Well it's been nearly a month now since I started delving into the world of Forex. Just about thrown my computer through the window twice and almost had a nervous breakdown. Well not quite a nervous breakdown.
I have some observations I would like to share as I think they are good ones for people who have not yet starting practicing the art of Forex.
1. As far as I am concerned (at least at this point in time) the biggest risk to any trader is always yourself. I don't think it matters how good an investor you really are, or how good an investor you think you are, it is always your choice as to where and when you spend your money. Even if you are the next Warren Buffet I think things can and still do go wrong.
2. Know yourself. In this game I think you will start to find more things out about yourself than you may care to know. For example, if you have never had a million dollars before how are you going to know how you would handle this sort of money? The Sultan of Brunei(?) might want to take a lesson in this one. To put it another way, try giving a million dollars to someone on crack. Give another million to someone who has been married several decades and has two kids. Who do you think would handle a million dollars more responsibly? Same principles apply to everyone I feel.
3. Listen. I've only been practicing Forex for a month which (as far as I am concerned) means I know more than someone who hasn't been trading at all. I never said I was good at Forex, I just know more than you if you have never had anything to do with Forex before.
4. From what I have seen of Forex I feel it is 50% good Forex sense and 50% psychology.
That's it for now. I might add some more stuff as I progress. Hope some of the above was useful to someone on this forum.
I have some observations I would like to share as I think they are good ones for people who have not yet starting practicing the art of Forex.
1. As far as I am concerned (at least at this point in time) the biggest risk to any trader is always yourself. I don't think it matters how good an investor you really are, or how good an investor you think you are, it is always your choice as to where and when you spend your money. Even if you are the next Warren Buffet I think things can and still do go wrong.
2. Know yourself. In this game I think you will start to find more things out about yourself than you may care to know. For example, if you have never had a million dollars before how are you going to know how you would handle this sort of money? The Sultan of Brunei(?) might want to take a lesson in this one. To put it another way, try giving a million dollars to someone on crack. Give another million to someone who has been married several decades and has two kids. Who do you think would handle a million dollars more responsibly? Same principles apply to everyone I feel.
3. Listen. I've only been practicing Forex for a month which (as far as I am concerned) means I know more than someone who hasn't been trading at all. I never said I was good at Forex, I just know more than you if you have never had anything to do with Forex before.
4. From what I have seen of Forex I feel it is 50% good Forex sense and 50% psychology.
That's it for now. I might add some more stuff as I progress. Hope some of the above was useful to someone on this forum.
Pity the fool who thinks they'll make it overnight...