Hi all, I’m BaggerSmurf and looking to get started with forex trading! I see that I created this account 5.5 years ago, but never did anything with it. I really got into the lessons here just yesterday and now decided to make this post.
Being a fan of programming, I’d love to find a broker with an API. What better way to eliminate emotion and making sure to stick to your strategy than to program it? Does anyone have any recommendations? I realize that technical analysis is only one part of the trading experience, but I think it’s the best place to start. Also, sentiment analysis is way harder to program ;). One assumption I’m making is that news items about the economy have a much smaller effect on price fluctuations in smaller time scales (say, minutes).
I’m hoping to start with a very simple strategy, back test it and also execute it for a week (on a demo account, of course!), followed by analyzing:
- Where did trades go wrong and could this have been predicted with technical analysis?
- Where did it go right for the wrong reasons and could this have been predicted?
- Were there missed opportunities?
Combining insights from trying to answer these questions with further learning on this site, I hope to keep adjusting my strategy and possibly even get a few (demo!) pips of profit! I realize this will be a long journey. Any other tips on how to improve?
Having been a mildly successful online poker player years back (turned 50$ of free account-opening money into several thousands over the course of two-ish years), I know that I improve a lot better when not doing this on my own. Discussing hands played on a forum blog or forum parts specifically for that tremendously helps, by learning from other players. Is there a good place here for me to start such a blog?
I’m seeing a lot of places mentioning it’s hard to start forex trading with a small amount of money, such as $100. But, given custom lot sizes, trading on small time scales (less pip difference between starting and stopping trades) and a small leverage combined with good use of stop losses, isn’t it possible to risk at most 1% (=1$) of your balance per trade? In poker, I’ve (almost ;)) always stuck to good bankroll management and have been disciplined enough to never sit at a table with more than a small percentage of my bankroll. I’m hoping to be able to do the same with forex trading at some point with a couple hundred bucks.
Hope to discuss a lot of forex trading with you all!
Cheers,
BaggerSmurf
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