Hey everyone, I am so new to the world of trading and it gets me quite excited knowing I have an opportunity to gain more knowledge on it and to also better my financial life. I realise that working an 11 hour job daily where you find no time to actually grow is something that I am not willing to be bound to. I intend on growing in every aspect of life and I want to be able to help the next generation so that they don’t ever have to go through the same struggles as myself but that they know exactly where to go in order to make the money and have the life which they desire.
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Don’t give up your day job, until you’ve become consistently profitable trading live FX accounts. Should take you a few years or so, to become experienced.
Thanks alot, I appreciate the feedback… I’ll be sure to do that @steve369… How long have you been trading?
Hi. I’ve been trading long enough to (mostly) manage my emotions, which is key to eventual success. Every trader on the planet suffers from reaction to trades, and why beginners should first focus on the Daily chart where there is less ‘noise’ from lower time frames to manage.
Which means you need to learn more about yourself, as emotional signals will always happen - it’s how you successfully respond to these that will eventually lead to consistent profits.
For example, I cut losses quickly - I NEVER nurse a losing trade in the hope I was right - because while I hate losing, I hate losing big more so. There’s always another trade awaiting.
As for taking profits from winning trades, maybe close 50% of the position at breakeven price and let the other 50% run using a trailing stop. It’s critical that winning trades ARE nursed, because that’s where the profits must outperform the losses. IMO, this is the holy grail of money management.
Best of luck.
Hi there, I’m glad you are starting out.
it’s very nice to hear that you have the same interests. I would like to encourage you to also learn to trade. It is a very lucrative skill to have, you can make a lot of money very quickly if you have a solid grasp on the basics.