new to the Forex scene, just started in January. I have invested $1,270 so far and I am down to a measly $340!!!!!!!!!
I have studied Japanese candlesticks, I know all the terminology, I have just grasped the concept of perallel trend lines and I am learning about the Fibonacci ratios but I am still getting hammered. Is there something I am missing about this market?
2007-03-20 03:02:49 · 7 answers · asked by Anonymous in Business & Finance ➔ Investing
Hi,
Actually there are 3 main things in fx:
1. Good trading system.
2. Money management.
3. Don't be greedy.
With $340 you can trade mini lots too. Yes, it's difficult but you still may win.
You should trade 0.1 lot for such amount. When your trading balance reach $400-500 then you could trade with 0.2 lots; from $600-700 - 0.3 lot and etc. Start trade with 1 lot only when your trading balance exceeds $10K.
Don't set big targets.
Try to enter not from market but by the pending Stop Sell or Stop Buy orders, which should be placed on the pick of swing.
Always use Stop Loss orders.
Set Take Profit targets and Stop Loss orders accordingly Fibonacci levels.
Don't be greedy. Remember all even biggest journeys begin from small first step. So don't set big Take Profit targets.
If it solaces you probably there is no one trader in the entire world who didn't lose his first deposit. Just some of them hiding it or even afraid confess themselves.
Another very important thing - is your broker honest?
But forex trading is really most exciting and most profitable business in the world. Well, at least for me.
If you have any question please don’t hesitate and e-mail me.
Good luck!
2007-03-20 04:14:03 · answer #1 · answered by VP 3 · 1⤊ 1⤋
The problem seems to be from whatever information you have given is that you are investing in Japanese Yen. However strong the Yen gets the Japanese government tend to keep it undervalued for supporting it's trade economy and exports. So you cannot expect the Yen to moveup, it will only fluctuate in a small band and making money in Yen is difficult. You should have tried Euro dollar futures which recently gave a high return.
2007-03-21 02:33:56 · answer #2 · answered by Mathew C 5 · 1⤊ 1⤋
$1000 or $2000 is not enough to invest and make money in the forex market. According to surveys, you are 80% likely to loose all your money if you have invested less than $5000. The figure drops to 50% for investors of over $50,000.
I dont think its agood idea for investor of your size to play in Forex. And stay OUT of Japanese yen.
2007-03-20 10:08:17 · answer #3 · answered by Dr Dee 7 · 1⤊ 1⤋
Take a look at the strategy offered on www.myfxsecrets.com. It's pretty good. You can make a consistent daily return on your investment. I like it.
2007-03-23 11:34:21 · answer #4 · answered by pipsthief 1 · 0⤊ 0⤋
yes they are all crooks get out now before zero.
take a look at danskin inc(dans)@ .10 when dans anounce relisting you should get your $$ back plus.
http://biz.yahoo.com/bw/070312/20070312006121.html?.v=1
2007-03-22 18:33:25 · answer #5 · answered by vetech_61 2 · 0⤊ 0⤋
I can make a few hundred a day easily! After getting help
http://www.forexaim.com will give you great instructions and help you out!
thanks
2007-03-20 14:58:18 · answer #6 · answered by m2cgbldlr 1 · 1⤊ 1⤋
www.babypips.com
This site teaches you basics about forex and money mangament skills.
2007-03-21 16:26:04 · answer #7 · answered by icycloud 3 · 1⤊ 1⤋