After testing platform, learning to trade and going to a trading course (OTA in London) the last 4 months it's time to take the step and start to trade for the real $$$. I set up the account here so I can learn even more and share my steps, thoughts and trades. I hope to learn even more and to check what I did right or wrong.
What I've learned so far is to pick a good pair and learn everything about it. Make this your main pair to trade. I will trade mainly EURUSD. In my trading plan I set the following rules to trade a 30 pip profit by entering at the right time (looking at support, resistance, pair history, pivot...) and never risk more then the 1/3 risk reward ratio. After 4 minutes I need to be in profit, otherwise it was a bad trade and I'll be out even before the 10 pips risk is filled.
This will not be the only method I use, but at the time the main one. When the support and resistance is clear enough and the indications for the trade are looking good I might take a longer trade and trail it.
I will also look at the EURGBP. I will use this pair if I can't see a good entry for the EURUSD on the day I am trading.
I will try to trade on Technicals. Will look at the fundamentals but when mayor news comes out will not be trading to avoid a big move and loss in case the news would trigger a big move (in the other direction)
I am going to trade using the SAXO bank trading platform.
Thank you for looking here at my first post. Looking forwards hearing from all of you on the board.
What I've learned so far is to pick a good pair and learn everything about it. Make this your main pair to trade. I will trade mainly EURUSD. In my trading plan I set the following rules to trade a 30 pip profit by entering at the right time (looking at support, resistance, pair history, pivot...) and never risk more then the 1/3 risk reward ratio. After 4 minutes I need to be in profit, otherwise it was a bad trade and I'll be out even before the 10 pips risk is filled.
This will not be the only method I use, but at the time the main one. When the support and resistance is clear enough and the indications for the trade are looking good I might take a longer trade and trail it.
I will also look at the EURGBP. I will use this pair if I can't see a good entry for the EURUSD on the day I am trading.
I will try to trade on Technicals. Will look at the fundamentals but when mayor news comes out will not be trading to avoid a big move and loss in case the news would trigger a big move (in the other direction)
I am going to trade using the SAXO bank trading platform.
Thank you for looking here at my first post. Looking forwards hearing from all of you on the board.