My trading journey and experiences I will touch base on a few points that may save you time and money.
I found myself in a position where i needed to find a new career one that i could do from home that could make lots of money I stumbled across forex and decided to pursue it. I started 3 years ago and devoted all my spare time to study I found my own style through study.
Some tips that i think will save a rookie time.
ITS EASY TO WAST TIME TRADING SPEND YOUR TIME WISELY
Would you pick up a musical instrument for the first time and expect to be able to play it like the top 5% musicians in the world how about after 6 months? nah maybe in ten years or so if you spend your time wisely. Forget trading for now and study if your nearly devoted you might pick the basics in a year or so and be ready to trade a live account.
Forget about getting rich the market will have your shirt the market is a beast that feeds on naive traders you are the bait! if your good at your job the money will follow .
There is no holy grail aka a system that wins all the time
Your need patients discipline common sense and good Money management your need to master them
lets start with Risk management and draw down lets say you have a system that over 100 trades wins 60% of the time with a risk reward ratio of 1 to 1 example 100 pip stop and a 100 pip take profit or shorthand 1 to 1 RR lets think about the worst scenario what a bad run might be like lets reverse it you have 60 loses and dont overlook this you will have bad runs and they can bunch you might get 13 loses and only 3 wins in a bad week with a fixed percentage of risk you can ride out the bad runs personally i think 1% risk per trade is plenty and maybe to much as the account grows. the point is your account will be safe. now lets look at the plus side on average your 60% win rate at 1 to 1 RR is netting you 10% per 100 trades and doing it safely.
Trading shouldn't be exiting the trader brain needs to be able to trade without emotion with the proper risk your sleep well knowing your accounts safe
Patients pays wait for the market to come to you if i see a set up the first thing i will do is see where my stop needs to be and see if i can can get a minimum of 1 to 1 RR with a chance of a possible 1 to 3 rr or more in some cases if the stops to big forget it there will be a better opportunity if you wait.
Its better to out wishing you where in a trade then in a trade wishing you where out of it.
Study start with the basics like moving averages and fractals candlestick patterns Fibonacci watch a few youtube clips on them on them
im not going to give you a system that would be pointless you need to find what works for you... however I will help you build your own system
Feel free to ask questions or post your system for help if I can help i will. GOOD LUCK
I found myself in a position where i needed to find a new career one that i could do from home that could make lots of money I stumbled across forex and decided to pursue it. I started 3 years ago and devoted all my spare time to study I found my own style through study.
Some tips that i think will save a rookie time.
ITS EASY TO WAST TIME TRADING SPEND YOUR TIME WISELY
Would you pick up a musical instrument for the first time and expect to be able to play it like the top 5% musicians in the world how about after 6 months? nah maybe in ten years or so if you spend your time wisely. Forget trading for now and study if your nearly devoted you might pick the basics in a year or so and be ready to trade a live account.
Forget about getting rich the market will have your shirt the market is a beast that feeds on naive traders you are the bait! if your good at your job the money will follow .
There is no holy grail aka a system that wins all the time
Your need patients discipline common sense and good Money management your need to master them
lets start with Risk management and draw down lets say you have a system that over 100 trades wins 60% of the time with a risk reward ratio of 1 to 1 example 100 pip stop and a 100 pip take profit or shorthand 1 to 1 RR lets think about the worst scenario what a bad run might be like lets reverse it you have 60 loses and dont overlook this you will have bad runs and they can bunch you might get 13 loses and only 3 wins in a bad week with a fixed percentage of risk you can ride out the bad runs personally i think 1% risk per trade is plenty and maybe to much as the account grows. the point is your account will be safe. now lets look at the plus side on average your 60% win rate at 1 to 1 RR is netting you 10% per 100 trades and doing it safely.
Trading shouldn't be exiting the trader brain needs to be able to trade without emotion with the proper risk your sleep well knowing your accounts safe
Patients pays wait for the market to come to you if i see a set up the first thing i will do is see where my stop needs to be and see if i can can get a minimum of 1 to 1 RR with a chance of a possible 1 to 3 rr or more in some cases if the stops to big forget it there will be a better opportunity if you wait.
Its better to out wishing you where in a trade then in a trade wishing you where out of it.
Study start with the basics like moving averages and fractals candlestick patterns Fibonacci watch a few youtube clips on them on them
im not going to give you a system that would be pointless you need to find what works for you... however I will help you build your own system
Feel free to ask questions or post your system for help if I can help i will. GOOD LUCK
Turn your wounds into wisdom
