please share what do you trade and what are your set ups and how many trades per day...have you made much money trading?
Set ups are all trend lines, support and resistance. Maybe a failure/head and shoulders pattern here and there. Kinda just look at the PA and see whats been going on and where I can make bets with the right R:R. I trade 1 - 3 setups over 1-5hours a day, basically intraday position trading, while scalping in and out with half my position and pyramiding up at times to try to get more pips out of the range since I only trade eurusd usdpy usdchf an sometimes gbpusd. I used to work trading FX and I have been trading for myself 3 weeks now and Im still up 4 - 5% after getting absolutely killed on friday haha. Im taking some time to develop a track record with a small account at the moment. Spec trading wasnt really a focus at my old firm so I want to iron some of my kinks out before ramping things up due to the nature of trading independently being somewhat different. Hope to be trading for a living independently within 6 months, but I have been trading for much longer and spent a good deal of time reading everything under the sun, which is how I go about things - total immersion. Didnt keep me from blowing my first trading account out though. For some reason I thought risk mgt was only for daytraders and since I was swing trading I could just wing it.
Yes Mizhael! I have been trying with babypips and it has been useful, it is easy to understand and to learn a lot... I've also visited forex4noobs.com and I have found a lot of info. there. I am starting too and I'm going to start demo trading, Why not thinking about doing the same? Good luck! Donomajoh
Wow guys! What a good information. I will read it and study it to be able to continue with my process. Thank you, thank you very much!
Isabella, I am afraid you are in for a rude awakening, good traders tend to make lot's of bad trades, that's all part of the business, it's just a matter of controling the loss in that case (in my personal case 7 pips and I'm out) and not letting losses run through hoping. This is one of the worst things in trading you can do and even after quite some experience I find my self resorting to this at times (luckily they are very rare), it always leads to one outcome: disaster. You should focus on the proces and the progress you are making not on the outcome of individual trades when talking about making good or bad decissions ... Hope this helps.
Of course it helps! Look, Iâm a really undecided woman, and I need to think, and think, and thinkâ¦. Everything I will do. But you are right, I have to take some risks to be able to learn and practice what Iâm learning. I really appreciate your answer because it made me realize what Iâm doing. I promise not to avoid making mistakes all the time like Iâm doing now⦠Thank you!
the logical answer to this is spend a lot of time sim-trading before you start with real money, it's not quite the same emotionally but it might help the transition from total newbie to becoming a profitable trader.