G'DAY ALL...
I m a new member with this forum, and actually new to trading the forex. I knew about this magnificient market 4 months ago and I was extreemly astonished about the idea of becoming a forex trader.
I studied a lot about the Technical analysis and knew lots of indicatos. I traded a demo account and they were working fine. 2 months ago I decided to open a mini account, but unfortunately i lost after topping the account twice.
I guess it was too early for this step. so now i m back into demo, its amasing how forex gets into your blood easily and even though i lost but i still have lots of expectations.
First lesson I learnt is to change my expectations to adjust to what can really be close to a biggener trader, I used to try to get the trend at the beggining to get the most profit. but I learnt to ride the trend after it was confirmed, small consistant profit is what should I aim for.
I m a full time engineer and i can only trade 3 hours a day. lucky for me I can start at the beggining of the london session. My style so far is to trade the economical anouncments and wait for the GBP/USD to have its move, I began to understand when to enter and exit on a 10 min chart. I choose the GBP/USD cos its the most currency that moves within a short period, which I can afford in my timeframe.
I dont believe that I should start the daily charts yet, I should start with the small time frame so as to be able to justify the movement. I m not trying just to win money but also to understand the reason behind it, otherwise just doesnt make sense to me...
I have a target to win 200 pip with my strategy in my demo accout, and then I can open again another mini account. hopefully sometime soon... fingures crossed
the forun sounds a great idea to share experiences and knowledge. Would appreciate if anyone has any advice for the young trader in the forex.
And most importantly GREAT TO MEET YOU ALL
I m a new member with this forum, and actually new to trading the forex. I knew about this magnificient market 4 months ago and I was extreemly astonished about the idea of becoming a forex trader.
I studied a lot about the Technical analysis and knew lots of indicatos. I traded a demo account and they were working fine. 2 months ago I decided to open a mini account, but unfortunately i lost after topping the account twice.
I guess it was too early for this step. so now i m back into demo, its amasing how forex gets into your blood easily and even though i lost but i still have lots of expectations.
First lesson I learnt is to change my expectations to adjust to what can really be close to a biggener trader, I used to try to get the trend at the beggining to get the most profit. but I learnt to ride the trend after it was confirmed, small consistant profit is what should I aim for.
I m a full time engineer and i can only trade 3 hours a day. lucky for me I can start at the beggining of the london session. My style so far is to trade the economical anouncments and wait for the GBP/USD to have its move, I began to understand when to enter and exit on a 10 min chart. I choose the GBP/USD cos its the most currency that moves within a short period, which I can afford in my timeframe.
I dont believe that I should start the daily charts yet, I should start with the small time frame so as to be able to justify the movement. I m not trying just to win money but also to understand the reason behind it, otherwise just doesnt make sense to me...
I have a target to win 200 pip with my strategy in my demo accout, and then I can open again another mini account. hopefully sometime soon... fingures crossed
the forun sounds a great idea to share experiences and knowledge. Would appreciate if anyone has any advice for the young trader in the forex.
And most importantly GREAT TO MEET YOU ALL
