Forex Trader
How much trader lost in Forex before they start profiting?
I heard a lot of people said 90% of forex trader lose money. I wonder how long and roughtly how much the trader lose become they become the remaining 10% winners.
How much you lose, and how soon you start making money is entirely up to you.
The average learning curve to learn how to profitably trade forex (or any other market) is about 24 months. What you want is to get from day one to the time you are consistently making money with the least loss possible. Here’s how you do it.
- First open a demo trading account with http://fxtrade.oanda.com
- trade that demo account until you know and understand when to trade and when not to trade. That defines your trading method.
- Trade some more and fine tune your trading method.
- when you can trade your demo account and be profitable three months in a row, then open a live trading account with OANDA with only ten dollars ($10).
- with this live $10 trading account, set your leverage to 10:1 and trade only with 1 unit, and not the minimum one lot.
- trade this live account with your trading method and fine tune your trading method some more.
- when you are able to trade your live account and show profits three months in a row, then add more funds to your account.
Let’s do the numbers. Assuming you are such a newbie that you will bust your account each month during the first six months of trading. With $10 at 10:1 leverage, and trading only 1 unit each trade, at the end of your first six months, you would have lost only $60. Consider that as tuition fee to learn how to trade. During your first six months of losing trades, I am sure you would have gained a lot of insights on how to be a better trader.
If you applied what you have learned recently, in the next six months of your trading, you will be breaking even, and may even start showing profits.
The reason the majority are losing money trading is that they focus more on entry–when to buy and when to sell. The best traders you will meet will tell you that it’s how you close a trade that counts.
While you are working to get past this learning curve, learn everything there is to know about trading.
Hope my input helps & Good luck!
http://jsforex.blogspot.com
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