Forex Experience: Novice Trading Backfires

[Kingstone]

When it comes to forex trading, what will determine your success journey? Is it the amount of money you make via the demo account or the losses you make trading a real account that will serve as lessons to you? Profits and losses are parts of every business and forex trading is home to both simultaneously.

Just in the past year, a friend of mine opted to learn more trading from his friend. The friend had sugar-coated him with a demo account by showing him how much he has made with a demo account and he has never tasted and tested a real account before. According to the story, he said he needed just some money to start trading and be making money.

My friend is so convinced as he believed him. Sad to say, he did not ask the right questions because he is a novice himself. How can you let that happen? Later, my friend got his friend a whopping sum kf $200 for trading.

Emotions kicked in, demo strategies that work well began to pump in losses. Time to go back to the drawing board? No, the friend burned all the $200 in just 2 weeks of trading. I was so terrified because I was still learning forex trading then (6 months into forex trading).

Nothing could be done and he had to accept the losses and move on. Never compare your success on a demo account to that of a live account. Use a minimum amount to gain your first trading experience and see how you can build it up higher.

 

[Victorial]

That was a bitter experience. I do not understand why your friend would risk such a huge amount of money into trading. Given that the trader is not experienced should have been a red flag for him to stay put on his lane. I will not risk such a high amount despite my years in trading. $200 is just too much to lose.

That is why you should learn to trade yourself or at least subscribe for signals if you cannot trade. I know if you use half of that amount to subscribe, you will not lose the remaining $100 before gaining a small profit. Trade with care always to avoid losses.

 

[Setho]

It is very important to note that there is a very big line between using leverage and actually trading on your usual stop and spot wallet. You can be able to increase your chances of making money depending on the amount of leverage that you are using and that is very good but you should also know that you are also increasing the chances of you failing and your position being liquidated. This is why it is very important that you should know exactly what you are doing and try to reduce your leverage to the barest minimum I advise 5 times .

 

[Kingsley]

Tbis is why is not always good to listen to here say, we keep hearing alot of people taking about making millions online, some will even tell you that you can make a fortune from trading forex or crypto currencies, as this may sound true , it is not always true because what works for one person may not work for another person. It is always take our time to study ourselves to know that thing that we really love do in rather than relying on what people are saying it could recall recall very misleading.

We need to first know what we want and know how to go about it. We can not rule out the place of learning when it comes to trading forex or crypto and even after learning it, it still doesn't guarantee anything because I have seen professionals also making mistakes with theire predictions because market are not controlled by anybody But by the forces of demand and supply and some other factors beyond the human control. Hence we must be prepared for anything.

As the saying goes nothing good comes easy. I have my fair share of the lossing phase when i first started working on bought market.

 

[Ivo Zetticci]

Experience of trading lights up the rate of return (ROI). Novice traders are seen to be in a rush all the time, which carries bad fate for them. They have to rely on education to develop their thoughts and FXOpulence serves them with the best support.