I'm a statistic

Wether it be shorting or just buying and riding the wave, I think everyone here has been a "Statistic". That is what makes this so much fun and worth the time. You see, we all have something to learn from these mistakes. They are actually more like small test of your ability to overcome what so many others can't. That is to not let emotion, mainly greed control your descisions. Not only in the markets but in everything you do.

I recently had someone tell me that I was a complete fool for playing the pennies. That I had no idea what I was doing or what I was up against. They said that I had the classic signs of a gamblers mentallity. That eventually I would end up in financial ruin pennyless and my family abandoning me. Well I found this as extreme as most of you may find reading it. Especially if you knew the person who hosed me with such infinite thoughts of wisdom. Well i have been in penny land for awhile now. I have lost more than I have gained money wise. Early it was due to greed, but lately more so due to inexperience and timing. But the things I have learned about the market and the people in it are down right priceless. I would not trade that for anything. I made a promise long ago not to invest more than I had to "Play" with. And so far it has worked. I have been actively trading since March and still have money in my account. Yes the same account I started with. And when its gone I shall move on to another adventure. Taking with me the knowledge I have gained, not only in how to make money but also how to lose money. And how the world works, the dynamics of an investor market and the people involved in it.

So ultimately I would like to just stay afloat and continue to play, and so far I have. And I have enjoyed almost everyminute of it. Only dreading the mistakes I made for being gullable and not doing my own research.

I say good luck to everyone in their endeavors. Make this about learning and fun and you might just do a little better at it.

I'm thinking that one should apply the rules of forex to the pennies. Only play the picks you are sure of. I have certain plays that always work wonders for me. And other ones where I just go in on a whim, a hint, or for no reason where I lose a few dollars. Including one this week where I could sell for a loss right now.

Same here. Do the formula that works and make the risks on money you want to lose. I saw someones forex site/blog that says she does only 15 trades a month. Gave me the idea.

Maybe it all depends on how much you need to make. I'd rather make enough in the market where all I need to do is stuff envelopes part-time instead of being away from here full time.
Love those stuffing envelope adds. for $5000 a month, why mess with this?

Hi Drown, Sorry to hear that but it happens...as have been said--we all have been a statistic at some point tho so you're not alone..... Some of us several times over have been statistics . I know for me it took me a very long while to know how to trade safely, when to trade, when NOT to trade and be ok with that..and the average Forex trader can expect to take up to a year or two to learn the ins and outs of Forex..but if you can keep at it you can see the change happen for the better...

The thing to remember about Forex--its a white-water river that goes from calm to rushing to rising and falling....when you approach it with your bucket you don't just wade out into the middle and start scooping...you look for an area where you can stay safe and dry, and yet still be able to scoop up your bucket in to get some water... Most traders think they can divert the whole river right into their bucket at their whim or can hoist a bigger bucket then is safe for more water--and suddenly their bucket is yanked away with their attempt to scoop up a ton more water, and they are washed off their feet only to drift ashore wet and without their bucket wondering what happened.. Greed can do that...complacency can do that...you need to learn to make lemonade with the bucket you have and not try to grab the whole river. It took me a long while to learn that there are times you don't trade--like when the water is crazy...and that it is OK to not trade..and you have to find an area you stand and can scoop your water and not get swamped or washed away...and again that is just finding a method or system or time that works for your style of trading. So hang in there, dry off and take a look at the river.... There is no one holy grail except finding what works for YOU consistantly thru discipline, money management and risk....and unlike in the penny or stock forums--we are nice and helpful to the learning process..cause you can learn to find your niche in trading and are not trading some turd stock that may be over-manipulated or not what it seems to be. Forex traders are generally a nicer group of folks cause we are not in an infuential position or in competition with the other guy for pips...and since there is no way to bash or trash with Forex--we can focus on helping others and encouraging folks to learn and grow in becoming a trader.. Lots of folks on here to help ya if you hit a patch of white water... Learn from your mistakes--expect to make them and expect to make them again while you develop your methods and style. Keep a trading journal for yourself for all your TRading PLANS if you can--record every trade and why you took it, why it went well or why it did not...and you can begin to see your mistakes and begin to remedy them--and discipline yourself to stick with your trading plans...and if you don't have a trade plan for every trade--then stop and start there with developing a trade plan for every trade you take .

-w

gbpusd is an animal. It's the craziest pair on forex I think.