Forex Trader Beginner

Hi! My name is Nicolas. I am a beginner trader with small (2 years) experience. In this moment I see Forex as additional source of income I hope to find interesting talks here and gain knowledge of Forex Trading with this great community.

Why do you think fx trading is going to provide you with extra income? If it was that simple we would all be millionaires.

The reality is that you will provide other traders your income instead. As do 80% of newbies.

Hi,

I did not think at all that it is easy and that everyone who practices FX will become millionaires, what I wanted to say is that I am new in this area, and that for two years I have been learning and trying various technical strategies, with which I manage to earn modest funds for now. Of course I have a lot of unknowns and my knowledge is not systematic in these areas and I joined the babypips forum on a recommendation. To learn more.

1 Like

Great response. I suggest your first aim could be to find and develop a profitable strategy and process that you stick to for every trade. Many new traders either don’t have one, or if they do, don’t follow it.

It took me two years to stop experimenting with various strategies and stick with the one that does provide profit consistently. Having said that, it doesn’t stop you from developing two or more profitable strategies for different market conditions.

Best of luck.

1 Like

Thanks for the suggestions and support @steve369. I also try to pick some strategies that give me better results, but still I think the most important thing is to stick to the trend, using trend indicators.
Sometimes, I just don’t see some obvious indicators of a trend change and enter problematic trades. Or I simply close a good trade thinking there is a trend change.
But for this I think that more experience and knowledge than mine is needed. :slight_smile:

I am a trend trader. My aim is to find a support and resistance zone or a supply and demand area best on the daily chart.

Then set my T/P before these areas where losing traders close their trades or get stopped out.

Simple. Of course the S/L is placed to prevent a small retracement triggering on route to the target.

Use pivot tables to help you identify the above S&R areas.

1 Like

Hi Nicolas! Glad to see you on the forum page. I hope your trading journey has been well so far.

1 Like

Yeah, somehow busy, but always good when reading and learning forex on babypips :wink:

Welcome to the community, Nicolas. How has your trading been so far?

1 Like

Hi, thanks for warm welcome. So far I’m on green side, slowly but profitable. Still struggling with T/P, closing my trades too early. Hope to learn different approaches or better say to catch some ideas to help me not to miss/lose obvious profits

Good to hear. Do you plan to open a trading journal here so that others can help review your trades?