Buying the dip in an uptrend is right, joining the uptrend, but too much of a pull back will likely be a turn, it looks safer the more of a dip but it isn't, I'm finding the dip needs to be very small. Obviously don't trade that in chop, trade YM first 2hours and last hour of US session generally isnt chop where this works best.
Practice for about 5 years before placing one penny on the table. Run a brick and mortar bussiness while practicing build up your commodity reserves. Keep going until you make measureable progress and keep going until you are board and it becomes a JOB (Just over broke.) Do not forgive, Do no Forget and do not Trust. The game will only become more sophisticated and complex as time passes. Akuma The devil made me do.....
My top tip would be to take it slow. Do not rush your education , demo trading or anything else. If it takes a year before you even start on demo then that is fine. This is all about the long term. Stick with it and you will get there. So many new Forex traders try to make money from here without learning. As a result they become loser due to lack of exact trading knowledge. It’s a common thinking. I think by and large lose because they trade with emotions and don’t know how to manage money in Forex.
%% TRUE+ i NEVER TRY to smash a tUrtle in the road; but sometimes stomp on the gas= men are mean+ a woman driVer got in my Way/lane, so drive trade/invest careful. And i like an UptrendBull markeT; downtrend/bear trend + bullmarkeT uptrends+dividends.IF you dont understand my capiTal notes, , yoU may in 7.77 years, or 17.778 YEaR$..............................................................................................................................................................................................................................AS far as taking it slow, well NasdaQQQ/QQQ tends To make money faster than SPY + VOO , but they pay better diVidends,
The following steps are guides to progress, and are not necessarily in sequential order. Some of them are always required, but each trader is different and will relate to these stages in their own ways. While attempting to learn and progress, one must keep in mind that futures trading is risky and can involve significant losses. 1. Education Hopefully if you are already trading you have completed your initial education: contract specs, trading hours, brokers, platforms, the opportunities as well as the risk and need to use risk capital in futures, and so on. Understanding this information is essential to trading. The second type of education is ongoing: learning about trading techniques, the evolution of markets, different trading tools, and more. 2. Find a System I am definitely not advising you to go on the web and subscribe to a “black box” system (using buy/sell triggers if you don't know why they are being generated). What I am advising is developing a trading technique: a general set of rules and a trading concept. As you progress, you may want to put the different rules and indicators into a computerized system, but the most important factor is to have a focus and a plan. Don’t just wake up in the morning and trade “blank.” 3. Survival This is the key! Do what you need to do in order to survive this brutal business and give yourself the chance of being here down the road with more experience and a better chance of success. Survival is probably the biggest key for beginning traders. There is a saying in this business: “live to trade another day.” It is so true! 4. Money Management While it is closely related to survival, money management can also stand alone. For your own survival, you must set trade/daily/weekly loss limits. Sound money management is closely associated with knowing your risk-reward ratio (again, per trade and per time frame). 5.Goals You should have a game plan and established goals which will function as a road map to measure your progress and improvement. Set per-trade goals, daily goals, weekly goals, etc. Many of you who are clients are familiar with these questions: What is your daily profit goal? Where do you see yourself in a week from now.? Six months from now? A year from now? How are you planning to get there? Break it down into small steps, and you’ll always know whether or not you’re on the right track. And do not forget to continually reevaluate your financial situation as it pertains to risk capital. 6.Experience If you made it to this stage you’re on the right track! Just like anything else in life, the more experience you have, the greater your success is likely to be. The key is to acquire the experience without devastating your risk capital. What good is experience without risk capital in your trading account? 7.Learn your Setups, Strengths, and Weaknesses Teach yourself to recognize different set-ups that you feel comfortable and confident with. Then attack. You cannot get to this stage without going through the previous steps. If you did not survive, develop a trading system, set goals, etc., you may recognize the right setups but lack the confidence or the cash to take advantage. I sometimes compare being the “pro” to the lion who is waiting patiently for its prey and then attacks when the time is right! 8.Trading on a Consistent Basis This means you will continue to evolve as a trader and go through these stages over the years again and again. In Conclusion Don't be discouraged by reading this. Succeeding in futures trading takes hard work and time. Please be realistic, make sure you only try this with risk capital only and periodically check yourself and try to learn from your mistakes and successes.
Best Advice You Could Give A Beginner? Don't give up your day job—have multiple sources of income available. Access to ongoing capital will make you a more successful trader/investor in the long run without the pressure of having to generate a consistent income to survive on. If I could start again, I would set up a business first and then get into trading later—the advantages of accumulated wealth or a nice cash cow feeding your lifestyle and trading activities cannot be emphasized enough in this industry. To be a successful trader, you also need to hardwire your brain and form good habits that are consistent with your objectives. Trading, whether it be systematic or discretionary, requires too much focus and concentration to allow you to get away with poor discipline.
All I did in uni was spend my time hunched up in the investments/TA portion of the library. Had no life, but don't regret it one bit. And as far as finance major, I just studied enough to pass thankfully.