Hi everyone
I still quite new to FX and this is my first post. I stumbled into FX just over 2 months ago through a biz opp website and currently it looks like I have found the holy grail (at least for me).
I demo traded for about 6 weeks during the first 2-3 I largely messed about and blew my initial $5000 account, but then armed with a 'refill' I started to try and 'trade properly' including a detailed log and rigorous post trade analysis. In those 4 weeks of mostly disciplined demo trading I won about 2/3 of my trades and doubled my 2nd account.
I mainly used two very simple methods:
1) day trading with Bollinger breakouts aiming for 5-20 pips per trade
2) MA cross on 1h chart for 10-40 pips at a time.
I then discovered a custom trend indicator that allowed me to get into intra day trades that sometimes ran for several days and pull 50-100 pips on single trades. At first I also had a couple of big losses but then I managed to keep those low and come out on top.
2.5 weeks ago I opened my first live account with GBP 2000. My initial target was 10 pip a day or 50 a week, ie. £50/250 profit per day/week.
Critically, I did ignore some key advice for novices by trading full lots and potentially risking more than the recommended 2 or 3% per trade. Basically to benefit from larger intra-day moves you just can't keep stops too tight.
But at this moment I have made 200 pips and achieved 80% return on my starting capital. So doubling my account in a month looks very achievable now.
Anyway, must stay humble and not boast too much. Instead I just wanted to tell other beginners out there that you can think a little bigger if you have a decent trading plan to start with. To me now some of the usual advice look a little patronising such as you will blow your first account and you must start trading minis or better (worse imho) micros.
Good luck to all other beginners!
I still quite new to FX and this is my first post. I stumbled into FX just over 2 months ago through a biz opp website and currently it looks like I have found the holy grail (at least for me).
I demo traded for about 6 weeks during the first 2-3 I largely messed about and blew my initial $5000 account, but then armed with a 'refill' I started to try and 'trade properly' including a detailed log and rigorous post trade analysis. In those 4 weeks of mostly disciplined demo trading I won about 2/3 of my trades and doubled my 2nd account.
I mainly used two very simple methods:
1) day trading with Bollinger breakouts aiming for 5-20 pips per trade
2) MA cross on 1h chart for 10-40 pips at a time.
I then discovered a custom trend indicator that allowed me to get into intra day trades that sometimes ran for several days and pull 50-100 pips on single trades. At first I also had a couple of big losses but then I managed to keep those low and come out on top.
2.5 weeks ago I opened my first live account with GBP 2000. My initial target was 10 pip a day or 50 a week, ie. £50/250 profit per day/week.
Critically, I did ignore some key advice for novices by trading full lots and potentially risking more than the recommended 2 or 3% per trade. Basically to benefit from larger intra-day moves you just can't keep stops too tight.
But at this moment I have made 200 pips and achieved 80% return on my starting capital. So doubling my account in a month looks very achievable now.
Anyway, must stay humble and not boast too much. Instead I just wanted to tell other beginners out there that you can think a little bigger if you have a decent trading plan to start with. To me now some of the usual advice look a little patronising such as you will blow your first account and you must start trading minis or better (worse imho) micros.
Good luck to all other beginners!
Consistency and patience is everything
