Hi,
I dabbled in forex a couple of years ago, made all of the noob mistakes and blew my account.
At that time I resolved that I would educate myself for two years, while saving up capital to open a new account and make a more informed go of it.
Well, the two years is up and we are on day 1 of the next stage (1 September 2015). I’ve completed the school of pipsology (what a great resource), read a few books (turtle traders anyone?!) run a demo account profitably for two months, and have given myself one further month now to put in place more of the daily routine that I think will help when trading a live account.
This includes being strict about my trading journal, setting aside time each day to review news and analysis, and doing some final research to choose a suitable broker and preferred platform.
Reading news and analysis often provides trading ideas, and I have developed my own trade identifier system looking at pair-specific customised RSI levels based on historic data. This is something that I have seen applied mostly to stocks but it seems to have some resonance in currencies too. It is somewhat discretionary in that the RSI flags a possible move then I look at price action to see if there are any patterns supporting my trade idea, and checking that S/R allow suitable risk/reward etc.
Thanks to babypips for providing a high quality free learning resource.
Any further suggestions for things to consider during this launch phase would be most welcome.
MOAT