Simple system for beginners? - page 2
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The foremost way to make money through forex market is to ensure your trading. If you trade yourself, you will surely get guaranteed results. However, it may take a bit of time. But this strategy isquite favorable if you consistently follow it.
I am a newbie in Forex and am looking for a simple system to trade part time.
I work during the day 6am to 4pm USA EST.
Any suggestions would be greatly appreciated.
I have aspirations of doing this full time eventually.There are tons of them on the internet. Just make sure you can profit on demo for few month and if you do then gradually move to live starting with small position sizing. However, if you don't profit on demo I recommend you don't consider any live trading. ANY. Otherwise you will join the 95% club.
good luck
I am also new in forex trading. Is there any good site for demo account?
system comparisons?
New to this forum -- are there any resources on here that compare some of the different systems (pros/cons of each, side-by-side comparisons)?
Paper trade using a demo account.
Don't make the mistake of giving yourself £100,000 in the demo account if that's not what you'll have available when you come to trade.
You have £5000 to trade with? Setup a demo account with £5000 and prove to yourself you can make profit over a number of months. Do not have big ambitions.
If you can make 2% a month on a demo account within little draw down, you're doing a great job.
Like Igor said, Warren Buffet only makes 30% a year profit, and he's the 2nd richest man on the planet.
Which systems would be better suited for someone looking to devote only about 5 hrs or so per week to it (not looking to make a career out of this at this point) ?
Paper trade using a demo account.
Don't make the mistake of giving yourself £100,000 in the demo account if that's not what you'll have available when you come to trade.
You have £5000 to trade with? Setup a demo account with £5000 and prove to yourself you can make profit over a number of months. Do not have big ambitions.
If you can make 2% a month on a demo account within little draw down, you're doing a great job.
Like Igor said, Warren Buffet only makes 30% a year profit, and he's the 2nd richest man on the planet.Totally agreed with you. I've started with demo account just to prove to my self that I was well prepared. And to check whether my trading system could bring me satisfied result or not. Then the next things to prove are:
- can I make consistent profit?
- can I manage my emotion while trading? and
- can I have a good money management?
It took me some time to get me comfortable with all of those issues. I've been trading since 2003 and I'm feeling comfortable with my system, money management, and emotion control since about 2008. Now, I could get 'almost consistent' profit for about 10% of each month and I'm quite happy with it. Some people said that 10% is too low for forex profit (comparing to its risk). I don't care with that opinion. The most important thing for me is to have 'consistent profit'.
Buffet can give 30% of annual profit. And he can give 'consistent profit' annually. That's why people are believing in him and more people want to invest their money to Berkshire Hathaway.
New to this forum -- are there any resources on here that compare some of the different systems (pros/cons of each, side-by-side comparisons)?
Trading System of this forum may be helpful for you.
Source: Trading systems
I am also new in forex trading. Is there any good site for demo account?
I found a chart yesterday: forexbrokerz.com
You can compare quickly what various brokers are offering. Quick suggestion, make at least 2 or even 3 demo accounts to compare the platform. See what suit's you best.
Currently I'm in a bit of a hunt for good brokers with promotions for live accounts. I will write in the next few weeks more details and hop fully results.
Buffet can give 30% of annual profit. And he can give 'consistent profit' annually. That's why people are believing in him and more people want to invest their money to Berkshire Hathaway.
Excuse me, is not Buffet the one who was convicted for a mere 50 billions theft? Am I confusing persons or what?
If he is the guy, how can you accept 30% a year as a real trading income?