Hi Mondeoman - thanks for sharing that. - Love the name - I nearly bought one of them once - so I guess that makes you pretty new to this particular form of gambling and like me from UK ?
A couple of hints if I may ?
- This whole thing is hugely psychological - so it is important that you get to know as much as you can about yourself and also about the psychology of others - since GRoup Psychology has an effect on “buying” and hence prices.
- trust your own judgement and resist “What others think” - they know no more and probably less than you do - and at the major turning points the “Herd” is ALWAYS wrong.
- Analysts - Respond to movements by trawling through “News” and there is always something to support a view that “it went Up because” - or “It went down because…” - Analysts are rarely correct in their predictions.
- This game is NOT a benevolent society - for you to make money - somebody has to Lose money Plus “spreads” have to be taken out of the transaction - so just to survive your judgement has to be right more often than it is wrong - by a significant amount. Brokers (The bookmakers ) expect that if most bets are “up bets” - the market will go down !
- there is debate about whether the markets are “manipulated” or not - but if your thought process is such that you act “as Though” the markets were manipulated - that will stand you in good stead.
- stops, lot size and exits are very important and something most of us still struggle with - as in most things “forex” - “Conventional wisdom” is not necessarily correct - but that is stuff for later in your journey - This is a “Long haul” journey - most people give up and wander off - or go bust - a Long while before they know what they are doing. - it is NOT easy !
- Babypips school is a good place TO START - and I don’t think they will mind me saying that a lot of the stuff in there is treated in greater detail in the “Stockcharts” site - so when you have been through Graduation and “Post Grad” - you will be able to know where your interests lie and further your knowledge of individual parts over there - (There are parts of that site which are “Paid for” - I never have entered them )
Anyhow - I hope I’ve not put you off too much and that you do “make it”. Wishing you well