Day trader new to Babypips!

[tradeforex077]

Hi everyone!

I was recommended babypips from instagram by a follower. So thought I’d see what it’s all about. I’m from the UK and have been trading for 6 years this month. Thankfully I’ve been profitable 3 years but it took a while to get there.

I’ve made every mistake under the sun but luckily, I dont like being punched in the face more than once so each mistake I made, I never made it again. I’ve tried a lot of systems and indicators. I have been full time day trading from home and trading pays my monthly expenses and I’ve also used it to pay for investments.

I’ve seen and followed a lot of online traders/mentors and find most of them are not successful traders. They are however very good marketers and salesmen. I joined instagram as I wanted to liaise with like minded people, discuss trading, but what I’ve found is a lot of people just want to give signals and if you question their trades they block you . Although trading full time is very satisfying, is also a very lonely pursuit.

I would like to offer advice and discuss different trading strategies and psychology with other traders both novice and professional. I am proof that anyone can be consistently profitable from trading so would encourage everyone never to give up. However, I’m happy to discuss my experience of trading and hope to help and learn from everyone.

[Blackduck]

Hi tradeforex077

I see you are a day trader. Do you trade just FX or do you also trade futures?? Do you scalp or swing??

I also day trade and prefer to swing but will scalp in certain circumstances. I also trade futures.

Always happy to chat with another trader. Just cannot handle wannabes who think they know it all.

Cheers

Blackduck

[tradeforex077]

Hi blackduck,

Yeah I tried trading many different ways and in the end I found day trading fitted my personality best. I dont like to hold trades overnight or over the weekend. Just get in, get out, done for the week! Haha! I trade forex, oil and gold.

Do you day trade and then hold into a swing or do you enter the trade as a swing trade? I tried holding to swing trade but I found I didn’t like holding the trade for long as I would keep watching it. So to get rid of this anxiety or OCD of wanting to know what’s happening I would move the SL to breakeven but ofcourse I would get stopped out and then it would move in the direction.

Haha, well I definitely don’t know everything so dont worry about that! how long have you been trading?

[Blackduck]

how long have you been trading?

I have been trading for about 5 years the last 2 years full time. Whilst I day trade FX and Futures I also, at times will position trade on the futures market. Most of the time I position trade with options and most of those options are on the grain markets. Wheat corn soybeans bean oil.

I am like you. I don’t like holding trades overnight or the weekend. The only time I will hold is if my stop loss is in such a position that if it gets hit I am stopped out with a profit.

I am also a member of a trading group in the States and we meet via Zoom Meeting every night about 30 mins prior to the open of the market to discuss trades. It’s great fun as we all get along and all of us have similar ideas.

I also like Al Brooks and his style of Price Action Trading and most of my swing and scalp trades are what I have learnt from him.

What part of the world to hail from. Me I am Aussie.

Enjoy the weekend

Cheers

Blackduck.

[NeilKruger]

welcome to this Forum,
hope you will enjoy everything from here ,

happy trading.

[tradeforex077]

Hi blackduck,

I’ve never really looked into al brooks but I’ve heard of him. I’ve even got a few of his books, I’ll have a read this weekend.

I live in the uk so I trade london and New York session. Wow, the grain markets: Do they move much? I’ve never traded them lol.

[TheTradingGuru]

Hi I read your post and was wondering if you could offer me some advice. I’m completely new to babypips and I am working my way through the education section of the website. Please try to get in touch with me as the topic of trading seems really interesting to me and I would like to hear about how your experiences got you to where you are. Thanks!

[Blackduck]

I’ve never really looked into al brooks but I’ve heard of him. I’ve even got a few of his books, I’ll have a read this weekend.

I live in the uk so I trade london and New York session. Wow, the grain markets: Do they move much? I’ve never traded them lol.

Trading the grains or the meats, live cattle feeder cattle lean hogs, these are big markets that can move a lot in a short space of time. However they have daily limits so if the market moves in one direction a specified number of tics trading will halt on that equity for the day. These markets on the open can move as much as 40 tics in the first hour. Given that the tic value is roughly $10 a tic that can be a move of $400.

But these aren’t the biggest markets. The real big ones are Nat Gas Palladium, Copper and Silver.

How did you learn to day trade?? What books are you reading?? I enjoy reading and I don’t think you can ever consider yourself completely knowledgable on trading as markets change. This means that you should never stop learning.

Cheers

Blackduck

[tradeforex077]

Wow I’ve never thought about those markets, I’ll have a look at them this week, see how they move. I agree with you should never stop learning. To be honest, theres so much information out there that it’s difficult to finish haha. There are a vast number of books and online material is increasing daily.

My favourite books are the market wizards and millionaire traders. I used to read them repeatedly when I first started out. Just reading about people who were full time trading was very inspirational and motivating. It’s because of these books that I never gave up. I still read them today lol.

Others I’ve partially read and never got through them start to finish like:

Trading for a living by Alexander elder
Trading in the zone by mark douglas
Candlestick trading bible by munehisa homma

I have loads collected so still to read lol. However I find a lot just repeat material, that’s why I never finish and i just pick and choose the chapters I want to read. At present I am reading Reminiscences of a stock operator by Edwin lefèvre. I’ve started it a few times but never quite read it start to finish. How about you, what are you reading? Or do you have any favourite books?

[tradeforex077]

Hi tradingguru,

I would be happy to help as much as I can. The first step is forex education and for that you should complete the babypips course, watch online videos and read books. Studying and getting the theory is very important as a foundation to build on. Good luck!

[Blackduck]

Trading for a living by Alexander elder

Trading in the zone by mark douglas

Candlestick trading bible by munehisa homma

I’ve read two out of 3. The first two.

I am a price action trader and there are a few books that I found good to read.

Trades About to Happen: David H Wells

Understanding Price Action: Bob Volman

Reading Price Action Charts Bar by Bar: Al Brooks.

Happy to chat anytime. Trade well this week.

Cheers

Blackduck

[TheTradingGuru]

@tradeforex077 Thank you any video recommendations?

[tradeforex077]

Hi,

YouTube has a lot of informative videos. Theres a guy on there called rayner teo who makes lots of different videos. Hes pretty good, doesnt show off fancy cars/ watches and every video teaches some kind of strategy. This will help you build knowledge and how to trade in different ways.

Look up mark douglas trading psychology on youtube. He has multiple videos which are worth watching.

There are lots of other people teaching too so it’s worth searching whatever you’re learning at the time to consolidate your knowledge.