EigerGroup

The first goal of any new day trader or short term trader should simply to be profitable every month. Most don't come close to this. Most professionals don't either. But, most professional traders have a longer term time horizon as well when it comes to profitability.

If you enter in the fray of forex trading with the idea that you are going to make huge money, you will likely lose. Keep this thought in mind... Wall Street firms hire the brightest minds out of the Ivy League schools to research, develop, and program trading strategies in stocks, options, futures and forex. That is your competition. 90% of newbie traders lose in trading for a variety of reasons, but mainly because they are undercapitalized and do not have enough knowledge and respect for the markets. Take a more realistic approach, study and learn, and you might have a chance.

I highly recommend reading Gary Smith's book "Live The Dream By Profitably Day Trading Stock Index Futures." For many years, Gary successfully day traded WITHOUT the use of a computer. He simply watched the CNBC ticker and phoned in his orders. Technology makes it easier to follow the markets and execute orders, but does not necessarily make it easier to make money. Using four screens to trade one market four times per week seems like overkill to me. Keep it simple.

I don't believe the Turtle strategy was ever meant to be traded systematically. I highly recommend picking up a copy of "Way of The Turtle" by original Turtle Curtis Faith if you have not done so already. I believe there is a lot more "art" to trading than "science." You learn the art part through experience. With that in mind, sometimes it is a good idea to pyramid, and sometimes it's a lousy idea. I've done plenty of backtesting over time, and the Turtle system is really not that great as a mechanical system. However, it is good basic plan that can be improved upon with discretion.

My advice is to read as much as you can about how real and successful traders trade, figure out what suits your own personality, develop a trading plan, and then get to work. I am not a big believer in simulated trading because you simply can't simulate real trading. Everything is different when real money is on the line. Start small, be sure to have another means of income to support yourself, and dive in. Good luck!