Another risk is controlling your emotions and two of this greed and fear.Forex should always be viewed as "risk management.Never trade with unrealistic expectations and never let emotions interfere with your trades.

and always pick your broker wisely ! definitely make sure they are regulated (preferably in a western country..Australia is good). You can have the

best risk management, emotions and strategy, but if you have an unscupulous broker play against you....you will never come out ahead.

Originally posted by JackThePipper

and always pick your broker wisely ! definitely make sure they are regulated (preferably in a western country..Australia is good). You can have the

best risk management, emotions and strategy, but if you have an unscupulous broker play against you....you will never come out ahead.

 

Yes I do agree with you,ASIC-regulated are good brokers.

Yes ASIC is relatively good...but still not infallible... just look at what happened with Sonray (broker) who went into liquidation about 3 years ago because the directors were using the clients pooled funds as their own piggybank and buying houses etc with it ! I was one if the clients who lost
thousands. ASIC never handled the who case very well, but still, I think they are better than most.

Not only is it risky, we must have a game plan with in each trading account and with the amount of capital that we have on hand. If this doesn't make sense to you, then you should join our team at RedRhinoFX.com to learn how trading can be profitable if follow the rules. 

Originally posted by JackThePipper

Yes ASIC is relatively good...but still not infallible... just look at what happened with Sonray (broker) who went into liquidation about 3 years ago because the directors were using the clients pooled funds as their own piggybank and buying houses etc with it ! I was one if the clients who lost
thousands. ASIC never handled the who case very well, but still, I think they are better than most.

 

Regulations do not matter as much as the Business model that the Broker chooses to operate under.  Each broker has a choice and must like the bucket shop way.  You will feel much better knowing your assets are actually being used for Margin Deposits at a Liquidity provider than the Broker's Summer Slush Fund.

99% of retail brokers are trash. IBFX USA withdrawn their retail license one day after being Fined $600,000 for not having accurate Trade logs. 

How can you run a true ECN STP without accurate Trade Logs?  

Originally posted by rrayne20009

Yes,risk is always associated with forex trading.It is just a matter on how you control risk.So,buttomline is that having a deep understanding/knowledge about forex is very crucial.

 

For new traders like me, one of the best ways to understand and learn more about Forex trading is to visit Forex sites and forums like this one. Browse and read various postings about Forex trading tips and the likes. And if necessary ask questions and do interact with other traders. Second, try a demo account. Most brokers offer a demo account for free.

Wow it sounds like a science degree in here, i do agree a deep understanding is needed to be profitable and i also understand the convenience of a demo account. Just want to point out guys that FXSTAT has their own demo platform avaliable for members to use (4th option on the left hand side bar, so dont have to go out of your way to a broker).

Also its very important to HAVE FUN trading, otherwise you'll only end up losing money/ confidence and stop altogether... yes understanding and experience is an aadvantage, demos are convenient but you must enjoy the thrill of the trade/game!!! otherwise you wont last long in forex

(I've either made alot of people smile with this post or i've just become public enemy #1):P 

 

Originally posted by cheesyfinger

Wow it sounds like a science degree in here, i do agree a deep understanding is needed to be profitable and i also understand the convenience of a demo account. Just want to point out guys that FXSTAT has their own demo platform avaliable for members to use (4th option on the left hand side bar, so dont have to go out of your way to a broker).

Also its very important to HAVE FUN trading, otherwise you'll only end up losing money/ confidence and stop altogether... yes understanding and experience is an aadvantage, demos are convenient but you must enjoy the thrill of the trade/game!!! otherwise you wont last long in forex

(I've either made alot of people smile with this post or i've just become public enemy #1):P 

 

 

I got your point here. Forex trading is actually fun. And I'm enjoying it. I find it really challenging. And for me challenge is fun.

Originally posted by ebizripan

I think Forex trading is risky for the newbei but if a trader knows the rule of risk management and know the technical and fundamental analysis then it will not be a risky business for that trader. So I think we neeed to know the forex trading education first then need to trade in real accounts.

 

One of the best ways to learn more about Forex trading is a demo account. Here you have the chance to do your own trading. Also, visiting and reading various forums and sites will also help a lot to acquire sufficient knowledge about Forex.