Ask The Experts About Day Trading For Dummies

Thomas asks…
Could I gain 10% compounded every week by trading forex?
I am going to be 18 in 6 days. I have a practice account with FX Express. I’ve even bought Currency Trading For Dummies to learn what I need to know about trading currencies. With my practice account which is like the real thing, (apart from emotions!), I have been making 10%+ compounded every day. However, I want to be a little more realistic here and say with real money, I could maybe make 10% compounded a week with real money. I want to know is this is actually possible to do when you put in real money?

admin answers:
Hi there, glad to hear that you are able to make 10% compounded return on weekly basis. You never try the real thing, you will never know whether it work. Just do it.
I am keen to learn from you how you could make 10% everyday. If you could just share your trading method . How many hours you commit to trading, what time of the day, how big is your risk appetite , what is your profit range per trade in pip.
I know Dr Lim Ming Soon did turn USD2000 into USD1million in 18 months.
You must have at least 3 months of demo account trading before going actual trading. Dr Lim suggest doing it for 2 years to understand market move and your self on trading.
My greatest achievement is turning my losing trade into 100% profit within 6 months. Doing it part time 9pm -11pm tuesday to thursday but my risk level can be as high as 80%. About 25% per trade.
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Ask The Experts About Day Trading Software

Betty asks…
Day Trading (Software, Brokers)?
I am currently looking to start day trading with real money after “paper trading” for a few months.
I want to know what’s a good and reliable Canadian online broker with low commission costs.
Also, what are some good and reliable analytical software which can provide me with some assistance when making decisions. US and CDN stocks are both preferred.

admin answers:
Hopefully you’re aware that paper trading can never be considered a good way to judge real performance. Add to that fact-> since September the stock market has been rocketing to new highs. A monkey could do well in this market. So to believe you’re ready to day trade real money… Is most likely unrealistic.
Barron’s magazine rates brokers every year. I believe ThinkOrSwim is one of the best choices for day & swing trading. They do have a Canadian division. The software can’t be beat. They have every type of Technical Analysis charting you could possibly want;
Read;
http://webreprints.djreprints.com/2390280139740.pdf#view=fitV,100
Have you read any books on trading? If not… Nows a good time to start;
http://joefahmy.com/2010/03/17/recommended-reading-list-2/
Normally it takes 3-5 years (on average) to learn to day or swing trade.
Good luck. It’s a time consuming….. Hard road to go on…. But if you’re one of the very
few that make it….. It’s well worth the effort.
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