I started not long ago, i'm using real money and making good profits and over 70% profitable rates. I no longer fell this is a losing game, even when i lose a trade i know i can make that money back. What i wanted people to tell me from the start:
(and this is my experience, fell free to disagree. And sorry for the English)
-there are no shortcuts, no magic indicator, EA or Monitor, forget that search
-you can try a million indicators but you will realize you don't need a magical one and if you search enough you will eventually find one or more that can make you money, and the good ones are all basically giving you the same edge
-you should not just throw indicators into MT4, try to understand what they do and represent, always
-more indicators is better am i right? wrong, and most will just tell you the same thing but making the decision more confusing
-it's much easier to trade in the higher timezones, and less riskier too
-stick to a higher timeframe (H1, H4 or even higher) to find entry points and then go to the lower ones (M15 or M5) just to fine tune it, or not, if you are willing to stick to your choices and stomach a bit of red, you can ignore them.
-there are a lot of systems, try as many as you like, it's a good learning tool, but ultimately get your own. Adapt one, make one doesn't matter
-if you are trying someone's system read carefully and follow the rules at the letter, i see a lot of people not doing so. How else can you see what it's worth?
-never, never underestimate the price action, learn all you can about it, use it in all trades, it's more important then what the indicators tell you. Never use indicators without it
-draw of channels, your trend lines, always, you will find they are your best friend
-Resistance and support is a very valuable tool, always be aware of them when entering and inside a trade
-i like TP and SL, i usually always enter with the two set, always. One thing that i fell may be controversial is that i stopped relating the 2. The SL is whatever the reading of the chart tells me it should be and the same for the TP. I often have a higher SL then TP and it's fine, i can always cut my loses but often i don't have to. If you believe in your trade stick with it, and the worst is being cut off because of a very small SL to see the trade then going your way.
-Never fight a trend, you most often be on the losing side of the deal
-never never try to anticipate a trade, it's not worth it and most of the times ends in disaster, wait for your confirmations even if it may look your always leaving some profit in the table
-The best trades are retracements or pullbacks, it's easy money.
-avoid paper trading, if you have to, use the smaller lots, it is much different when there is money on the table, your reactions are different
-i honestly couldn't care less about macroeconomics or what is behind those pair moves, it's absolutely irrelevant for what i do
-it's better to take a small profit then believing in what you saw when you back checked all those charts, oh if i entered there and stick with it, NO, just NO, take your profit, just take your profit. If you believe in it you can always wait for a pullback and enter again. I'm sure this is easier for more advanced traders not for novices i believe anyway. Greed will always get you
-see all your trades as pips or percentages, i prefer pips personally. Forget about the money involved, it removes a lot of the emotional part of it
-second guessing yourself is a NO, never change a SL
-never rage trade, revenge trad if your day is going badly, just shut all down, go away, came back tomorrow
-never set a money goal, this is not how it works, you make what you make, one day it can be zero or negative and that's fine. Trying to make x in a day or week results in bad decisions
-never use different lot sizes, stick to one, there is no such thing as better or more sure trades then others, they all can go south in a heart beat. Stick to the same lot so all wins and loses compensate. If not all it takes is one trade you knew for sure it was a winner to go bad with a big lot to trash a lot of good trades.
in the future if i remember more i came back here to edit, it will serve me if i forget my own rules. Happy trades.
(and this is my experience, fell free to disagree. And sorry for the English)
-there are no shortcuts, no magic indicator, EA or Monitor, forget that search
-you can try a million indicators but you will realize you don't need a magical one and if you search enough you will eventually find one or more that can make you money, and the good ones are all basically giving you the same edge
-you should not just throw indicators into MT4, try to understand what they do and represent, always
-more indicators is better am i right? wrong, and most will just tell you the same thing but making the decision more confusing
-it's much easier to trade in the higher timezones, and less riskier too
-stick to a higher timeframe (H1, H4 or even higher) to find entry points and then go to the lower ones (M15 or M5) just to fine tune it, or not, if you are willing to stick to your choices and stomach a bit of red, you can ignore them.
-there are a lot of systems, try as many as you like, it's a good learning tool, but ultimately get your own. Adapt one, make one doesn't matter
-if you are trying someone's system read carefully and follow the rules at the letter, i see a lot of people not doing so. How else can you see what it's worth?
-never, never underestimate the price action, learn all you can about it, use it in all trades, it's more important then what the indicators tell you. Never use indicators without it
-draw of channels, your trend lines, always, you will find they are your best friend
-Resistance and support is a very valuable tool, always be aware of them when entering and inside a trade
-i like TP and SL, i usually always enter with the two set, always. One thing that i fell may be controversial is that i stopped relating the 2. The SL is whatever the reading of the chart tells me it should be and the same for the TP. I often have a higher SL then TP and it's fine, i can always cut my loses but often i don't have to. If you believe in your trade stick with it, and the worst is being cut off because of a very small SL to see the trade then going your way.
-Never fight a trend, you most often be on the losing side of the deal
-never never try to anticipate a trade, it's not worth it and most of the times ends in disaster, wait for your confirmations even if it may look your always leaving some profit in the table
-The best trades are retracements or pullbacks, it's easy money.
-avoid paper trading, if you have to, use the smaller lots, it is much different when there is money on the table, your reactions are different
-i honestly couldn't care less about macroeconomics or what is behind those pair moves, it's absolutely irrelevant for what i do
-it's better to take a small profit then believing in what you saw when you back checked all those charts, oh if i entered there and stick with it, NO, just NO, take your profit, just take your profit. If you believe in it you can always wait for a pullback and enter again. I'm sure this is easier for more advanced traders not for novices i believe anyway. Greed will always get you
-see all your trades as pips or percentages, i prefer pips personally. Forget about the money involved, it removes a lot of the emotional part of it
-second guessing yourself is a NO, never change a SL
-never rage trade, revenge trad if your day is going badly, just shut all down, go away, came back tomorrow
-never set a money goal, this is not how it works, you make what you make, one day it can be zero or negative and that's fine. Trying to make x in a day or week results in bad decisions
-never use different lot sizes, stick to one, there is no such thing as better or more sure trades then others, they all can go south in a heart beat. Stick to the same lot so all wins and loses compensate. If not all it takes is one trade you knew for sure it was a winner to go bad with a big lot to trash a lot of good trades.
in the future if i remember more i came back here to edit, it will serve me if i forget my own rules. Happy trades.
