Live account opened for this thread
If you are reading this, odds are that you aren't consistently profitable yet. I want this thread to be a safe place for you to learn. I recommend that once you understand the very basics you should get a small live account and practice with that.
What do I mean about the very basics? Go to babypips school and don't do any trading until you read the lessons (they are free). I'm serious ... do it now. Then use a demo account to practice placing trades etc on the trading platform you will be using.
After you understand the trading basics and learnt how to place trades on your trading platform, get a small live account. Maybe $100 USD or $1000 USD. The amount you choose may be more, but it must be enough for you to feel the psychological 'pain' of trading without losing your shirt
This is a picture of a live account funded with $100 USD. I have opened it specifically for this thread. Over the next few months, I'm going to grow this account using the strategy I will teach you. I will attempt to explain every trade I take.
I funded it with only $100 because I needed an amount that is easily within the reach of everyone. Then when I discuss lot sizes and money management (to the new guys), the values will be meaningful to their own $100 account. Note if you chose more than $100 dollars, you'll have to calculate everything as a ratio of what I say.
I got the idea of using a live account (instead of demo) from Cobra (thv thread). I was fortunate enough to get some one-on-one tuition from Cobra and I'm very thankful to him for that.
For the first six months, our goal will be to grow this account by 10% per month and never have more than 20% drawdown in any month. Cobra has given me this challenge as he considers anyone who achieves this to be successful at trading.