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    Default Can you make money trading FOREX ?

    I think the answer is YES. However, I think the hardest part is not to loose your money before you start seeing some profit
    Anyhow, that was my experience when I started trading FX with a $300 mini account couple of months ago. I was down to 185$ only a few weeks after I opened my account, but then I relized that something was wrong
    I was too involved in each trade, whenever I had a winning position I would always take profits right away, fearing that the market will turn back on me and not allowing the the profits to grow. When I had a loss I would panic, forget about placing a stop or move it even further into the loosing territory thus increasing the amount I lost.
    Today I am up to $527 (which is not much for some) or 33% monthly return. I think the biggest lesson I learned for the past two months is that there is no place for emotions in trading, you have to always follow some basic rules for every trade:
    1. Know at which point you are entering the market
    2. Know where to place your stop (I usually place it 10 pips below entry so that I don't loose more that $10 on each trade)
    3. Know where to take profit

    I guess this post is mostly for beginner FOREX traders, who probably are wondering (like me in the beginning) : If Forex has such a high profit potential, why I am I only loosing money?


 

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