Forex lesson#2: Costly trading lessons. Don’t pay much while you learn.
I have seen many beginner traders so confident in their trading skills that they were in rush to put $1000-2000 dollars on their new Forex accounts just to lose it all in few weeks time. Those who were fortunate enough to stop before losing the entire account, got many fears to deal with and a damaged self-confidence.
What a losers! They were driven by the greed to start earning big money with their new accounts, instead they paid the price for their greed. The first Forex trading lessons are very costly; those who don’t know that, will pay too much to learn the truth.
Many factors come in play once a trader opens his first real account. Trading real money is challenging. When you have a lot to lose your level of nervousness and restlessness doubles and triples; and for unlucky ones it sky-rockets.
Save yourself a couple of thousand of dollars, kill your greed and a will to start making big money right away. Actually, it won’t happen anyway.
Open a small tiny-puny Forex account with, say, $250 dollars. That’s enough; believe me, just perfect to start with. Trade the smallest lots available. Not only your mind will be calm and you won’t be worried about losing some pips, you would practice and learn trading lessons for free! (Almost).
If you manage to make a couple of dollars on top – that’s awesome! Practice this way for at least 3 months, my friend. If you good at it, then add another $100-200 dollars, and practice for a month again. Add funds in steps, so you get comfortable with the responsibility you take and, plus, over time you’ll be gaining confidence about the trading methods you use.
With such simple approach you won’t pay thousands to learn how to trade and lose in Forex, because, I promise you, you will start with a losing streak once you are in the real money world. Money is evil, in every way you look at it, even when you wan them to work for you.
** Forex Dark Lord **
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men, I love this site. The back ground , the concept and just everything about it.
More, more, mooore!!
Don’t let us strive without your mighty knowledge, Dark Lord of Forex
Oh, moon, my students don’t want to leave the classroom?!… :)
Behold… I have lots of dark lessons for you, my friend..
Thank you so much for these lessons.
Thank you. I open up a practice account and see already how wise your words are. Thank you again!!!!
please more of those wise words.
Wise words indeed. I started with a small account of only $300 after studying technicals for one year and trading a practice account for another year. When I started trading real money it was certainly much more nerve recking. Thanks for the lessons!
HAHAHA, I JUST READ THIS AFTER LOOSING 200$, 4 TIMES
Whatever you are, I hope am not impolite, I mean man or woman, but thanks for the insight, it’s like you aren’t a “Forex Lord of Darkness”… You words are true…
Outstanding! Start out small and learn the hard lessons with a small account. Great advice! Trying to get rich fast in the Forex world is sure suicide. Buy the gun and rent the bullets, because it’s all over! Trading with the little micro lots is a stress free way to earn and learn :)
This site ROCKS!
This site is the bomb I almost susbscribed for forex signals and alert, thanks a lot forex dark lord but I have a question are you saying that we should never by trade signals or robots even after we have a system of our own.
I am the cliche you talk about. Problem is, I went through all this before I started trading, even made a killing on my demo account.
When I put down real money 2,000 went down the drain in 4 days. It was like a band dream. Am on my horse again, maybe someday I’ll give my “wisdom” to youngin trying its hands at an old dogs game….
ur a great sifu…. thanks a lot
Trading with real money is all another thing then training accounts.
Yo Dark i like your beginner forex site: nice background (inovative) even that somethimes comment and advice are really nooby-liked. and man yes i admit u got a tremendous sense of humor, that i appreciate everytime i visit the site judging on my grin face reading through the lines. But i have another opinion for the first deposit:
First of all i DONT recommend any body open a 250$ account (not mentioning 50$,100$ or whatever less from the mentioned above)Why?!? Because the brokers nowadays offer you the opportunity to do so does not mean that its right to do so! The reasons are simple: with 100 or 50$ u are simply gambling, you have to be completely shure what u’re doin, cause with 50$ or 100$ one wrong step and u drown into the merky FOREX waters bustin on your funny micro account.With this small amount you can never sustain a mild market change and you are certainly DOOMED! Dont u think so Lord?My advice for novice FOREX KNIGHTS is: train on demo for at least a year or even two…get a full knowledge on one pair at least (or more if u can) and when u make some money on demo for an year, open a micro acoount with min 1000$ or 2000$ which does not mean u place big amounts on positions NO! Trade smallest amounts with smallest leverage but at least u have the backbone to rely on with this thousand or more dollars ok. Trade cousious - Greed is the certain way of the market to get u slained!
Good Luck everybody
Peace!
BY simple and noob oriented site i definetly flatter your majesty, cause this is the most important think a prospector can do for the retail market nowadays.Simple, easy, understanding navigations for the ordinary footsoldier, on his way to becoming a Knight ( or a DarkLord eventually. Depends on which force u choose :D )