DislikedHi Ryanmcd,
I deleted my post re: studying the market vs. developing bad trades. I was mistaken in my assumption that it was education of market movements rather than bad habit development.
To the Forum:
Don't look for a trade everyday. Watch and study, but be patient for the good setups -- they come frequently enough. Use down time to backtest, look at charts and study technique. If your "addicted" to trading -- invest in forex tester and do simulated trades (and see how good you are at recognizing setups in a "live" trading environment.
To unlv_tj:
Don't set up your first account with all your total trading money! This is suicide, as you will be tempted to let bad trades "ride" b/c the money is in the account or to overtrade. You most likely won't make the wisest decisons either in the beginning. Take $1000.00 and trade micromini's at Oanda -- put the remainder in an interest bearing account somewhere until you are ready to up the ante. This is your first live account and real money that you worked hard for is at stake. Believe me when I say, You will want as much money as possible later on when you have the skills to be consistently profitable. Also -- for some odd reason, demo accounts execute much better than live acccounts -- and you will most likely need time to acclimate (sp?) to the nuances. After you are super skilled, I wouldn't worry about $5K w/Oanda -- wouldn't worry about $200K either -- they are well capitalized.
Best to all,
Pips
Hey Hipster -- Have the greatest time ever on the S.A. bus ride!! I'm super jealous -- Are you going to Peru??? Really Really Jealous!!Ignored
Just to confirm on what you are saying. I've been trading the five-minute system for nine months now - Still trading micro (0.01) and mini (0.1) lots in a $500 mini account. You don't really need more than that if you are a part time trader. I am getting much better now handling my emotions during the trades.
I am doing the very same with the 4h MACD system now as from last month - 3 trades so far 2 positive and 1 negative (that China morning). I would also like to advice people to trade small (micro) lots until they feel comfortable with the system - consistently making profits. It took me 8 months to do that in Phillip's 5minute system (with lots of support from Phillip) . I am sure it will take me much longer getting use to this system.
Willem
Forex recipe for success = Patience, discipline & hard work.