You need to come up with your own trading system and rules and live by it. This means you have to backtest your trading system using demo account and not rely on other people's numbers. Remember - its your money.
much of newcomers failed in their earliest stage because they lose so much money, and lost faith in forex trading.
first thing to do is to study either fundamental or technical step by step and enjoy what you're doing. at least that's what ah'm doing for this past year.
i used virtual money, and treated it like the real one. it's funny when i felt depressed when i lost the virtual.
also remember to note every single trade you make.
when you see your performance increased, and you constantly profit every month, start with real money.
Trading is not easy.
Don't ever start thinking that it is.
It will kill you and it will kill most
people even before 3 months is up.
Follow the rules set forth by experts.
Do not scoff at it. Why? Because you
know nothing! Calculate risk and lot
sizes using simple calculations not
convoluted risk reward ratio S/L
value setting BS nonsense!!!
Meaning if you are risking 1% and
trading mini, divide by 50. If on
standard, divide by 1000. You hear
it over and over; KEEP IT SIMPLE!!!
Dealing with psychology is hard enough.
Keep mechanical aspect of trading especially
selecting lot sizes and risk SIMPLE !!!
I laugh the hardest when newbies come
in here and show me heir risk reward lot size
picking calculator. What do they end up doing?
Yep, just end up risking too much on their
trades. And they always scratch their heads
when they blow up their account. Forget that
risk reward ratio lot size calculator!!!
Simply get the percentage and divide by 50 for mini
and divide by 1000 for standard!!! Because if you
use that convoluted risk reward calculator, you will
end up risking 2-3 times more than you should. That
calculation sucks you in by showing you the reward
potential; it never shows you how much you are
risking and how much you will lose.
I was just marking today’s pivot, resistance and supports and I erased a line I didn’t need from two days ago when I did this all my lines I had marked were erased. Is there an undo button or a way to mark the S and R´s easier?
Those are very good, but I got some if you want to see what is happening every minute , get a software. I´m using Metatrader. It´s good.
Reading a lot. Get some dictionaries so you can help yourself with definitions.
And the patience can to be your best friend