Hello fellow traders,
I have been trading forex for about 5 months now. I started off with 1000 and wiped out my account within a month. Than I thought to myself maybe its not that easy. So I got a few books ie, Trading in the Zone and Technical Analysis of the Futures Markets (1/3 finished) and read them. They seemed to help alot specially Trading in the Zone. The second time I opened another account with $300 capital and I was able to consistently put together winning trades and push my capital upto 5000. Unfortunately, I had a few short positions on the euro/usd and the recent hike in euro nearly wiped me out again. So basically what I am asking of experienced traders is to give me some advice on where I can get more knowledge with regards to money management and systems and etc. I continually read all the forum posts, however, I do not understand majority of the terms such as MACD, EMA, FIBO and etc. I understand these are systems, but how does a novice trader like me go about getting the basic information about building and analyzing systems? I am dedicated to becoming a consistent successful trader and thought I had achieved it through putting together over a couple winning trades a day (mini lots). I had no particular system, I basically trade using the news and in between resistance and support levels. If anyone can think of any books which will set the foundation for me please let me know. I appreciate any type of response and hopefully one day I will be making contributions to these forums to help benefit other forex traders!!!
I have been trading forex for about 5 months now. I started off with 1000 and wiped out my account within a month. Than I thought to myself maybe its not that easy. So I got a few books ie, Trading in the Zone and Technical Analysis of the Futures Markets (1/3 finished) and read them. They seemed to help alot specially Trading in the Zone. The second time I opened another account with $300 capital and I was able to consistently put together winning trades and push my capital upto 5000. Unfortunately, I had a few short positions on the euro/usd and the recent hike in euro nearly wiped me out again. So basically what I am asking of experienced traders is to give me some advice on where I can get more knowledge with regards to money management and systems and etc. I continually read all the forum posts, however, I do not understand majority of the terms such as MACD, EMA, FIBO and etc. I understand these are systems, but how does a novice trader like me go about getting the basic information about building and analyzing systems? I am dedicated to becoming a consistent successful trader and thought I had achieved it through putting together over a couple winning trades a day (mini lots). I had no particular system, I basically trade using the news and in between resistance and support levels. If anyone can think of any books which will set the foundation for me please let me know. I appreciate any type of response and hopefully one day I will be making contributions to these forums to help benefit other forex traders!!!
fall down seven times, get up eight!