If your total forex trading experience is 1 year then u have no reason to worry about your losses. Just learn. & read less btw.
Thanks, Serg. My trading experience with forex is actually since July, coming on six months now. I am realizing that I should cut down on my research, but that I am really not learning as much as I'd like while I trade. I will be doing more of simply watching, as I describe in today's reflection I'm about to post. Edit: Btw, when I read I very rarely actually read. Usually I'm just scanning for charts
Today I spent about 3.5 hours finishing the thread Intraday FX Player, and picked up a few things here and there. I may do some more work later, but wanted to discuss briefly my thoughts on my plan for paper trading. As I see it, I have a very good understanding of the market in theory and an personal slow learning process to conquer. I am also beginning to find new things sparingly enough to justify only doing it on the weekends. As a result, I think I will be nearing the time that I begin turning toward market watching. But, there is a problem: I have described this occurrence with me early here, and it is that selecting positions has blocked my vision of the market. I slept on this and deliberated on it while I was going through the thread as well. The fact is, for me, the difference between a paper order and an idea is immense, and I am very hard on myself. A order with my broker (money or paper, there is no difference with me) is a commitment, while if I wrote the same order on a piece of paper it would be an idea. I need ideas about the market in my learning process, not committing to something I am not confident in nor understand as well as I would like. As a result, I have no reason to paper trade right now. In reality, Iâve never had a reason to paper trade â I was just awaiting the time when something clicked and my finances were secure for the rest of my life. As I have developed, I realize now that this level is far away, and that making pretend orders was just slowing my learning process. My tentative plan for winter break â watching the market thirty hours/week, paper trading five, and five of research. I may be able to get more time in per week, but we will see. My new goal is to be profitable by mid-spring semester. Based on what I know now, and what I am about to go through, I think I can do this as long as I control my patience and be selective. However, I will also need to get to the point at which I am comfortable enough to trade the markets with an open eye to the action outside my trade. This may be very difficult, as it may just happen that I could be profitable but still have to get a summer job as I may not have the experience to be in complete control of my trading. I will let things play out.
Simply looking back on it, it is hard to say. A couple things about principles - innovative ways to draw trendlines, reliable patterns such as horns, pin bars, 2Bs, 1-2-3s, others, and certain philosophies such as how to go about transitioning to higher-level trading. Also things like how to correlate differing timeframes, I think I may have first used pivots in forex from listening to that thread (really not sure, been reading it here and there for probably five months), and several other things. Many of the charts are helpful as well, and I have probably 100 of them saved for my computer's slideshow. It is a must read in my opinion, and James16 Chart Thread on forexfactory.com is very helpful as well (although only through page 50, and I just scan for charts there pretty much). Those are the only two threads I've found that I would actually set aside time to read, any others I skim through in spare time. Good luck.