I’m ‘new’ to forex trading. I’ve read about 13-16 books on Forex trading and watched a few course and placed probably less than 100 trades. I am not successful yet and haven’t really employed any real strategy. I’ve only done some gut trading, aka gambling. I’ve got 3 more courses I’m going to get through over the next 2-3 weeks and then really buckle down and practice 1-4 hours a day until I can build a consistently positive trading track record.
My goal is to reach a positive trading track record by the middle to the end of next year.
I enjoy helping others, but also like to ensure others know my knowledge of the field is purely academic at this time and not from experience or success, so take any knowledge or ‘advice’ I share as just preaching to the choir, or the blind leading the blind.
Hello SemperExpeto.
I think you started very well.
I see that you started your journey by teaching yourself, which is a very good start.
I also think you are patient enough that you have a clear goal of reaching the positive record next year.
All traders make mistake at the first or may be a few years long, but what is important is overcome your mistake by adapting to the market environment.
I think you can make a good progress.
If need any help, feel free to DM me.
Regards.
Paul.
Welcoooome! Wow. 13-16 books is a lot. And what would you say is the most valuable lesson you’ve learned from the sources you’ve read so far? I’d say keep demo trading and testing out strategies and hopefully you find one that will give you that positive trading track record by next year. Good luuuck!
Welcooome! Hmm. If you wanna check out the latest posts or threads on the forums, you can just go to the forums tab at the top and the latest topics will appear on the side. Or is there any feature that you want to see?
The risk management. Not every one of those books addressed the topic, and of the ones that did, some of them only briefly. But a few really dig in deep and really lay it out. The different types of risk, methods, etc. I’m lucky in that the topic genuinely interests and excited me. I’m counting on that genuine like of the topic keeping me from having to painfully learn that first lesson almost every new trader has to learn the hard way by blowing out their account. Limit your risk!
Key risk management points that stick out to me:
Don’t EVER trade without a real stop loss. Mental stop losses are a trap. You’ll always find a reason to move them. Which brings me to my second favorite point…
Don’t EVER move your stop loss away (ie. Increase the risk after you’ve already set it). The worst thing that could happen is this results in a successful trade, reinforcing this bad habit. It will end with your account being blown out.
Don’t ever risk more than 2% of your capital in a single position. While this percent is different among traders, some going as high as 6%, most draw the line at 2%. Following this 2% rule makes it essentially impossible to blow out your account. Run the numbers! You could lose 50 times in a row and still have an appreciable amount of capital left to recover with.
Use a positive risk-to-reward ratio. An inverse risk-to-reward ratio can make it easy to have a high success rate and make you feel good, but long term it is very hard to be profitable, because your losses wipe out all those little victories.
Losses are the cost of doing business in trading, you’ll never eliminate them, but you can limit them by using good risk management. It’s not about how much money you can make in Forex, it’s about how much you can keep, and that’s what risk management is all about.
Yup. I’m going through Babypips course right now. Than I’ll finish up with this Tradingview platform course I have. Then I’ll start backtesting in Forex Tester. I’ll use the setups defined in Naked Forex until I find the one that works for me. Then take it live.
Wow. 13-16 books is a lot. And what would you say is the most valuable lesson you’ve learned from the sources you’ve read so far? 
I’d say keep demo trading and testing out strategies and hopefully you find one that will give you that positive trading track record by next year. 
If you wanna check out the latest posts or threads on the forums, you can just go to the forums tab at the top and the latest topics will appear on the side.