Guys I hve graduated from babypips school and am confused! Need help because I hve a lot of information in my head also I want to be a trend trader, and am also finding it difficult to create a trading plan and journal
Here are some things you need to determine…
- How are you detecting if there is a trend and which direction it is moving? - This gets you the direction (buy or sell).
- How are you determining when to enter the trade? - This gets you the timing (at the end of a day, the middle of a day, when some indicator does X).
- Where are you putting your stop loss? - This gives you your “emergency exit” when you consider your trade to be wrong.
- Same with take profit - This gives you the “I was right and I want to bank my profits”.
- What percentage of your account do you want to risk (usually 1% or 2%) - This gives you your position size.
You now have all the information you need to make a trade, buy/sell, when do you open, when do you close and how much to buy/sell.
Congratulations on finishing the School of Pipsology.
That is your basic training completed. Now you need to go onto your next level training. Remember, financial trading is the brain surgery of finance. Only a select few will be successful!
Firstly open a demo account and try and apply the basics you’ve learnt. Also, you need to start doing more research into your preferred style, trend training. You can do this by studying books, watching you tube etc etc. Your next goal is to come up with your own trading strategies that you can back test and then implement on a demo account, before moving to a real account.
Congratulations on your accomplishment.
Relax. Take things one step at a time.
Practice with the trends and master it. Know more when a price is in a trend, range or choppy market, and when identify your trend, pay more attention to its weakness, who knows a reversal might be looming.
For trading plan, it’s easy. They’re protocols that defines your entries & exits; for journals, am not really into that but i do take some when necessary.
i think it is like you read 10 books about playing football
i think you need to go to the stadium with a ball and just shot adnd apply what you read in the real world
so start with demo account and just try to apply all you learned from the school
Hello prince!
That is excellent; at this point, you must organize all the information in your head.
I advise you to start demo accounts, but meanwhile, review your lessons and put them in their appropriate places!
You resemble a student who diligently prepared for a difficult exam but was unable to identify which detail connected to which area.
In order to correct everything, try to evaluate and reorganize your details (this time, it won’t take much time).
Best Luck/
To identify market trends, you can use moving average, fibonacchi alike indicators.