Your trading approach is much more than a trading strategy and we will cover that later. The short answer is yes, Forex trading is profitable, but chances are you won't make any money.
Talking about profitability, I mean "to make money", period.
Expecially at the beginning of the learning path do not jump around between financial instruments but try to find those two or three that are right for your trading style. -> In the forex field every pair has it's own behaviour.
Finding the right instruments, at the beginning, takes time. Do not rush.
When you learn the lesson then you can try to watch other instruments (pairs in forex).
At the beginning try to let discretionality out of the game.
Yes I know this seems contradictory with what I said in my initial post but I think it is necessary to find the rules at first and then, after years of experience, you can introduce discretionality in your trading system. I mean rarely, not always, you'll watch at the chart and "see" that the conditions are changed and then you will decide to double your esposition or to close your previously opened position.
But this is hard to learn. Take your time.
Entry and exit points. I use a normally a R:R ratio of 1:1 minimum, but when I see the right conditions I can enter with multiple orders with 1:2 and 1:3 risk/reward ratio. You can easily modify the fibonacci retracement indicator to help yourself to calculate graphically those "take profits" points, along with entry and stop loss.
Again it is natural to start only with mechanical strategy and then, after some time, discretionality will come naturally.
Ok, I think this is enough.
I hope this will be helpful to someone.
Happy trading to everybody.
Giorgio.
