Absolutely at the beginning stage

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I am at the beginning stage of forex trading. I am very intrigued and excited to add this journey to my lifestyle. I can’t wait to become more advanced at trading

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Welcome! Be sure to complete Pipsology!

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Hello and welcome! How’s your trading journey going so far? Hope you’re having a great time here! Good luck!

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Hello there, I am 3/4 of the way of Babypips and have been trading on demo accounts for 4 weeks now. My goal this year is to be funded by a prop firm (FTMO). They have challenges that we have to pass. We have to make 10% in 30 days. They have FREE trials of 14 days that we have to make 5%. I failed 2 so far.
This is quite difficult. I lose more often than I win…
I will keep staying on demo until I am constant in winning more that I lose.
Any tips about practicing ? I also listen to podcasts about psychology. There is so much information…
Thank you in advance

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Just take your time and don’t rush to learn everything at once. I would suggest to keep practising with the free trials of FTMO while also learning, but when it comes to actually getting funded I would advise to go with the The5ers or any prop firm that gives you instant funding. The have more realistic targets and give you more time to get evaluated so you don’t have to pressure your self that much to hit a specific target in a month.

But if you are not yet consistently profitable a funded account is useless, so focus on being consistently profitable rather than getting funded, it might take you years to get to that.

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Thanks for your advice! I understand I have to be patient with myself and I cannot learn all that in 3 months…
Yes, The5ers is easier than FTMO and yes, there is less pressure. Being in my late 50ies, I tend not to stress with things, I think it is a great advantage, psychologically, in this field. I put my trade in and then, for 2 hours, i go do something else, walk my dog and exercise…

How long have you been trading and are you profitable ?

THANKS again

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I have been trading for 2 years and yes I am profitable. I think the least stressful style of trading is swing trading so you might want to see if it fits your personality. You will come across this section in the School of Pipsology towards the end where you will see which style fits you the best. Then you can ask anything you want in the forum and we will try and help you.

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That is excellent! From what I have read and listened to on utube, 2 years and being profitable is quite good. I am looking forward to do something similar.
I did go through the section about what kind of trader I might be and I fall into between the day trader and swing trader. So far, with my trades, sometimes I let it run overnight and sometimes 2 days but mostly, it is done after 4-8 hours.
I discovered today the MARKETMILK and I found it quite useful as it enhanced my decision to go long with my pair (with also all my analysis ) and it did pay off. Do you use the MARKETMILK a lot ?
I have been taking my stats from the very beginning. I have done 26 trades and had 11 wins and 15 losses. I guess after maybe 200 trades, I could judge or compute if I am good enough to go live. Am I dreaming in colours here ?
Thanks in advance BBFx27

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I have just joined thé forum. Wishing myself all thé best…

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No I have not used Marketmilk but if you find it useful continue using and maybe build a strategy around.

I would agree on that.

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Ok du courage

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Thank you! Talking about strategy, I find it confusing as what to put in it.

  1. Find the trend on the 1hr/4hr chart
  2. Look for patterns (Fibonacci, retracement, continuing trend)
  3. Look for candlestick patterns
  4. Analyse the indicators (Scholastic, Bollinger bands, EMA, SMA)
  5. When I analysed if it is going up or down, I look at the last resistance/support for take profit and stop loss
  6. Place the trade

Does it sound like a complete strategy to you ?

So many thanks in advance BBFx27
What is your name ? I am Andrée

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I am Markos, sounds good you can also open a new topic regarding this and get advice from more people and they give you their opinion as well.

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Alright! Thank you Markos, I really appreciated your time and insights today. I will open a new topic.

Talk to you soin :slight_smile:

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I used to use it as a filter to see which pairs to check out more closely. These days though I’m just following trades from the trade ideas section on this website. I made 20% off it last year but this year is proving to be much more difficult. Not sure what’s going on…

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Starting in Forex trading can be exciting but also overwhelming. Here are some key steps to help you get started:

  1. Educate yourself: Learn the basics of Forex trading and the terminology used in the market. Read books, and articles, and attend online courses to gain a better understanding of the market.
  2. Choose a broker: Find a reputable Forex broker that suits your needs and offers the trading platform you prefer.
  3. Open a demo account: Most brokers offer a demo account that allows you to practice trading with virtual money. This is a great way to get a feel for the market and test your trading strategies.
  4. Develop a trading plan: Decide on your trading strategy and make a plan for how you will enter and exit trades.
  5. Manage your risk: Forex trading is inherently risky. Make sure to use risk management techniques such as setting stop-loss orders to limit your potential losses.

Remember, Forex trading is a long-term commitment and requires patience, discipline, and a solid understanding of market dynamics. Good luck!

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I am starting trading, just new beginner, not used to use computer.Means i will be a very slow learner

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Thank you for your kind and practical advice

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Take things slow and start focusing on learning and practicing more.

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Thank you for your kind wise advice, i really appreciate it.