I am now short on GBPUSD at 1.2210 with 27 pips stoploss and target of 87 pips at 1.2123. Demo trade on Price Action training. Trade is a bit riskier than USDCAD before.
Update on this riskier (demo) trade. I just noticed I made an error with GU today. Once the news came out it broke resistance 1.2214, so I had still the chance to breakeven this trade or with small profits later, when it reached 1.2190. The resistance at 1.2247 it did respect today as it looks like now. This was the first target. But long entry would be at 1.2181 or 1.2175, therefore not reached after the news today. Does not mind, demo trading and practising it so far. So the lesson is, that you cannot set your SL and TP and forget it, you need to watch and monitor the markets instantly while you have an open trade. Maybe lesson learnt. But overall good start, as I made 5:1 RRR on first trade. So with 2% risk per trade, in total 8% net profit.
So this article has helped me a lot, thought to share it as it might help you too; A Trader's First Steps
Thanks for all the input guys, I am planning to either quit forex or do it in parallel with something else, prioritizing that "something else". I will send some private messages to people whose replies caught my attention the most, but I am thankful to everyone who tried to help, this thing has been ruining my life without exaggeration.
If you are determined to continue, despite the advice not to do so, you need to (1) Simplify and (2) Focus. Locate a few instruments that trade high ranges intraday. If it doesn't move, don't trade it. Target price action. Very simply, what is happening to price at this moment, compared to what happened X bars ago. And what does that tell you regarding the probability of future movement and direction, and for how long? If is very unlikely that you will be successful trading this from a chart, without years of experience. Thus, you will need a software platform that will permit you to test for range, and for price action that yields results. Then you will need to forward test in real time to verify your results, and your capabilities to handle the action. Give yourself a set amount of time, then move on if things still aren't working for you.
Thanks for the adequate advice, really appreciate it. If I continue, I will take your advise into account, but I am not that determined to continue. I have already been looking into something else for a while and may be making a start soon on it. Believe me, trading is not an addiction to me, there are other objectively easier ways to make money (even without 9 to 5).
Melchi: I just found this tread. Trading, in general, and trading Fx especially, is challenging. A small % of people ever find their way to profitability over time. The stuff that has worked for me and my approach is something I had to develop over years -- it's unique -- and the way I apply it isn't something that you'll find in a course or on some youtube video. So the odds are stacked against you that you'll find your way to profitability. Only the persistent survive this grind and they have a belief that they will somehow figure it out -- however long it takes. If you don't have that belief, quit now.
Yes, there is a simple way to trade Forex profitably. Why the hell would I tell you my edge? These threads are silly. And no the brokerages can't reverse engineer it, or why would I make over $ 10,000 in subscriber money on C2 while listing every trade in advance with a 65% win rate for over a year. However, it is almost impossible to trade for a living which is why I have a job. In the real world, you can have multiple down months while still having an up year trading. The myth is that you can make $ 100/day everyday even with taking some losses during the day. This is just not true. The way to make $ 100/day without losing is to have a job that pays over that per day.
There is no way to trade in the forex market without first analysing the chart. It is absolutely necessary for profitable trading. Only a willingness to learn will not suffice. You must also invest your time and effort in your studies while having patience. This is how a trader can make money in the market.
Some truth there. In the trading world, this idea of being "consistently profitable" is thrown around. The reality is that no one will know if they are truly consistently profitable until they stop trading for good.