Hello I am your newest member! Just reading thru some of the posts I am reassured I am in the right place!
I hope to uncover enough of the “got cha’s” from the forums here that I am not blindsided as I get my feet wet in forex trading!
Welcome! Hope you enjoy your stay here, make sure you take the “school” it will help answer a lot of your questions.
yes its amazing how much you learn being a beginner.
If you need any help please message me, it took me 8 months to finally find my own successful trading strategy - at LAST after losing £200 and painfully believing that my half hearted attempts or guesses would work (which never did).
You have to analyse and back test your chosen strategy to ensure it works for you.
Is Back testing part of the school? I am going to run the bases and go thru the school (an American Baseball term meaning using the formal training tract in this case). I appreciate you mentioning the amount of time it took you to become consistent. It gave me a real world expectation I can live with.
Weblee
Hey Paullt, great to hear that your are successful and got a good strategy working for you. 8 months isn’t that long to have gotten to a point where you are making money, regardless of how large or little, its inspiring. I’m in my 7th month and have learned a lot myself, I just have a few more months of demo trading to go, as well as consistent profits to show for it, and I will be going live with a small account. Good luck and keep us posted how you are doing.
Weblee, as far as I can remember, backtesting is not part of the curriculum of “the school”. However, there are a lot of good forum threads here in regards to backtesting that you can peruse through and get a good feel of what to do.
As far as time wise goes, I’m giving myself a solid year to really learn forex, master a strategy and work with the psychology of trading. Like I mentioned, I am 7 months in and am seeing a lot of improvement. My initial trades were all minuses, it was honestly a mess lol. However now, I am trading less, making more and am a lot more patient and stable mind wise. There are quite a few psychological humps to cross, days where I wondered if I was cut out for this, but if you can get over those (take a breather) and keep going, it does get easier.
Good luck to you Weblee!
Thanks both of you, yes i felt as if i would never find a good enough strategy, but after months of detailed research and manually back testing, i found a simple method for the Dax/Ger30. I.love numbers and patterns and analysing strategies which is why I guess I found it quickly. Remember different strategies may only work on certain pairs or indices better.
If I had one bit of advice when I started, please ensure you have a solid trading strategy, then on every trade do not budge from your plan.
Start small even with your live account, until you get a full month of pip profit.
If you do not have a good trading plan, wait and find one or use ones like me and others who can show you there successful trading plan.
Its best to work one to one with a succesful trader, not follow the so called big strategies that most people lose using.