trading fast or slow?? need help!

[CarrieW]

400:1 leverage in Forex eh? Ever consider what happens when you lose money with that much leverage.... I'm not even going to bother to look, but I find it extremely hard to believe that any instituion would let you borrow 100000$ with 250$ in your account.

EDIT
You do know leverage is borrowed money right? You know if you lose 1% with 400:1 leverage you would owe your broker 750$ right(assuming the maximum amount borrowed)?

this is so wrong I cant even believe it. this is why I believe none of you know what your talking about in reguards to forex.

If I place a trade for 1 mini lot(10k) at 200:1 leverage with a 20 pip stop loss in place its equal to about 50 bucks out of my margin. it drops 20 pips I get stopped out. 20 pips is equal to 20 dollars. they stop me out and I get 30 bucks back.

if you use 400:1 leverage and get a 10k lot for 25 bucks I get 5 bucks back when I am stopped out.

this is how forex works. like I said its not like anything else. you cant compare apples to cats.

 

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[Sid23]

So Carrie, have you begun trading yet?

People are not being negative, it's just that you have nothing to show for anything, other than your study (which I applaud by the way).

But there are a lot of people out there who know a LOT about things (i.e. professors) who don't have a pot to piss in.

Stop debating with everyone here whether FOREX works or not.

GO OUT AND PROVE THAT IT DOES!

Fastlaners are concerned with results, not talk.

Focus on making that first $25k in 6 months, then come back and post that check, then we'll all help you figure out how high to shoot from there.

The proof is in the pudding...

 

[CarrieW]

I did the same thing, probably 25 years ago.
I came in 2nd or 3rd.
I think I kept the article with the results, but have no idea which box it's in.

As I recall, it was 10 weeks long or so, and you started with $100k.

yes thats what it was. 10 wks and 100k.

I didnt keep the article I wasnt that concerned about it lol. now Id love to get my hand on it (kicks self in rear)

it actually scared the crap out of me.

I knew I didnt know anything and couldnt duplicate anything I had done without alot of learning so I just moved away from stocks and into looking for something else to do untill I had enough money to trade for real in stocks. I am not looking to lose my money nor am I waiting for luck to take care of me... ya know how I did it. I picked names that looked nice lol. the ones whose abbreviations I used to make up my own names for them lol. I was probably the most shocked of all at how well it worked lol.

the beauty of forex is the leverage. I can get to where I need to go with very little of my own money unlike with stocks where you need to have all the money to purchase the stocks when you buy them.

 

[CarrieW]

So Carrie, have you begun trading yet?

People are not being negative, it's just that you have nothing to show for anything, other than your study (which I applaud by the way).

But there are a lot of people out there who know a LOT about things (i.e. professors) who don't have a pot to piss in.

Stop debating with everyone here whether FOREX works or not.

GO OUT AND PROVE THAT IT DOES!

Fastlaners are concerned with results, not talk.

Focus on making that first $25k in 6 months, then come back and post that check, then we'll all help you figure out how high to shoot from there.

The proof is in the pudding...

I just opened my demo account a few days ago. so I am not trading with real money yet. we had some things going on that needed my attention so this got pushed to the side for a bit. I am planing on being live by the latest june or july.

oh and I wont have a check becasue it will be in my trading account. I will surely post a screen shot for ya tho! not allowed to take money out of the account untill I have more then that!

I will be posting trading results as I move forward.

 

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[bflbob]

yes thats what it was. 10 wks and 100k.

I didnt keep the article I wasnt that concerned about it lol.

it actually scared the crap out of me.

I knew I didnt know anything and couldnt duplicate anything I had done without alot of learning so I just moved away from stocks and into looking for something else to do untill I had enough money to trade for real in stocks. I am not looking to lose my money nor am I waiting for luck to take care of me... ya know how I did it. I picked names that looked nice lol. the ones whose abbreviations I used to make up my own names for them lol. I was probably the most shocked of all at how well it worked lol.

the beauty of forex is the leverage. I can get to where I need to go with very little of my own money unlike with stocks where you need to have all the money to purchase the stocks when you buy them.

