Hello and questions from a newbie

Community Introduce Yourself
#1

Hello All,

My name is Travis.

I’ve been reading the FXschool for quite some time and opened a practice account with FXCM. I’ve had some success with the practice account, but overall I find myself with less “money” than that with which I started.

I’ve come to realize that I need to find and implement a solid strategy if I am going to switch to real money.
The internet is rich with resources and strategy ideas but I want to ask you all what resources (other than babypips) you use to help your learning process.

I find that every time I read a new strategy I am lost in a sea of confusion. I understand what I’m reading, but when it comes time to implement a new idea for myself I turn to the charts and it’s as if everything goes out the window. I draw blanks consistently because unlike in strategy examples, the future is an open slate.

I feel like I need some help getting past the hump and finding the confidence to see a pattern and correctly identify it.

Does anyone have any tips or useful information for me to better find my own path?

Thanks, and I look forward to hearing from you all!

#2

I would suggest looking at the 3 ducks system on here if you’re after a strategy. Its solid and reliable, not spectacular or risky, do won’t suit get rich quick types

#3

Hi Travis,

Perhaps your strategies aren’t the issue.

Studies conducted by the DailyFX research team into the Traits of Successful Traders determined that money management including effective use of leverage, choice of currency pair and time of day to trade can all impact the likelihood of success.

#4

I suggest sticking with trading demo account for sometime, make small goals and try to achieve them. Make a daily habit of reading news from news sites and experts opinions/outcome on such news. I guess you should also focus on building right approach on managing your capital and risks. Sooner you will get familiar with the trading business and will start earning money.

#5

This post was flagged by the community and is temporarily hidden.

#6

I actually don’t care a lot about the strategy with regards to entries and exits. There are many ways to manage a bad trade (as those are the ones that you need to manage). In my opinion it is more important to know how you can get the most out of it in terms of risk management.

My point is, don’t get thrown out of a trade by over-analyzing the strategy. That is more the primal fear of losing. Get confident with losses and how you deal with them. Much more important as the fear for losses keeps you out of profitable trades (no matter the strategy).

So, I suggest to start trading, even if it is with 0.01 lots.

#7

Thank you all for your help.

Since posting I looked into risk management and loss mitigation and have pulled my demo account a few hundred dollars back into profitability.

I’ve been trading USD/JPY and using a minimum 1:2 risk/reward ratio. On top of that, I happened to catch a nice wedge formation, waited for confirmation and caught a 100 pip ride! I guess I really just need to keep practicing.

Thanks again, everybody!