hey guys I;ve been messing around with forex for about 2 months now. after reading about forex on the internet my eyes watered when i saw the amount of leverage you could use to trade. after fooling around with a practice account i deposited 1200bucks and just went to town, almost lost it all then came back to a little above where i started from lol. needless to say i got a little over excited. im 24 and a little reckless at times but i am working on it and have been able to curtail my more destructive behaviors in the past.
after this experience and some more education I’m finding less and less opportunity sticking out at my, in my nievitay i would jump into trades with confidence. however after learning some of the tools, there are less immediate indicators pointing to “buy” or “sell”.
i need to get a deeper understanding of the fundamentals of market moves…
also am i wrong or does it seem like the forex markets get amnesia everyday around 5pm EST. what happened the day previous seems to have little effect on the next day or few days. its all about the next injection of new news into the mix.
anyway i digress, i look forward to using this forum as i learn and understand the markets in a more fundamental way
see you all around
Good morning ericdevice. A very warm welcome to babypips. I am also new here. What I say may not be absolutly correct. But you have leaned the hardest but best way. Trading live and going down. I was advised here to do 300 trades and 6 months on trial account. If your system works over that time frame and shows good profit then go live. I have started pip school here and highly recomend it. Also read forums as there is a lot of great information there. Never trade more than 1% of total account balance… that way 10 loses in a row only wipes out 10% of account. May be hard but better than 100% and get toasted. Also be aware with forex you can owe more than your account ballance. Sorry if this may seem a little negative but I like to paint worse case senario Not butter it up. But forex can be very very rewarding once you are ready. 1 Good money management. 2 Knowelege which you can learn here. 3 Patience when trading… Far better to have one very profitable trade for month than 98 loosers and 2 winners. So as you said there may not be a lot of opertunity but look for 2 or 3 a month may be as a start. Again use demo account untill you have a steady profit comming in. Happy trading John.
THANK YOU I Appreciate your response, yeah that is a prudent way of starting off. i am reading baby pips and learning a lot about the different indicators. taking it easy for now but its tempting to take advantage of this trump impact which seems to flip flop constantly