if you trade intraday.. forex will ruin you. you are better off honing your skill with the index futures. (don't try both!) forex is like a runaway locomotive.. don't get in front of it. capricious and unforgiving. steel on steel ! index futures can scalp all day
I keep scrupulous records of my trading. Every loss will teach you something very valuable. If you can accurately determine what your trade history is telling you, you can be successful. I think it is crucial learn what type of trading fits you, right now. I say this, because it can change rapidly. Your losses will tell you what doesn't work.. .that's pretty good intel. In my case, the styles of trading that fit me best were the opposite of what everyone was telling me was best. Personally, I view trading as a lifestyle, not just a profession. A couple years ago, when I had tanked my second account, I sought professional counseling to see if I couldn't learn what issues I may have and how to better myself as a person. I believe any emotional or psychological flaws will show up in your trading. I took leave from trading for one year while in counseling and focused personal development. The results were worth the effort. My marriage has improved dramatically, my job performance and also my personal relationships were much better. Only when I was truly happy NOT trading did I start trading again. Basically, I just had to learn for myself everything that I had read in the first year. -Then I knew that psychology was 99% of successful trading... Now, I actually believe it. -Then I knew that most trading systems could make money in the hands of the right trader and lose money in the hands of an amateur... Now, I actually believe it. It seems like there is a cycle that most traders have to complete before they can succeed. I'm particularly stubborn, so it took me awhile (Fortunately, I'm also tenacious). One of those steps that I got stuck in for a long time was the "if only" pattern: "If only I had the right broker, then I'd be successful". "If only I had the right system... if only I had the right indicators... if only I had more trading capital...tighter spreads...faster data... better news.... if only... if only ... if only" For most, including me, this was merely an extension of my view of life in general: "If only I made more money, then I'd be happy... If only I could find the right woman... if only I had that new car... if only I had a better job... if only I could be my own boss" You get the idea. I think this may be a huge problem with traders as a whole as this is basically the mindset that is fed by all of the e-book, system and signal peddlers out there. It boils down to not accepting 100% responsibility. OK, now I'm feeling soos serious... time to get the laser pointer out and f--k with the cat Have a Happy New Year, everyone! Oh, and killthesunshine, you are so right on the mark. If only (there's that phrase again) trading publications and courses were peer reviewed to the extent that medical journals are... that would be a nice change.
don't try to scalp it. everything is copesthetic and then, BAMMMMM!, your in the hole 20 freaking PIPS., and looking at more loss. just like that. i don't know what it is maybe the feeds are shitty? it's like 'punctuated equilibrium" you can't get a feel for the action. time frame at least DAILY, anything else your gonna get killed. and probably still
No, I don`t intend to scalp the forex markets. If I were to do anything in forex it would be on a longer time frame like you guys are suggesting. I`m thinking that for scalping, the index futures would be much safer. Not saying that it is easy, but at least it is a better regulated marketplace
Scalping is a great way to trade but you gotta be a fast thinker and not let fear dictate your actions. Very difficult thing to do.
Yes, for starters, I would recommend reading something really basic like "Currency Trading For Dummies". You could also start watching people trade in chat rooms or youtube videos. Download a demo platform (they're free) and just start trading demo money.
Forex can be scalped just fine. But you need to be solid in your game. And more than that, it helps to know WHEN to scalp and not just flick on the computer and start looking for scalper trades.
I'm too lazy to read the 20 something pages of this thread. So, did it work out for Johnny in that he quit his job for forex trading? Is he now a forex millionaire?