If I start trading @ 0830 do I have to trade off at the end of the day, no matter whether I gain or loss? If I can trade off at anytime, for example I know I will make a loss at the end of the day but I know I will gain when I trade off 1 month or 3 months later. is this possible??? if this is possible how can I loss in forex cause I know the rates will surely bounce back after some time.

time 0830 is GMT+0?

U can hold the position for forever as long as u have enough margin to offset drawdown.

What Phil said is true and I would also suggest that one only start trading forex with at least 5k because you need to preserve the capital, the extra Ks acts as the buffer and alws remember not to overtrade. People who are new to forex should not be overly ambitious and trade full lot. Rule of thumb is never be greedy and wanting a fast income.

I have to agree with QUeen there... apart from i would say you should actually start with at least 10K,,,
and be prepared to top it up each month if you dip below it...

When i trade on my own account, i tend to at each end of the month if i have positions open and they have meet the target i have in terms of ROI i close them...

Simple Rules:
always set your stop/loss at a specified level and do not change them unless it is to lock in profit..
and never trade without a stop in place...

Well..... rate in forex is flux but you need margin to hold the loss. If you trade with low risk set up (such us less than 1% of capital) you could hold your position for months... BUT I WARN that sometimes market DONT bounce back to current level even a year. So there is posible that you LOSS all your capital (until you inject fresh fund to hold)

Another note is you LOSS A OPPORTUNITY TO PROFIT

it all depends tho on the risk tolerance and risk profile....
the fact that honestly trading without stops in place is actually completely stupid...
just like putting more money into losing positions to lower average cost.... ok on paper it might make it look better
but that is about all... Also alot of FX companies wont allow all your margin to be used up, they will close positions before it happens....

well i have alot of big positions that i have held since 2004
of course im doing carry trades and compund the interest.
this is the ultimate way to get your self a full time passive income

I have a few clients who have kept positions open since i started in the industry and that feels like it was a life time ago.. even tho next month is my 6th anniversary as a broker / dealer...

As long as they have the security to offset any down draw i tend to just leave the client alone, because even if you recommend to them to close the position they tend to become irrate... because they get attached to them...

also consider the effect of swaps.

if you are holding a negative swap position, then consider closing it sooner.

if holding a positive swap, then you can hold it indefinitely. but it made big mistake of buying at peak or selling at lows, consider closing asap.

That is true.. Also keep a close eye on what the central banks of the 2 currencies you are trading are doing..

Tho it all comes back to this:
Do not get emotionally attached to a position... and be prepared to get take a small loss if it means you can re-enter it at a better price....

I have been in the same trade since Friday March the 30th. It is the longest trade I have ever held, but it is doing well. I am long on the USDJPY.

not bad just on 2 weeks, i still have my NZD/USD position which i put on a long while ago.