Help me, by helping you

Hey Guys n Gals,

Let me start by introducing myself, i am a @home retailtrader that is looking to expand my own knowledge about all thats is Forex.
Ive come into this world a little over 2 years ago now and ever since have lived and breathed forex.
Countless of hours went into reading through various articles and books, (free) online courses, hours and hours of forex youtube videos and some forums aswell.
With the acquired knowledge i formed my own tradingplan, backtested and everything, and have now been profitable on a small live account for about six months.
I will share a bit about what my system entails, but wont go to any further extend explaining it ,so please by all means refrain from any questions about it.
I trade mainly Price action with a combo of Fibs, I dont take in account any fundamental analysis but i do keep an eye out not to be involved in the markets at times of high impact news events.
I consider myself a daytrader as i dont keep trades overnight, i live in holland so my trades are usually set up in early london session and can run up to an average of about 8-10 hours, closing in late new york session.

My reasoning for opening this thread is to expand my own knowledge on the financial markets aswell as helping a fellow trader out.
I have found that explaining the concepts to friends and family has helped me grasp a better understanding aswell, but keep on explaining that the forex is actually a market grows tiresome after a while so i am hoping to get so more in depth questions in here.
I will do my best to help you with what ever youre questions may be, be it pschycology, technical analysis or other problems.
In case i am not able to help you with the question i will search for the answers online for you, providing you with an answer to the best of my abillitys.
Should there be any other experienced trader willing to add anything to my explanations, please dont be shy and do chip in.
I hope we can make this a great learning experience for all.

Some sidenotes:
- English is not my native language so if its unclear at times i apologize in advance.
- I myself do discretionary trading and do not have a coding background, nor is there any interest so i cant help you with that AT ALL.( maybe there will be others on this thread willing to help though.)
- I do not recommend Brokers
- I am mostly selftaught, so i cant recommend any courses
(if i think of some more some might be added)

I hope we can build a solid thread and future together.

How Older you Rit? Are you married? Can You guide me how to maintain family (daily foods,wife,kids) solely trading forex? I did it and still in doing for last couple of years but I need your guidelines how to manage family solely trading forex. I want to know Family expense management trading forex money management,as you know you necessarily can't earn everyday. Thnx.

Well im not sure what youre trying to say here, if youre just trolling along or you are seriously asking me a question.
It seems to me that if you are trading fulltime with no job for a couple of years you should already have these things in order,
make no mistake i am not a fulltime trader yet and still maintain my dayjob.
But for the purpose of the thread and my seriousness in what im askin people to do for me here, i will treat it as the latter.
I am 30 years old, and have a young family to feed not yet married. My son is 3 years old.
I struggle along making ends meet, since living expenses are skyrocketing over here.

It seems to me the first thing you should do is learn to cut down on things you dont need, see what is youre bare minimum neccessary for living(things you absolutely cant do without).
With this amount you should be able to survive the month, multiply this by atleast 18 months so you know its enough to cover that 18 months.(keep this as a buffer in youre bank account at all times!) without dont even think about quitting youre dayjob.
Now that you know the bare minimum youll need trading capital aswell, the amount necessary purely depends on youre consistent returns out of the markets while trading the plan.
Making sure that you at least be able to get the bare minimum monthly living expenses out of it is a no brainer.
Trading fulltime without the security of a monthly salary isnt for everyone, it an and will mess with youre head. Be sure to be prepared for those drawdown months both financially and mentally!
Trading can be boring at times, and isnt something you do all day long if youre not a scalper. Be sure to take youre time aways from the chart and spend some time with wife and kids everyday! it keeps them happy aswell.
You can also boost yourself financially with keeping a parttime job, a 2 maybe 3 day job makes for steady income it keeps you sane and for those of us who need some time away from the family two birds one stone right.

Thats my answer to youre question feel free to criticize or add if you feel neccessary

Thanks for reply. I'm not trolling in your thread and necessarily i'm not among those red labelled people here in FF to criticize everything . I have had experience and just asked how you look at things. I keep two years family expense buffer in bank and trade considering trading return may not come regularly all the time.

Thats great, and you can rest asure i am pretty serious about this.
I look at trading as the way i want to spend my (working) life.
I know that this might seem like another know-it-all newbie thread passing along, but trust me thats not the case i dont have all the answers.
Ive made this thread with intention of learning a much as i can myself and if i can help people along the way its even better.
So i cant wait to see what the thread will bring in the future.

Hi - sorry if this is a bad place to post this. As a new member, I'm not allowed to start new threads and I didn't see a good general place to ask this question, but...

There's Euro data from before the Euro existed. Does anybody know what currency this data comes from?

Also read carefully what 'Humility' has written. Forget about the leverage your broker offers or imposes, your real leverage is your position size divided by the amount in your account.

Hey,
In 1970 a fixed exchange rate was introduced by the EEC, note that this wasnt yet an actual currency.
Member states that had signed to be part of this agreed to fix their currency to this new one with limited permitted fluctuations.
At this time both the"fictional" and excisting currencies could be traded.
In 1979 the Eurpean Currency Unit (ECU) an average of currencies involved in the new exchange rate mechanism replaced this.
At this time there was still no new currency.
In the maastricht agreement that was set up in 1991 set the year 1999 as target for the total monetary union and launchdate for the new currency.
All involved member states with the exception of England(who opted out) held the euro as their nations currency starting jan 1999.

I dont think you are in the right thread?

New traders should focus on making money. It is not an easy task. They need to make a good plan to make money from this market.

Correct. Unfortunately, making money quickly is what drives majority of the people to this market.

Thats right. There is no quick and easy money. Money comes with hard work.

New traders try to make a lot of money, but they need proper planning and discipline to make that money.

Exactly, beginners lack patience, they often develop greed to make quick bucks without knowing that they should enhance their knowledge and skills first, which will ultimately give them profits.

Hi, you can still earn with Forex actually while learning the nuts-and-bolts. Search the Forex Backdoor ebook in the "Forum Posts". It may help you.

Golden Rules [Taken from my private discord group. Link in profile]
- Accept that you will be wrong. Take the loss and learn from it.
- Accept that you will lose, even if you're right. Stick to your rules.
- Be disciplined. Keep to your rules. Keep emotions away.
- Capital preservation is important. Keep your risk consistent. If you risk 1% of your capital, then keep it constant. If you risk 3% of your capital, keep it constant too.
- If you're worried about how much you're going to lose, reduce your risk. You're risking too much now.
- No should've / could've / if only. I would have been a millionaire by now.
- Overtrading doesn't mean higher return.
- Risk management is important.
- React; Do not predict where the price will go. Let the market tell you where the price will go.
- Strategies based on luck is not consistent.
- There is always another setup. If you miss this one, wait for a re-entry or just close your charts. Do not enter at a bad price.
- Treat your results in terms of % and not monetary value. My $1,000 a trade risk could be 1% of my capital, but 10% of yours.
- You will miss a lot of winning trades. Be patient.