I am a born Chicagoan who was raise on a chicken farm in a town called Unknown, Arkansas until it was time for me to start my formal education in Chicago, Illinois. I speak four languages and will if time permits begin other language(s) soon.
Why FOREX? Because it is another finical tool that I want to learn and be a student of.
Why now? Because the timing is right for me.
Hopes? I do not believe in hope – I believe in doing and “getting it down.
My goal? Is to be a proficient retail trader within 24 to 36 months. Within that time frame I will have master the basic and to know that I don’t know enough.
I like the mission statements! You should do the same for trading, like create some rules to live by. Not necesarily for the actual trading plan. I’ll give you one - don’t revenge trade after having a losing trade.
Forex is something we can do from anywhere. Its freedom.
I suggest trading with micro lots, say 0.03 for the first year or year and a half. That way, you can afford far more losses than wins without losing your mind. I’ve found I can make about $10 - $20 per trade a day doing that.
Find a source for the daily Economic Calendar. Babypips has one.
I tried all the can’t-miss strategies from all the internet trading gurus, It was fun, but most of all it was invaluable to my learning. Now, I find value in keeping it simple. Price goes up for a while, then it goes down for a while.
I doubt there are any 2 people in the world that do it the same way.
I am always surprised that there are any rules for Forex that actually mean anything. Its thousands of people guessing what price will do based on charts where candles go up and down based on 2 things. Massive investors that can manipulate it any time they want and retail traders of which 95% of them will lose their shirts by guessing wrong on the next trend.
All any of us know is where the last high or low was and what price has done since then. The previous support/resistance level is like the only floating coconut in a vast ocean of water. It attracts the fish because its the only solid thing around.
So I’ve been having success by just having a free indicator send a push notification to my phone to tell me when the price is in a trending reversal. Its better than EMAs crossing because it gives me a better exit notification.
I still have to keep doing this strategy for months before considering it the golden grail. But so far, if the new trend was just ranging, its a small loss. If its a real trend, its a big winner.
