please share what do you trade and what are your set ups and how many trades per day...have you made much money trading?
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Newbie question: how to start trading FOREX?
- Thread starter mizhael
- Start date
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.
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
Quote from simpleguy1974:
TOM 123 just answered the question about as good as you possibly could. don't go for gimmicks. Find a simple system that works and test it for a very long time. Here is my daily schedule while learning. I wake up at 2 am. trade till 6 am. I go and work my full time job. Get home at 5:30. then I eat and trade till about 9pm. sleep, get up and do it all over again. Until you can get to do this full time, it's a hard lifestyle if you want to be good and profitable.
My other advice, is get your mind ready for it. It can be stressful dealing with fear and greed, learn how to do it and move forward without any emotions on your trading.
Man, are you in a good health? How can you run in such a chaotic schedule on a day-to-day business?
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.Quote from Isabella2:
I was reading from babipips and you are right, thank you for your help. Now, I need to get a broker but someone in a forum recommended me to use tradeview forex. Is the same thing? Whatâs the difference? I need to know about a good one. Thanks!
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!