Updated!
Hello.
I will get right to it.
1. Choose a timeframe on E/U price. M5 for Daytrading, M15 for 2-3 day trades, H1 for about a two week trades on average. For M5, you should have enough data for at leat 24 hours back. For M15 you got 2-3 days, for H1 you got 2 weeks or so. If you cant fit it into your screen, get one more screen. You are supposed to be able to see the candlesticks clearly and you should of course learn how to read high/low and exit/entry of candles. If you cant afford the screen you cant afford to trade right now. If you want to demo anyway, zoom out on the chart.
2. Open up a demo account. Put 50.000 euros or so in it.
3. Choosing a direction from your chart: If now (right side) on the chart is lower then the beginning of the chart, then direction is down or sell. If now on the chart is higher then in the beginning of the chart, then direction is up or buy.
4. You buy/sell in the direction you have established in the previous step. If you are going to sell, sell when a buy move looks to become weaker. If you are going to buy, buy when a sell move looks to become weaker. Use 0.05 lot for M5. Use 0.1 Lot for M15. Use 0.2 Lot for H1. Wait at least 3 candles before you enter the next position.
5. A good take profit for M5 is 3-18 pips. A good take profit for M15 is 8-22 pips. A good take profit for H1 is 8-35 pips.
6. When all positions total out and makes profit, you wait for just a bit of profit on your best positions as in the take profit examples above, the best TPs can be doubled or trippled in a big move. The thinking goes that you dont know in advance if there is going to be a big move or a small one. Either way you try to follow the move with the orders, always in the right direction. If you have 1 position in profit and 1 in BE, you close both. If you have 1 position in drawdown, 1 position in BE and 1 in profit you close the one in profit and the one in BE and you let the one i drawdown chill out for a while. If you have multiple positions in drawdown, be cool! You got time on your side. Set your TPs, enter when there is opurtunity. The lot size you have are MINISCULE. If you are in 5% drawdown, thats NOTHING. If i starts to enter BE, be ready and close losses and wins to reduce drawdown. Normal traders are often at 30% drawdown. This is how you make an immense wealth. It takes years and years. If i knew any other way and you deserved to know, i would tell you.
7. Get rid of your fear of money. If you have fear of money you wont ever have much of it.
8. If after 20 Cycles (20 days in case of M5, 3 months in case of M15, one year in case of H1) you see your drawdown have not been above 20%, increase lot size SLOWLY. Increase 25% per 20 cycles. Until you have something like 15% drawdown when you are really in the shitter.
9. There is quite a big probability you will become controlled by emotion, and then maybe you will blow your account. Thats why you demo.
10. Your timeframe gives you the idea of how long its going to take to see if you are good enough right now. Every 20 cycles you go through all your trades. After 40-120 cycles something like that, if you still have your account, you might be ready for real money. If you blew your account either you emotionaly got out of hand or you enden up on the wrong side of a crash (your crash).
11. Time does not exist as divided into separate units. Time is a constant flow. This means that "Timeframes" exist only in peoples minds. Therefore a closed candle on on side of S/R or some such, is not that important. To a beginner a H1 chart looks the same as a M1 chart. As long as a person is a beginner in trading, this will seem so. To see some sort of difference between a H1 chart and an M1 chart, that is the beginning of experience.
Remember: Trading is not for everyone. It takes a long time to learn, and some just never get it, some do. And if it dont work out, dont blame me, you are the one who wanted to trade.
Hello.
I will get right to it.
1. Choose a timeframe on E/U price. M5 for Daytrading, M15 for 2-3 day trades, H1 for about a two week trades on average. For M5, you should have enough data for at leat 24 hours back. For M15 you got 2-3 days, for H1 you got 2 weeks or so. If you cant fit it into your screen, get one more screen. You are supposed to be able to see the candlesticks clearly and you should of course learn how to read high/low and exit/entry of candles. If you cant afford the screen you cant afford to trade right now. If you want to demo anyway, zoom out on the chart.
2. Open up a demo account. Put 50.000 euros or so in it.
3. Choosing a direction from your chart: If now (right side) on the chart is lower then the beginning of the chart, then direction is down or sell. If now on the chart is higher then in the beginning of the chart, then direction is up or buy.
4. You buy/sell in the direction you have established in the previous step. If you are going to sell, sell when a buy move looks to become weaker. If you are going to buy, buy when a sell move looks to become weaker. Use 0.05 lot for M5. Use 0.1 Lot for M15. Use 0.2 Lot for H1. Wait at least 3 candles before you enter the next position.
5. A good take profit for M5 is 3-18 pips. A good take profit for M15 is 8-22 pips. A good take profit for H1 is 8-35 pips.
6. When all positions total out and makes profit, you wait for just a bit of profit on your best positions as in the take profit examples above, the best TPs can be doubled or trippled in a big move. The thinking goes that you dont know in advance if there is going to be a big move or a small one. Either way you try to follow the move with the orders, always in the right direction. If you have 1 position in profit and 1 in BE, you close both. If you have 1 position in drawdown, 1 position in BE and 1 in profit you close the one in profit and the one in BE and you let the one i drawdown chill out for a while. If you have multiple positions in drawdown, be cool! You got time on your side. Set your TPs, enter when there is opurtunity. The lot size you have are MINISCULE. If you are in 5% drawdown, thats NOTHING. If i starts to enter BE, be ready and close losses and wins to reduce drawdown. Normal traders are often at 30% drawdown. This is how you make an immense wealth. It takes years and years. If i knew any other way and you deserved to know, i would tell you.
7. Get rid of your fear of money. If you have fear of money you wont ever have much of it.
8. If after 20 Cycles (20 days in case of M5, 3 months in case of M15, one year in case of H1) you see your drawdown have not been above 20%, increase lot size SLOWLY. Increase 25% per 20 cycles. Until you have something like 15% drawdown when you are really in the shitter.
9. There is quite a big probability you will become controlled by emotion, and then maybe you will blow your account. Thats why you demo.
10. Your timeframe gives you the idea of how long its going to take to see if you are good enough right now. Every 20 cycles you go through all your trades. After 40-120 cycles something like that, if you still have your account, you might be ready for real money. If you blew your account either you emotionaly got out of hand or you enden up on the wrong side of a crash (your crash).
11. Time does not exist as divided into separate units. Time is a constant flow. This means that "Timeframes" exist only in peoples minds. Therefore a closed candle on on side of S/R or some such, is not that important. To a beginner a H1 chart looks the same as a M1 chart. As long as a person is a beginner in trading, this will seem so. To see some sort of difference between a H1 chart and an M1 chart, that is the beginning of experience.
Remember: Trading is not for everyone. It takes a long time to learn, and some just never get it, some do. And if it dont work out, dont blame me, you are the one who wanted to trade.
My signature is: "Classified".