New Guy, Seeking Valuable Advice

You're young and you have gained the experience to lose $6500 to this industry in this short time.

Don't lose a dime more, turn around and walk away. Get yourself a college education, then a real job forget about making easy money from forex trading.

You won't make that dream pile of cash, the car or villa that you hope for, it ain't happening. The strategies found on forums.....don't waste your valuable time which you should use it pursuing a career in the real commercial world.

Some posters already gave you this same advice, take heed else you will lose more than this $6500. It's a cut loss decision and the best one you can make.

Hi casy.
This business is very good looking out side but diff inside it is purely against human nature. First u work on demo about one year.
Before that some rules
1. Trade with trend (previous day)
2. Gold is good and easy to trade.
3. Trade only breakout only (daily)
4. Close trade on the day before market close if in profit olace stop on breakeven or some pips.
5. Dreem is good and can be done one day.
For the time this enough.

Cheers...

Casey first off sorry for your tough start in trading all of us probably have bought something to start but 5000 that's a tough nut to recoup. My advice is this don't trade forex and heres why: you are really trading against the broker no matter what they say because there is no exchange for trades to go through. Having money in there acct is very risky just ask those who have money at fxcm. Though you may not pay commission there is a floating spread. Trade futures no spread 4.00 commission per contract it's totally regulated meaning money is safe. You don't trade against brokers but the world of traders. I traded forex for 12 years I was fortunate enough to have made money but left to trade futures. Trade crude oil it's better than any pair forex has to offer

forex not for every one nor one trader can do it run for your money better to invest somewhere else .
i am not a full trader time i am a system developer and i have my own circumstances to be in this field .and i am 100% serious.
all have a nice day please

Yes that was stupid, but see it as an information you bought on NOT how to do it. The stinging pain of losing this amount of money is a painful reminder that will protect you from committing more stupidity with possibly larger amounts. I mean, at least I bet, most fx traders at some point "just wanted to see what happens" if they bet an irresponsibly large percentage of their account on a trade that looked perfect. Better to screw up with 5k and learn from it as a newb than screwing up with 50k a few years later

It's a deep pip pocket venture. You should be very clear about it.

You can stuff your account with cents or dollar and trade lots which can't affect your existing lifestyle. Have same attitude for demo trading treating it as a real account. Keep aside some money as mini lottery buying money for every week. Just use that money to trade.

Focus on risk management and methods of varying positions/lots.

Learn the relationship between the trend direction and pullbacks happening. Study the up and down hill structure which is how the market behaves.

Pairs and Hours should be chosen which fit into up and down hill structure. Use pairs which mean-revert frequently. Pairs going in one direction and consecutively for a long period are No NO for this kind of simple trading. Find out active hours of trading and select a 4hr or 6 hr timeframe as a window for trading.

The up and down (for up direction) and down and up (for down direction) should happen in a single cycle. Find out the size and frequency of the two moves based on high and low breakout point in TF (240 minutes or 240+120 minutes) and determine an average ratio of the two moves.

Your estimate of pullbacks will help you plan lots to trade, when to increase or decrease lots.

Taking profit part is easy as long as pullbacks keep hitting targets.

Problem starts when pullbacks' sizes shrink which happen in times of strong trending. And this produces drawdowns.

I will keep an eye on drawdown and use some kind of business sense to manage it. If you think direction is not favoring, just take loss/small profit/no loss and get out. If you think direction is favoring you, ramp up lots and target quick profits or break-even only and exit

Don't trade during news events for at least two years. Trade demo for at least six months for one strategy and one EA testing. Treat yourself as an apprentice and serve your demo time in acquiring skills necessary to get returns from fx business as a mini-lottery.

I use EA which can indiscriminately shoot trades in all directions in M1 or M5 timeframe using extreme high to (start selling) and extreme low (to start buying) within a 4 hour or 6 hour period. I use one cent/10 cent as my pip size so that I can increase or decrease lots whenever I like. Profits happen naturally when pullbacks keep happening and with good distance from high or low points.

I don't use any indicators except to assess volatility of session or hours. And I just take a cursory view of market to get a feeling for direction which is needed for me
act when the EA stops behaving the way it is designed to do so or even if it's behaving the way it is and I lose patience and think it's time to call it a day.

For every 50% of profit made I withdraw 33% of profit when going live and keep 17% to grow my equity balance.

If I lose then I treat it as lottery ticket gone waste and keep trying as long as I feel comfortable to do so.

Here are my 2 cents: Trading is a profession and you need to have enough patio until you get enough screen time and experience.
Reaching the successful level may take few years, but still this is up to you, your mindset and ability to learn from your mistakes.
I would advise you just to keep all setups simple and to have enough patio again until to find out your trading style and when you
feel comfortable with it. An example for simple way of trading – just add one EMA (depending from the time frame you prefer are
the sets for the EMA) and just combine with some easy price actions (pin bar, inside bar, etc.) in direction of the movement.
I hope this will help and GL .

Alright first of all...
Take everything you read here with a grain of salt.
There are a lot of people here that think they know what they're talking about while they really don't.
Like the people that say "You should only risk 1% of your account per trade". They don't know what they're talking about and they don't know how to calculate their lot sizing properly.

Don't use someone else their strategy/plan but develop your own!


What I suggest you do is get an education!
-Learn the terminology.
-Learn how to read price action.
-Learn the type of traders out there and figure out what kind of trader you are or want to be.
-Learn to develop a strategy that works for YOU and YOUR trading style not someone else. Just because a strategy works for 1 person doesn't mean it will work for you.
-Learn to TEST that strategy and refine it. (Which you didn't do previously otherwise you wouldn't have lost your money) People usually recommend 100 trades per time frame per strategy per pair.
-Test that strategy in a demo account until you're confident you can execute it with a real account with no problems and actually stick to the plan.
-Learn proper risk management.
-Start small and learn how to deal with the psychological side of trading real money.


Honestly if you have any questions about anything you can message me but I also don't know everything.


-AntiVi

Someone has activated your old thread. Have you become more successful or quit?

If you are still working on it, try this. Write it down, with a pen or pencil. Put it into words. Then, find a family member or friend who is clueless, but doesn't mind listening. Explain it to them. You will likely learn quite a bit about your plan when you try to explain it.

First, check your signals against historical charts. Next, use the strategy tester to observe how your signals behave when price is moving. If all seems well, then, test it on demo or test it live with micro lots. Up to you. If you cannot make 10 cents a pip, how do you expect to make $1, $10, or $100? Why waste your money to discover you have bad habits or bad emotions that need fixed? I do not know what time frame you intend to trade, but a time frame is just a time frame. As long as it is moving beyond your spread, you can trade it exactly the same as any other time frame. Of course, it also depends on your available time. A longer time frame will take longer to gather analysis and normally requires more stop loss breathing room pips. If you can trade faster between entries and exits, you will learn faster.

If your system is based on technical analysis, be sure to check the daily news reports for each day and consider avoiding the market when they are released. If you are trading based on fundamentals, then ignore that.

He is offline since last Feb, i have similar case of him (but without spending money in education) and thnking to write it on sperate thread.

Your story is a bit pathetic. A lot of traders experience same at one time or the other in their trading career. For strategy, my trading changed when I began to think long term. Day trading works for some people but for me its swing. Start looking at the long term charts i.e Daily and Weekly charts. That's where the money is