Good day everyone,
I am Peter, 27 years old, living in Central Europe.
For past few years I have been closely following Forex, mainly thanks to my father who started in 2014, and to this day, burnt through some 10k € solely by trying to keep his account alive, and safe from margin call. I tried several times to get him start from the scratch, but recently he told me that he just can’t accept that he lost, and even recent Flash Crash on JPY pairs, that showed him how bad his currently opened trades are, did not convince him to just close the account and start again, with better approach.
Safe to say, I gave up.
Recently, I also decided to have a try on Forex markets. I will be honest - I have pretty close to 0 hands-on experience with Forex. I know what are pairs, what is buy/sell, S/R zones, SL/TP, I know all that - in theory. But I am set to tap this huge trillion $ market, and I already have a plan for that.
- Entry capital - 500 €
- SL / TP on EACH trade
- 2% capital risk on EACH trade
- micro-lots to 2000 €, mini-lots to 8000 € (let’s see if I ever make it so far )
If something seems weird, you are right - I am not even going to try DEMO, I am straight out going to LIVE, and those 500 € is capital I am ready to sink into Forex for learning, and I will not miss it.
My reasoning is simple - I think DEMO is great for learning, but I saw it first-hand that trading LIVE after several months, or even a few years on DEMO, can be quite damaging, and I have a reasons to believe that learning on LIVE with spare money will be far better approach.
My approach to Forex will be simple - have it as a side gig, where I can slowly grow some money, to afford things I am not able to afford with my current job in IT field.
For now, I will go through the school and this community forums, I need to determine best indicators for my learning, and how to work with them and set them up.
Happy trading everybody !