14 Year Old Forex Trader's Lessons

Its all down to the amount that you risk and your expected gain.
For example today I have had just one trade, initial risk was 1.75% (as all my trades are), I closed it out for 50 pips which gave me 3.8% account growth. So by 9:00am I was done for the day.

The question you have to ask yourself is how much risk do you want to take.

The aim of the game is to stay alive. The more trades you enter the more chance of something going wrong. I focus on just the one pair, learning all of its intricaces. I will only enter when I know there's a high probability of it going my way. I am happy to wait all day for the one trade that I'm happy with.

Going back to multiple pairs. More pairs doesn't mean greater profits. Quite the opposite I'd say due to the added risk of more entries. Focus on one and use correct trade sizing to extract the most from it whilst limiting risk.

Point taken. More trades=more risk taken. I think i will stay with Eur/usd then. Lots of opportunities. Good for scalping, good for swing trading. Thank you fot the tips my friend.

Good luck kew, ceban tiap posisi target 100000 posisi sampe umur 25, lulus kluiah udah jd milyarder

100,000 equals ten bux.

so basically i need to look for 50 pips move in 0.02 lot, and 100 pip moves in 0.01 lot size right? i set my targets based on market, not amount of cash. market sets profit, loss.

terima kasih

Good lessons learnt today, good profit.

Account growth from total profit of 3.85% to 4.88%.

A percent growth. Good. As long as im stable and consistent.

I'm not as young as you, 23 y/o, but I still think I am quite young for the average of traders.

I've been trading during a year, more or less, trying different bad strategies, closing positions because "oh my god, I'm losing 4€!!" and not performing well.

It is now, during the last week, when I found a strategy which seems to work, and I made in the last 8 days 12% of the very modest amount of the money I "play" with.

What am I doing new? I give myself more generous SL (before, they were always too tight), use less leverage and control better my feelings: what matters is not how much I'm losing or earning, but if the market seems to move in the direction I predicted or not.

Good luck with it!

P.S. I also agree with those who said you should stick to one pair. Mine is EURUSD and I sometimes trade in others, but just when I see that the opportunity is really clear and other experts agree with me.

Excellent! Even if you average just 1% a day, compound that over 3 years and you will be laughing.

that would be a 1095% profit. Even 1% profit a day is difficult although i try to maintain my discipline. difficult because of greed. With every passing day i only wish to gain more discipline.

total summary of day: one of the good days, trading a double top on dow, scalping eu. Account profit percentage now is at 7.58%. Now i need to maybe chilax, not be greedy. Stay focused, and disciplined.

words spoken like a true master:"what matters is not how much I'm losing or earning, but if the market seems to move in the direction I predicted or not."

That will definitely be in my quote book.

Hi thread host, hope your trading is going your way. dont rely too much on indicators there are many simple ways to trade just like i do, that includes trading with and against the trend and i do it for a living, and the secret is mine lol. just incase i ever do hit rock bottom i'll just sell the method as i have an exemplory back date history. Happy trading happy days

Happy to see another counter-trend-trader

oh yeah its going well. Trust me, you would go from my first post you would see how messy my charts were with fancy doodles and stuff.
Price action now is my slave and guide. no more indies, except a gmma goldman introduced me.

for a 14 year-old trader and from indonesia,i should admit you speak pretty good english.i'm an indonesian trader as well and i spent nearly 7 years working abroad before.mostly in the US but my english is not good as you
anyway have a safe trading

Hello Friend, can you tell us your trading strategy, what time frame, what indies etc. you use that you saw success last weeK please?
I am now concentrating on daily IB.

bumapatria

you invited me to your thread so here i am, i have some questions for you, (i am no trading guru) however i am at the stage where, i set my self monthly ROI target rates. consistent account growth by percentage with balance on my risk parameters.

1- how are currency pair quoted?
2- what are the 6 Majors
3-what are crosses?
4-what are exotics?
5- what is the role of the USD?
6- what is the impact of risk aversion, and risk appetite on the currencies?
7- can you identify which currencies investors prefer in each environment?
8- how is the FED different than the ECB? why is this important (think of elasticity and monopoly of money supply)
9- how is money created?
10- what is the purpose of the foreign exchange market?
11- what fundamental economic factors impact the market?
13- how is fx different than stocks?
14- who moves the market?
15- who regulates the market and why do they intervene?
16- what is the big deal about trade deficits? balance sheets? and national debt?
17- how can you identify when market participants buy on rumor and sell on the news?
18- what are the 3 phases of price movement?
19- what is volatility?
20- what probabilities are important for YOU in your trading?
21- what is a chart,and why where they created?
22- what is a candle stick, how are they calculated and what do they tell you about order flow?
23- what indicators DO YOU use? can you calculate them by hand? do you truly know their purpose? how can you use them to help you indicate probabilities of the market according to your trading style?



that is it for now , it is not enough to gamble, one needs to know the rationale for the actions we take. IT IS ALWAYS YOUR RESPONSIBILITY, so then be responsible for your assessment.

Done trading today.

account percentage growth: 26% in two weeks.

Gained the most by shorting gold, silver, eu.

i feel good.

More gains = happy, but need more discipline to even gain more profit.

price action helped me alot. in scalping, and shorting the dow big time

thanks everyone.

good luck all

i am glad you are making a lot of profits.

what is your contingency plan?
what is your money management strategy?
are you profit driven? are you aware of you VAR?
have you done a risk assessment on you trading and position sizing?

truly ask yourself: HAVE YOU BEEN LUCKY or do think you KNOW what you are doing?

are you confident that a 100+ spike wont chop off your head?

what are your risk parameters? what is your threshold? do you have a funds withdrawal plan?

do you use stop losses?
do you know what stop hunting is?
do you know where the clusters are, the barriers, Dnt's, digital options?

things looking good buddy. Hows that supply and demand shaping for you, have you made any good trades using it.

you invited me to your thread so here i am, i have some questions for you, (i am no trading guru) however i am at the stage where, i set my self monthly ROI target rates. consistent account growth by percentage with balance on my risk parameters.

