CFD trading on plus 500; beginner strategies to recommend?

Hi there. I started trading on plus500 recently, and I mostly scalp at the start of market open where I am in Australia, as it coincides with a window of time I’ve got before I get busy with my day job.

Risk management is an area I’m interested in learning more about, and it might be laughable but apart from limiting my potential losses through stop losses and keeping my position amounts to the absolute minimum, I’ve recently kept to focusing on just 5 trades every morning to exercise greater caution and not trade emotionally (going into more trades to try and make up for careless losses).

I started the year going through the learning material on BabyPips and ended up sticking with RSI and MACD indicators as a way to provide structure to any technical analysis that I do for a trade. As far as chart periods go I usually refer to the 5-minute and 4-hour chart to have an idea of trend bias and whether the market is in an up or down swing (apologies If this isn’t the most professional sounding terminology).

Just thought to ask if anyone could relate to where I am at this stage of my learning journey (only into my second month) and if there were any beginner trade strategies I could refer to? Thanks and always happy to read about your experiences too.

Hey there, why you choose plus500 for started?
I know that doesn’t use MT4 to trade right?
Is the profit good at the first month?

At the start you use scalp is dangerous actually, if you have some mistakes you will lose a lot.
I recommend you can also go to Myfxbook to looks for some learning :grinning:

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Hi – I started using plus500 to demo trade as it was recommended to me by someone. I know of MT4 but have not used it for my trading.

No, I have not been profitable during my first month and am still learning how to be consistent with my method and strategy. I agree that mistakes can be costly, but have had good experiences scalping at market open throughout the week. My problem usually comes from overconfidence after successful trades, and staking a higher margin because I am eager to make more out of a trend bias that I am sometimes wrong about.

Thanks for recommending myfxbook - will have a look.

Too high swaps there…better switch to another reliable broker…if u need help pm.