I think it was called "The Stock Market Game".

I hunted for stocks that had huge swings.

I found one (I would swear the symbol was SCOR) that had HUGE daily swings.

I'd buy one day, sell the next.

I'd invest $20k, and make $8k on it overnight.

Of course, if it had been real money, I'd have been the biggest buyer of the day.
(These tended to be small stocks.)

It was fun trying to figure out how to beat the system.

 

[andviv]

It is easier to trade with fake money, you have nothing to lose so your emotions don't count. The real deal is to get those returns with your own real money. Analysis paralysis on one side, and reckless investments on the other, make the real life investments more interesting.

<sarcasm of the day starts) If those "games" were a real indicator, I would be the best NFL or Soccer coach ever, as proven by my fantasy football record. Let me take care of the New England Patriots or Real Madrid, I'd do great. Oh, and I am out of the ratrace, based on my past performance on Cashflow 101. (Sarcasm over... for today)

I do recognize that those games and simulations do help you understand better how investments work. I love Cashflow 101 for the same reason.
Just don't lose focus on the emotional aspect of it, which is where the real secret lies, in my opinion.

 

[CarrieW]

the results I posted about the forex returns are real accounts not demos.

they are using their own real money.

 

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[April]

Hi CarrieW...I just wanted to add that you can leverage all stock trading market and can use very little of your money. (ei. forex, options, futures, penny stocks)

The real lesson is when it doesn't follow the trend you either speculate or analze is your lose limited or unlimited. If you know how to make the money, make it and make it well...good luck to you.

 

[CarrieW]

the way I intend on taking emotions out of it is to start with a low amount of money. we spend 300bucks on average a month on misc stuff that we dont need so 250 if I lose it is no big deal.

and forex to me is a game. its all about learning and following the rules. only once I can start taking money out will it become real to me. untill then its all just a game. a game I intend to win!

 

[CarrieW]

yes I do know you can use leverage with stocks. but when you use leverage to buy stocks and the stock tanks you owe people money...

with forex that doesnt happen... you can only lose what you have in your account. If your trading correctly then you should have way more money in your account then you can lose in any one trade.

by trading correctly I mean not trading during news announcments(unless I am doing it on purpose and using my fundamental announcments strategy) using the right leverage, using stop losses, and using stringent money managment rules.

 

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[April]

yep, that's one reason I don't trade stocks but even if I did you can hedge the leverage of that stock and not owe anyone money (but that takes knowing what your doing and understanding what your doing)....but you have not looked at options or futures, have you. Even in forex there is a strategy which is bi-directional. what the other guys said about emtions using real money is very true so keep that in mind. I highly suggest that you keep educating yourself and try to make money along the way.

 

[CarrieW]

no I havent looked at options or futures. I found a website back in 2005 that was a school you had to pay like 8k to go thru to learn about forex. I read a bit about it and I instantly fell in love!

so instead of paying 8k for a course(that in the end wants you to pay another 6-8k for a program to trade for you) I decided to learn as much as I could on my own.

after I am well established in forex then I may branch out into stocks options and futures alongside forex for paper trading. as well as doing some rei. I also have a invention/product improvment idea I would love to move forward with.

 

[April]

sounds very interesting. I actually started in a similar place but in the end partnered with someone else to take some classes to learn some INSIDERS tricks of the trade that you can only learn from someone who is and has been doing it for years...you should try to find a forex mentor

 

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[Sid23]

I just opened my demo account a few days ago. so I am not trading with real money yet. we had some things going on that needed my attention so this got pushed to the side for a bit. I am planing on being live by the latest june or july.

SO YOU WILL HAVE BEEN READING AND STUDYING FOR OVER 2 YEARS WITHOUT INVESTING OR RISKING A SINGLE CENT OF YOUR OWN MONEY?

