DislikedI'm sorry to hear about your hard luck, but it won't change by forex trading. In fact, forex will take money from you. Walk away from it, it's not worth it.Ignored

Just kidding. Seriously, though. Why so negative? It takes time to learn how to trade. I've been at it for about 4 years, full time. And still learning.

I am much closer to making a living solely from trading now, but still learning...

One real eye-opener that hit home with me is this: What are your chances of getting it right, flipping a coin, calling heads or tails? Yes, that's right, 50% chance. Those odds are not that bad, but of course, not good enough to bet money on the outcome, and make a living.

But what if you could improve your chances to better than 50%?

Now we're getting somewhere. If you enter a trade with a wide enough SL and equal TP target (i.e. SL and TP size are the same), you already have a 50% of winning that trade. Then if you add some analysis and thought to which direction, and where to enter the trade, you can improve the probability of the trade working out to greater than 50%. I believe this is where every new trader should start. I wish I had started with this years ago. Try it on demo first, of course. And do not go live, until you are comfortable you can win greater than 50% of your trades this way. Of course, you will need a reasonable amount of time, and a significant number of trades to build the confidence in your ability.

Then when you are confident you can come out ahead with the +1 R approach, you could start going for more on some trades, or start trading with 2 positions, and still TP at +1 R on one of them, and maybe go for more on the other position. Obviously this is not a comprehensive list of things needed to become profitable, but I believe it is one of the most important things. Imo, if one cannot win 50% of their trades targeting +1 R, they will have a very difficult time getting to where they can have any confidence to start trading for a living. I also believe, starting off with the +1 R approach will give way more confidence in the long run, and give a better chance at having an aggressive income (trading for a living), rather than settling for a passive income, and needing some other source of income to survive...