how much money have you blown before consistantly making money in forex???

[St.Sarah]

Hi everyone
I am newbie here 😱… going to start trading :whistling….. but before I want to know my money risks…🙄.
Guys, how much money have you blown before consistantly making money in forex??? Some say to trade demo until u become profitable in every demo account and only then fund your real account… some say demo account is only for to get used to the platform, but it is useless for trading practice…. What does your experience say?

 

[LiamH]

Hi everyone
I am newbie here 😱… going to start trading :whistling….. but before I want to know my money risks…🙄.
Guys, how much money have you blown before consistantly making money in forex??? Some say to trade demo until u become profitable in every demo account and only then fund your real account… some say demo account is only for to get used to the platform, but it is useless for trading practice…. What does your experience say?

For me, demo trading is a pointless excercise but that's because I don't take it seriously when no cash is on the line so that side of it is down to the individual. I've lost a couple of thousand a few years back but to be honest wish that I had traded demo and saved my money!

I now trade a tiny micro Forex account and am starting to show a consistent profit (only over the last couple of weeks). My advice would be, if you plan to trade forex just open a micro account with $100 and trade at 10p per point while you are learning. If you're not trading Forex then I don't know if micro accounts are available so it would be advisable to start with demo - You'll probably still lose some money when you go live with a real account but it should be less as you'll at least have some experience.

 

[St.Sarah]

I now trade a tiny micro Forex account and am starting to show a consistent profit (only over the last couple of weeks). My advice would be, if you plan to trade forex just open a micro account with $100 and trade at 10p per point while you are learning. If you're not trading Forex then I don't know if micro accounts are available so it would be advisable to start with demo - You'll probably still lose some money when you go live with a real account but it should be less as you'll at least have some experience.

Do you consider your micro accounts as prictice only.... instead of demos??? :idea:

 

[LiamH]

Do you consider your micro accounts as prictice only.... instead of demos??? :idea:

Well, I only have enough cash to fund a micro account so for me I'm in business... If I show a profit over the next year or so I'll consider starting to add to it.

The only reason I advised a micro account is, at 10p per point it will still take a while to go broke with $100 and you'll be surprised how your emotions kick in even with such small amounts on the line. On demo your emotions are never really a factor or at least mine aren't and this is the hardest thing to master - Your emotions 🙂

 

[shadowninja]

Check the links below for beginners' info.

 

[phoenix25140]

Demo accounts do not train emotions at all, get a small account, practice your entries and control your emotions, eventually youl get experienced enough, yea you might lose a bit but the experience you wil gain will help you eventually

 

[galeonbaster]

Demo accounts do not train emotions at all, get a small account, practice your entries and control your emotions, eventually youl get experienced enough, yea you might lose a bit but the experience you wil gain will help you eventually

Are you sure that it's more helpful for total newbie?
Or better to train a week on demo and than open a micro account?

 

[timsk]

FAQ: Do I Have to Accept some Big Losses in the Beginning?
Not an exact match to the thread title, but it's in the same ball park!

 

[Pi3141]

Does anybody know of any sb companies that offer 10p per point on the indices? - thanks