Resolved Question
Should i quit till 2011
I have read it on&on that if you can make 25% of your account per year then you are a successful trader.i opened a live account last month&i have made more than 25% of my account.the question now is should i quit forex till next year,so that i can sit back,relax&feel fine with my gains or can you strongly convince why i should continue trading since the year is still young.forex gurus i need your advice.
5 months ago
Best Answer - Chosen by Voters
Great job on making that much! I suggest that you continue doing so so that you gain more 'trading' experience. This time, however, make sure that you manage your account well to prevent yourself from incurring massive losses. For example, don't risk more than 1% of your account balance in a single trade. Therefore if you lose, you can still trade another day.
5 months ago
Answers (3)
i'd say don't quit, the more you live with forex, the better you will get at it. if you've made 25% executing your trading plan, not just jumping into trade with huge leverage randomly without understanding forex, then thats a success, and if you have a trading plan that works, why quit? the longer you stay in the market, the more experience you'll gain, and of course, money. There are many things you can learn by being active in the market, you'll learn to control your emotion, how the market react to certain news, observing price pattern and so on. You can't learn these by just sitting inactive.
It doesn't matter what time of year you start your forex trade, you can always make profit in the forex market, recession or expansion you can jump on the ride both directions since the forex market always move, well, mostly.
5 months ago
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I wouldn't suggest quitting just now. As you said, the year is still young. The important thing is to protect your profits, which means you need to manage your risk properly. As Forex Gump said, don't risk too much per trade and if you experience a drawdown, maybe its time for you to take a break.
Another thing you can do is to continue demo trading and keep working on your strategies. Do back testing and keep learning! Remember, there is always room to improve and learn something new every single day!
5 months ago
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Don't quit. IMO you'll get rusty at your trading method. Stay sharp! Besides, there's no guarantee you'll repeat that performance next year.
5 months ago
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