Sounds like time to take action to me. (Trust me, I went over 3 years without taking action on something. I learned more in the first month of really doing it than I did in the entire 3 years of reading).

And "demo" trading is fun, but like Andviv, I've gotten out of the rat race in under 10 minutes in cashflow 101. haven't done it in real life though, yet. i'm also really good at monopoly.

 

[Sid23]

Carrie, I will make a deal with you.

If you have a $10,000 net profit at the end of 6 months of trading, I will give you $500 more.

The only stipulation is, you must start trading your own money by next Wednesday.

You in?

I expect a one word answer.

 

[CarrieW]

no I took quite some time off for personal reasons in between.(explained in other posts dont want to explain again)so I didnt study the entire time.

I am taking action. my first action was to understand what I need to know and then practice it untill I am comfortable with my strategy and money managment rules.

I couldnt just go in and wing it. well I could but thats how to lose money not make it lol. there is alot to the industry that needs to be understood first. Id say the first 6 months was just getting to really understand the lingo and such. then I spent time and money on things that didnt help me one bit.

when I first found out forex existed there was a huge learning curve I had to go thru in order to have any understanding at all of the market. theres a lot of junk you have to sift thru in order to get to the real meat of what you need to know. so that itself took alot of time. and for several months I researched brokers. finding out whose platforms I liked and did what I needed for the stratgey I am going to use.

then you have to learn all about charting, candlesticks, and indicators as well as fib retracments and a million other things I never needed to know before all of this.

then theres money managment and trading rules. fundamental vs technical trading. market philosophy and lord knows what else I know I am forgetting stuff here lol. I am sure theres still stuff I dont know. hopefully the demo will show me what I still need to learn.

if you think you can just jump in and go live and win try it and let me know how that works out for ya lol.

 

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[CarrieW]

sean your one word answer is...

NO.

I appreciate what your trying to do. but I wont be manulipulated. I am doing this my way on my time frame.

If I start now before I do the demo trading I am breaking my first rule. cant have that. rules are rules and they are there for a reason.

I need to be IN PROFIT for 2 months before going live.

thanks tho.

 

[Sid23]

I'm just pointing out that you keep making excuses and pushing back your "real money" date.

But I won't bother you anymore.

 

[CarrieW]

my live trading date was never set in stone just to point that out. You accuse me of having excuses lol so here ya go.

my husband got fired from his job, he did start working again quickly but we were on a shoestring with no savings at all so we got behind.

we had to move with less then 1 months notice with no security deposit money available. moved over the course of 6 days between jan 4th and the 9th.

had to shut off my internet/cable for almost 2 months(oops it was one month lol it seemed like a year!) to use that money to get back on our feet and put towards the sec deposit and christmas for the kids.

I was also having some issues with my kids.

got pg confirmed for the 4th time but unoffically for the 7th time (3 chemical pg)in 2 and 1/2 yrs had my 2nd ectopic in 6 months and needed emergency surgery...

I also had my back go out twice. (ever tried to concentrate when your in major pain? I am disabled due to degeneritive disk disease and have several herniated disks that flare up whenever they feel the need to)

I maybe could have taken the time to demo trade during it all (had I had internet)and start getting in profit but I couldnt/didnt. even if I had I dont think I would have absorbed anything anyway.

I need to put myself into this fully. not while worrying if I was going to have a place to live or how I was going to get my kids stuff to pa from ga(to mooch off mommy) if we couldnt find someone to work with us on the deposit, or worrying about how to pay for the jolly fat man in the red suit.

I dont think I ever once posted an excuse to why I didnt start demoing when I thought I could.

they arent excuses its called life! sometimes you cant always control the things that happen. you just have to deal with it the best way you know how.