1- how are currency pair quoted?= by a bid and ask price and spread of broker.
2- what are the 6 Majors= all against usd: aud, chf, jpy, eur, gbp
3-what are crosses? pairs that dont contain 'usd' e.g. gbp/jpy
4-what are exotics? the less popular pairs. e.g. : usd/nok
5- what is the role of the USD?usd is a global world-reserve currency.
6- what is the impact of risk aversion, and risk appetite on the currencies? i honestly dont know how to explain this. It has something to do with sentiment.
7- can you identify which currencies investors prefer in each environment? say if usd is falling economy, people would probably trade the yuan or the yen, or the krona (strong economies).
8- how is the FED different than the ECB? why is this important (think of elasticity and monopoly of money supply)i honestly dont know.
9- how is money created? by printing. or do u want to go more in depth?
10- what is the purpose of the foreign exchange market? its like a numeral index to help identify the strength or weakness of an economy.
11- what fundamental economic factors impact the market? many things. Interest rates, house sales, important meetings/speeches by big-name people, cpi rates, pmi rates, unemployment, non-farm payroll, etc. long list
13- how is fx different than stocks? forex in a way is more flexible for the trader. in a stock market, people can only buy. Which puts them at a disadvantage if prices move lower. A forex trader can sell or buy a currency, which is the main advantage. Forex has high leverage ranging from 1:1 (nothing)-1:500. You can control a higher position with higher leverage. Forex has larger profits and larger losses, than the stocks market.
14- who moves the market? buyers and sellers. people.
15- who regulates the market and why do they intervene? big banks, when say price is too strong, they try to avoid inflation, and intervenes by selling their currency. vice versa, when their currency depreciates too much, they buy more of their currency. i think..
16- what is the big deal about trade deficits? balance sheets? and national debt?
17- how can you identify when market participants buy on rumor and sell on the news? today is proven: they think that fed is going to announce QE, or something, aka rumor, but instead they have unchanged rates.
18- what are the 3 phases of price movement? ranging, sideways, trending. not sure if thats the question asked.
19- what is volatility?How fast price moves from here to there. low volatility, market is stagnant. High volatility, market has many orders with lots of volume
20- what probabilities are important for YOU in your trading?
21- what is a chart,and why where they created? its to benefit people understand market movement visually.
22- what is a candle stick, how are they calculated and what do they tell you about order flow? candlesticks are historical charting made by japanese that was used to measure rice price. they are calculated by how many buy orders vs sell orders based on volume. you can tell that if theres a bullish candle on the hourly for example, you know that the bulls prevailed on that hour. vice versa with bears.
23- what indicators DO YOU use? can you calculate them by hand? do you truly know their purpose? how can you use them to help you indicate probabilities of the market according to your trading style?

I only use MACD, for spotting divergences in small tfs. im new to that stuff. mostly i am trying to use psycho-levels stuff such as trendlines, fibo levels, support resistance, supply demand, chart formations, channels. i used to use stochastics, but messed up a lot with them. i started using a gmma, and a normal ma, but got too difficult and gave me more fear than im supposed to have when an opportunity came. i really want to learn the gmma, and heiken ashi candles. they give me a lot to think about most..

i am a day trader wanting to be swing trader in the future.

i know i dont know much, but theres what i know for now.
can you revise the answers i gave?



that is it for now , it is not enough to gamble, one needs to know the rationale for the actions we take. IT IS ALWAYS YOUR RESPONSIBILITY, so then be responsible for your assessment.

i would use a stop loss for a contingency plan on a trade. If my whole account is in an emergency state, then i stop trading, look back what i did wrong, go back to my trading diary write down what needs to be done.

my mm strategy is: never risk more than 5% of equity/balance, if you know you're in a winning position but price makes a retracement, snipe on that pullback, average in to a position. I never average out on a position, that lowers the maximization of profits. If i am in a state of 'im in huge profit but dont know where the hell price is going to go," i would use a trailing stop 50% of the profit or use an sell 30% of profit. but i rarely use stop losses. which is bad. i know. so a spike can kill me. i just hate stop losses. I can tell what spikes are different from actual moves. im not like 'WOW! a big green candle, BUY!' my stop gets hunted when price moves in my direction after a few pips. Broker changes spread few pips and bang its gone. it was done on one of my dow short.

Me lucky? no. I believe every move i do, ever since my historical loss, changed me from top to bottom. I asked around in the gold thread, and most were like dont short gold. why did i short gold? do i think ill be lucky with market? No! Market has no time for people trying to be lucky. i trust my analysis honestly about 80% of the time.

i dont know what VAR is to be honest with you.

i would withdraw funds after a 100% gain on investment or initial deposit. So in case of the worst, im at BE with the money.

I use pending orders for big moves (stop orders), and for scalping i use market orders.

yes i have done a risk assesment on my position sizing. I decided that i need to trade 0.01-0.02 lots for e.g. depo. $300. i will use 0.01-0.02 lots till i reach $350. Then i will use 0.02 only. Once i reach the $400 mark, i can use 0.02-0.03. then thats the maximum until i reach the $600 mark, in which i will introduce 0.04-0.05.

i will only use the 0.10 mini lots once i reach the $1000 mark.

your last question i fully don't know.


Im being honest to myself, instead of going looking up the stuff i dont know in google, so please respect my knowledge and non-knowledge.

Thank you redlion, i know you mean well