Hi,
I’m new to the forex world, very young and ambitious. I have been practicing on several different practice accounts and enjoy working with the metatrader platform. I was at one time a serious poker player and one of the best ways i found of getting better was discussing hands and talking about sessions with players of my skill or better. I’m looking for anyone that would be willing to do this same thing in the forex world discussing trading sessions and specific trades and reasons behind them. With my very little experience I could be extremely wrong in assuming this will help, but i would love to just pick someone’s brain about placing trades and such. I’m very thankful for the forums and such but i feel i work better on a little more personal level such as email. So if i have any takers or advice givers please respond. Thanks!
If you haven’t completed the School at least once, then you’re putting the cart before the horse with this trading-buddy request of yours.
If you really are ambitious, then do the considerable work of mastering the subject matter in the School. Then, you and your trading-buddy will have enough in common to actually help one another.
Otherwise, you’ll likely end up in a blind-leading-the-blind situation.
Hey Clint,
thanks replying so quickly! Yes I failed to mention that I have been spending much of my time on the school of pipsology, and reading any books I can get my hands on for probably the past 3 months off and on. During my Christmas break of school I have been spending almost every night reading and going through the grades in the baby pips school to learn all I can. Thanks for looking out, I will keep learning all I can. Just any other adviceyou can offer will be taken in 100% so keep it coming!
Pick a system and use it. Plenty of free good systems around you don’t have to be picky right now most of them work. The things you need to learn are discipline and money management if you want to succeed. I think you will start to learn the important stuff after you have an account with real money in it. [B]START SMALL[/B] you will probably lose it a lot of new traders will.
going by your name, post and the fact your still in school im assuming your 16, i was in your exact position a couple years ago and the best advice i can give is to get yourself a live account opened up early on, ask your dad to open a small account in his name with say £10 or so and trade pennies a pip. as much as i’d encourage you to read all you can i’d urge you to just focus on learning the basics of price action such as support and resistance, trendlines, chart and candle patterns, fibo and then choose your favourite pair or two and get as much screen time on those as you can, watch how they move and start applying all your lines,etc to the charts to begin to paint a clearer picture, instead of trying to get a grip on the whole international economic situation as a whole focus mainly on the countries effecting the pair or two that you’ve chosen but always keep in mind very important news such as nfp as it will effect all pairs even those not concerning the us dollar.
in short:
open very small live account
learn basic price action
choose one or two pairs
*get as much screen time on favourite pairs
watch out for major news releases and get real familiar with all news concerning the countries related to the pairs your trading
there are a few here who will disagree with me urging you to rush into a live account but i think forex like most things you just have to dive straight in to really start getting the experience you need to succeed. just start very small
I have been trying a MT4 demo account since september, until now i cannot take any profits yet, after having blown up more than 75000 U$D
My strategy is working with Stochs RSI MFI and MACD crossovers to confirm buying or selling entry points.
with TP +10 pips and SL -25 pips on major currency pairs.
I also work breakouts with pending orders while I am at work (profit 20 - 25 pips)
An average day would end with +2764 profits and -3692 losses.
Should I have to give up trading or can anyone help me to close a trading day at least breakeven?
I appreciate your suggestions to alldayround(at)hotm??l.com
I was thinking of taking a mentor but i cannot find anyone here in Cordoba, Argentina
Thanks and Happy New Year to all
I am far from an expert, also new, but it would seam you are not letting your winners run. Also you have a horrible risk ratio you are risking more than double what you are planing to gain. This means you would have to be right damn near 100% of the time in order to be profitable.
You should only enter a trade if your risk/reward ratio is a minimun of 1:1, but really should be 1:2-3
I would suggest you look again at the babypips school, money management.
Thanks HopeToBeGreat
I know what you mean but i can bearly win 5 or 10 pips on good trades while the bad ones with no stop losses generally can continue to drop down -150 pips or more. I’ve thought to change my strategy and whenever my indicators show me a buy or sell signal press the opposite one to see if i can reach those 150 pips wins. Could that be considered an intelligent strategy to test? I’m not really convinced I can mantain a trade just by having pressed the opposite buttom.
I am not saying I am not using SL, what I wanted to say is that when you see charts for those closed bad trades if only you would have gone in the opposite direction you could have won at least 150 pips.
Hindsight is 20/20 don’t go there
is The trading system that you are using devised by yourself ? IMHO you put to much wieght on what indicators tell you. Most indicators rely on history, the most accurate way of assessing PA is to look at current PA. Although I would normally advocate sticking with a system, clearly this one is not working for you. Have a look at some of the simple systems described and supported on this threadand give serious consideration to starting a “new” system from scratch adopting and sticking to its rules. comine this with good MM and you may turn around your trading "career"
best of luck
Thanks a lot to all for considering my inquiry, you’ve been quite helpful, although I need much more study and analysis to move a step forward, although you’ve made me realize that step is still possible.
Hi Freddie
Glad to help one other piece of “advice”, keep it simple. Come back anytime to ask any questions, there is no such thing as a stupid one
best regards
Dave
As someone said earlier your risk/reward is all out of whack. To be profitable over time you have to have a risk/reward of at least 1:1 and win about 60% of your trades.
Dont ever invert either of those, it will hurt you. You always want the reward = to or greater than risk. You also want a high win/loss ratio.
The thing is you will always have losing trades no matter what. The trick is to make the winners bigger and at least happen a little more often, so that overall your winners make up for your losers and give you some profit.
You need to develop an edge first. An entry method that wins x times more than it loses over a sample size of 20-100 trades. Then learn risk & moneymanagment.
Also, you are scalping and that is a sure way to be a loser in forex. Trade longer time frames, like 4 H & up.
10 pips TP, really? Sorry that is redonkulous and so is a 25 pip SL. When you enter a trade you are automatically negative the spread. So, if there is a 5 pips spread and you have a 25 pips SL, you’re SL is really 20 pips.
P.S. I have to say I see this over and over. There really should be a section on babypips that informs traders that scalping is the hardest way to trade. A newish trader thinks scalping for small pips is easier and what new trader should be doing. It’s exactly opposite, scalping is substantially harder to make profitable compared to long term trading.
Ok, I see what your saying. Even though you use a stop loss the lossers keep dropping so far past it that you wish you had just traded them opposite.
Well as others say, this is hindsight. Don’t think about what could have been, try and concentrate on where your going wrong.
And trade much smaller lots until you figure it out. You have all the time in the world to learn, so don’t burn up too much capital before you get there.
Well it’s the easiest way to trade to gain impractical confidence that you’re doing well, then you take a string of hits and there goes the profits lol. Although I found that it can pay off during low quieter periods (cleaner price moves). Personally pulling myself out of hit and run 10 pip scalps from that nov-dec period has been pretty slow going, nothing like sitting barely above break even after a month and hundred of scalps to tell you it just isn’t working anymore (or negative pips earlier last year for that)