I can understand how it appears to everyone else tho. But now you know its not like everything was perfect and I chose to do nothing. I dont know about you but I need a clear head to think. with everything going on I was most definatley not clear headed. had I had the psycic ability to know all that stuff was going to happen over the course of 2 months while trying to have santa come for my kids I certianly wouldnt have posted the time frame that I did.

Now that everything seems to be back on track I am starting back to where I was when I posted this originally. opening my demo and working on my plan. and I will post this again just so noone accuses me of having excuses again I WILL NOT BE TRADING LIVE UNTILL I HAVE 2 MONTHS IN PROFIT IN MY DEMO THIS MAY BE LONGER THEN JUNE OR JULY!

so theres my excuse list you asked for it!

 

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[Sid23]

Best of luck to you, CarrieW!

 

[CarrieW]

Carrie, I will make a deal with you.

If you have a $10,000 net profit at the end of 6 months of trading, I will give you $500 more.

The only stipulation is, you must start trading your own money by next Wednesday.

You in?

I expect a one word answer.

Hey Sean, I've got a proposition for you. (or anyone else who wants to lol)

If I have 10k of profit in my demo account in 3 months time, you give me $250 bucks to add to my funding of my real account to be started immediatley upon opening.

 

[Sid23]

Hey Sean, I've got a proposition for you. (or anyone else who wants to lol)

If I have 10k of profit in my demo account in 3 months time, you give me $250 bucks to add to my funding of my real account to be started immediatley upon opening.

That's like saying you'll give me $250 if I get to level 8-4 on Super Mario Bros.

If you do it with real money, you have a deal. I'm not paying you for a demo. As Andviv said earlier, there is NO EMOTION involved with fake money. Controlling one's EMOTION is the hardest part of investing.

 

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[CarrieW]

ok will you wait the 2 months for me to do the demo?

then I will open the real account with $250. if I get to 10k in 3 months then I get 250 bucks?

 

[CarrieW]

only one stipulation with that. If I do get to the 10k I am going to keep the 250 for myself and not put it into the accout. is that ok?

(once I get to 10k I want to take it all the way to 25k without adding anymore money)

 

[Sid23]

I don't want to spend this much time ironing out a deal where I was OFFERING you free incentive.

Why are there stipulations on a deal where you have nothing to lose?

 

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[CarrieW]

I just wanted to make it clear.

If we did the demo thing I was going to put into my initial deposit. I wasnt going to do that if its a real account that I am up that much in. like I said I just wanted to be clear on my intentions if you decided to go thru with it.

free incentive is free. it wouldnt cost me my money into a regular account if it was free. If I am using a demo with real money to gain its the same incentive isnt it?

and I dont know about you but I have my pride to lose if I lose lol. I dont usually ever make bets. betting I can do that in a certian amount of time puts me under the gun. if I dont make it then I failed. I definatley dont enjoy failing lol.

 

[Sid23]

It surprises me that you are this EXCITED about possibly wining $250.

If you really felt "under the gun" wouldn't you speed up this process? Why speed up for $250 when you won't speed up for $10,000+?

It is the thinking process that I'm focusing on here. The $250 was to get you to see that.

 

[CarrieW]

well the reason is because I was figuring if I could "win" the 250 to up my starting deposit. that would double it. if I get to 10k I still cant touch any money out of the account I was going to use that to reward myself lol.

the reason I wont speed it up is because I need the time to do the demo and get in profit regularly before I am ready to start with real money. I am in this to win not to lose money becuase I am inexperienced.

 

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[RAiMA]

Carrie, may I suggest investing in a book called "Trade your way to finanical freedaom" by Van Tharp. It's got some very good principles in the book that all successful traders must understand. Take special note of biases (pyschology), testing and developing a system and position sizing. You'll be able to leverage other people's experience through this book saving you a lot of time, money and pain.

Good luck with it

 

[CarrieW]

thanks raima.

I actually have the book. only read a tiny bit of it. I will be reading it fully soon. probably this weekend.