Hi , iam new and could need som help

[ostaka_195]

Hi guys , like my title said iam new and have some questions to you .
I have never done anything like this before , I used to be a mathematician and lost my job and started to play poker and lost most of my belongings - how ever i feel like this is my last chance , and I'am hoping my mathematic skills will help me out - with traiding.
I heard about Forex automoney , and was thiking of starting to use it .
My question is , is it any good or just b*ullsh*t?
If not , how do you think i should start? Any pages that helps out etc?
Thanks you for your time , my questions might be stupid - in that case iam sorry. But it is allways worth a try.

Over and out , Jean Pierre ( from sweden btw)

 

[Tenapenny]

' how ever i feel like this is my last chance '
This statement tells me you should not be considering trading at the moment. Get another job, get some money set aside that you are willing to lose and after you have studied and practiced how you want to trade, start small and be willing to take the knocks that will come your way.

 

[ronblack]

My 2 cents:

(1) Start small and do that for about 2 years or more. It takes time to learn to trade profitably
(2) Never risk more than 2 - 3% of your capital on a single trade
(3) Know exactly where to enter and where to exit a trade and especially the reasons for doing that
(4) Keep a detailed log of your trades and calculate average win, average loss and success rate
(5) If your system is performing well and it is consistent for at least 2 years, use the Kelly formula with the numbers you calculated in step 4
(6) Send us a card from Monte Carlo (How do you spell that?)

Ron

 

[RedGreenBen]

(5) If your system is performing well and it is consistent for at least 2 years, use the Kelly formula with the numbers you calculated in step 4

...but divide the Kelly Value by at least pi.

Ben

 

[RedGreenBen]

My 2 cents:

Ron

Actually, I meant to say '*excellent* advice BUT...'

 

[ostaka_195]

Ok , was online for 5-6 hours reading about trading . Iam starting to get the point , but i know iam far away from even a decent trader. Yes I said , ' how ever i feel like this is my last chance ' , but iam not burned and not greedy , i dont wanna make millions on one day , got all the time in the world
Forex automoney , seems to be pretty easie , and maybe a good way to start ? any advice?
Thanks for all answers really appriciate it.
Regards Jean

 

[ronblack]

...but divide the Kelly Value by at least pi.

Ben

I agree but not reason to get that far at this point, don't you think Ben?



Ron

 

[Trading2k]

Try trading a demo account for six months and make paper profits while you build up your money. Once you have made good paper profits take the plunge but keep 50% aside as an emergency fund. Risk small amounts and build up your confidence.

 

[Hoggums]

Hi guys , like my title said iam new and have some questions to you .
I have never done anything like this before , I used to be a mathematician and lost my job and started to play poker and lost most of my belongings - how ever i feel like this is my last chance , and I'am hoping my mathematic skills will help me out - with traiding.
I heard about Forex automoney , and was thiking of starting to use it .
My question is , is it any good or just b*ullsh*t?
If not , how do you think i should start? Any pages that helps out etc?
Thanks you for your time , my questions might be stupid - in that case iam sorry. But it is allways worth a try.

Over and out , Jean Pierre ( from sweden btw)

Get yourself a job and then start trading with money you can afford to lose.

You won't make a living from trading straight away, and just like poker you'll lose what little you have left if you try to make back what you've lost. You clearly have issues with money management to have lost a lot of money playing poker.

I know nothing about forex automoney - but the name makes me cringe. Probably forex auto-losses more like.

I'll repeat again. It's not an easy or guaranteed way to make money. Most people fail. Mathematics will not help you here. Get yourself a job.