Advice - New to trading diminishing account balance

I would agree, the trading style (short, medium or long term) is a niche the trader himself needs to find. I don’t think you can say one is easier than another.

As a n00b, I strongly recommend you try every style and see if one speaks to you vs. another. Don’t ever listen to someone else and write-off a trading style just because they said it wouldn’t work. Prove it to yourself, it’s worth the effort and cost.

Kids are great :slight_smile: I have 6 and their pictures are posted around my trading screen so while I’m waiting for the Euro to do its dance, I’m thinking about why-the-heck I sit here shivering in my skivvies every morning.

Of course try all TF trading. Better yet have three or four TF’s of the same cross up on your monitor to better see both direction and when to enter and exit a trade. Personally, I don’t go below 15m and only use this TF to trigger an entry or exit off 1h or 4h, based off daily direction. But if you feel scalpings your thing… its your money right. :slight_smile:

I believe I have the trump card on this thread and forum having 12 kids. Try making tea for that lot! :smiley:

I agree - I look at Daily, 240 and 60 for trend, S & R etc, might look at the 5 to finesse entry but if I don’t see agreement on the higher time frames I won’t trade the setup.

Must hang my head on the kids front, too - with only three to my name I clearly have no excuse for poor typing! My bad.

Must admit best bet for the rookie - who is still reading and googling hard and overthinking much - and the dayjob worker ,to get into profit is to trade 4hr and above, maybe 1hr. Occupation and experience aside, these higher TF entail less stress per day (got to watch your hairline), less effort / tech-analysis to interpreting trend, and consequently less fakeouts. Say, when you have to watch 5+ pairs?

I’d agree with that entirely. I do like the 60, it is pretty calm, yet you get nice trends often enough that it throws up a good number of straightforward setups across a number of pairs if you want to branch out. I took a nice trade on CHF/JPY yesterday, entered and exited on the 60, placed it in the morning, took the money in the evening, didn’t need any management. And if you are picky with the setups, there are nice setups to be had on the Daily (like look at this morning’s AUD/JPY, for instance), they are good to place in the evening/first thing in the morning (GMT for me) and need no maintenance during the day if you can’t be around. Nice steady pips to be had, and a little more time to think than on the lower timeframes, both of which ought to appeal to newer traders.

Hi all,

Was a further interesting evening, again using support resistance and trend trading on the Eur/Gbp.

Stoploss was at 10 pip minimum and take profit 5-10 pips.

My entry was fairly simple, waited for the drop on a shoulder then when it hit support, apply the trade and wait for it to rise (which it did on most of my trades) back towards the support.

Also used a higher timeframe of 5/15m to get the support lines drawn, then tucked into the 1 min for best entry.

Overall the bank balance was about £1.60 higher yesterday, which is a first in a long while so rather pleased with the changes put in place which is seeming to fit my trading style a bit better.

I did find the Eur/GBP to be a bit choppy at the time.

Is there another major currency pair which is fairly active during the hours of 6-11pm? :confused:

Going to keep chipping ahead with the above stuff, and i’ll let you know how I get on.

Always appreciate the advices folks, many thanks.


YIKES man!