I have been a fan of this website for many years and have did quite a bit of reading on the topic. I eventually found the nerve to open a live trading account in November past. The account is doing quite well, however I must admit that I have cheated a little because I have a mentor. My mentor has helped greatly, guiding me and building my confidence, otherwise I don’t believe I would ever have opened a live account lol.
I am currently trying to get to grips with Bollinger Bands, Fibonacci Retracements and RSI, those are the only indicators I am using at the minute.
I work in the web development industry and have done for around 20 years, trading is something I have been reading up on for about 5 years or so. Coming from a Computer Science and Maths background, I had thought I would pick this stuff up pretty quickly. However the more I read the more apparent it is that I haven’t a clue, it blows my mind.
So, the short answer, lol, I am here to learn as much as I can.
Im glad your are here and on ur journey! also as a forex coach i am glad you have a mentor and please dont regard that as cheating. we arent in school anymore. why take the hard and long route in this industry? mentorship is the fastest and most effective way to leaarn to trade. keep it up. i believe u will catch on quickly as a computer and math guy, use that to ur advantage as an edge in ur trading system
When I started reading up on the topic I was actually surprised to see how many of the indicators were based on simple Math. However, it is all fine and well thinking that, it is a lot different when actually using the indicators in real life lol.
Trading is a massive topic and I understand fully the enormity of the challenge ahead. I have so much to learn, my only regret is that I did not start sooner than now.
You only have to learn one thing, that is, how not to lose money. Which means your profits must exceed your losses. Use your strategy to identify that ‘strategy met’ trades have a greater probability of succeeding, which means you must focus on process all the time. It can get boring sending little robot trades out into the market.
BTW, I only use RSI with a 50 line. Above is a bullish trend and below is a bearish trend. In today’s ranging markets overbought or oversold positions could last for weeks.
Are there any books on ‘how not to lose money’ lol. To be honest I’m still not totally sure on how to make use of the indicators fully, I still feel like I am kinda winging it. I suppose it will all make more sense the more I practice. As they say, the more you practice the luckier you seem to become.
I’m sending you a link to tradertom.com. His site is free, transparent and full of necessary education that every trader should read. Around April he will be producing a book which will detail his ‘how to’ step by step approach to FX trading.
BTW - there’s nothing wrong with your strategy set up providing you follow it consistently. In fact, the simpler the strategy is a good starting point. Keep a journal of each trade, what happened and could you have done better? Do more of what works and less of what doesn’t. That is your edge.
It really doesn’t matter if you don’t load up your charts with lines and zones, just try and understand what is happening in the market - e.g. what would the HUMAN response be if Russia invade Ukraine next week. I could suggest it would adversely affect USD, EUR, and GBP FX currencies. Which means money would flow into the safe haven of JPY & possibly CHF. That could happen, even if Putin is just cementing his own position in Russia as a tough titanic world leader.
Hi Gavin,
Welcome. I found two things helped me pull all this together. The first was an extensive read of the BabyPips School of Pipsology in the Education section at the top of the page. The second was I started to read the No Nonsense Forex (NNFX blog) until I found the author’s Youtube channel and then realized I did not start at the beginning. I have watched about 150 videos or listened to blogs from that individual and have built a 90 page plan based on his teachings. The plan has not been formalized completely, but it has certainly helped me in the past year.
I have completed 25 lessons out of the 358 available in the School of Pipsology, I’ve a long way to go yet. I have located the NNFX blog, I will start having a read through that also.
Can you please let me know the name of the YouTube channel you refer to.
This (I think) is the starting page. Be careful to find the first blogs and videos that were created (the oldest). Default listings are typically the most recent. That will not make much sense to read in reverse chronological order