Half a year into my first trading experiences

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COVID-19 aside, lots has happened in just the span of half a year. I don’t yet feel comfortable sharing the kinds of losses I’ve made from when I started CFD trading just over a month ago, but feel confident and proud to say that I’m back where I started at BabyPips, so that either shows I’ve become another daytrading addict or someone who at least believes I have yet to find the consistency required to achieve profitable results with trading the market.

I’m based in Australia so I’ve started with a handful of favourite stocks that I watch on a daily basis. Among these are AUD/USD and GBP/AUD pairings. Was hoping to learn more from the community about different systems that work and why. Can’t say I know enough to have kept to a trusted system of my own, but I suppose that’s where I’m headed next after making this introduction.

Hope you’re all keeping well throughout the crazy year it’s been, and hoping to learn a thing or two from everyone here.

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Its Great to see how people still try and devote efforts on learning forex inspite of failures. Keep practicing ,success is certain.

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Wow @harper101, love the choice of words. I write for my day job and your phrasing has definitely encouraged me. Were there any of your own learning points you felt right to share with me? I am particularly interested in learning about trading systems and setups that beginners can use to practice and learn from

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Well Thanks. Everyday we learn new things in forex, similar is my situation. By the way babypips is a great forum to learn all about forex, make the most of it.

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I think it’s normal, first your trades you make for getting the experience.

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Thanks; I read this quote somewhere that seemed a bit informal but made complete sense: “Your losses early on are the tuition fees you pay to learn this for life” - something thereabouts. I am reading up on risk mitigation strategies and how traders use these to reduce the randomness of their trades. I feel like this would help not just for profitability but obviously to maintain the morale of a new trader. How is your journey coming along? Any resources you may be keen to share?

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Good one mate! That’s a positive way to look at early loss that could otherwise be disappointing.

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I would suppose the only way back from losses are to treat them as learning opportunities. I’ve had a couple of disappointing trades that have made me feel like it would be illogical to just say ‘okay I’ve tried my hand, time to delete this app and never trade again’. Thanks though, would be keen to read anything that you might have found useful in your learning too.

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From the first day of trading and to half a year, one can definitely learn a lot about trading and see the improvement when compared to the first day. It’s almost a year for me, and I believe I still keep coming across with new aspects of forex from time to time. So, I can say learning never ends, it just keeps you making better and better.

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It always needs courage to get up from your failures and start again. Making losses is also a part of trading which is hard to accept for some people. If you will fall, then only you will know where you went wrong. I am glad that after making losses you still want to move ahead. Keep on learning and exploring knowledge about Forex.

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I think you continue learning everyday as you trade. It is a non-stop process of studying and applying what you have studied.

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I’ve seen a lot of people talk about the London Breakout Strategy. There’s also the Cowabunga system that a lot of newbies start with after they finish babypips :slight_smile:

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Initially it’s okay to make losses I think. I believe that one can learn to make success through failures only. Keep motivating yourself by practicing & gaining more.