Hi,
Been paper trading for over 7 years had 2 real dips in the water with some small accounts which I blew. First one in a week, second one opened a year later lasted me a month, on my third ‘small’ account and have a small profit after 2 months.
Turning point? Maybe. We will have to see. I think I may be a little quicker at seeing some of the dumb mistakes I made before, now I’m discovering whole new stupid mistakes!
Managed to become a lot less emotional, much better at controlling my risk, even managed to see myself improve over the last two months.
Big news out today, so might stay low until I feel more comfortable trading the big swings.
Looking forward to making some new friends.:35:
Everyone makes stupid mistakes- what separates success from failure is learning from them and developing a plan of action to avoid making them again. That’s what your trading plan is for.
Welcome to Babypips. You’ll find a lot of great information and helpful people here.
And conventional wisdom in many systems is to stay out of the market during high volatility events or to trade them specifically (depending on your taste for risk, strategy, etc). So there’s nothing wrong with waiting for some calmer waters to reap a profit in.
Thanks StoneCold,
Looking at it as it went there didn’t seem to be as many whipsaws as I was expecting, looked like quite a strong move after NFP came out. Well Done to all those who placed long orders on fibre that I spoke to in the chatroom before the rally.
Ended up trading on US late shift for a little less choppiness
Waiting to see what the coming week has in store (only a few hours until Sydney opens).
I have found an incredible amount of information here and I’m really excited about doing the ‘school’ thing. Looks like fun.
Just trying to plan my education around real life experience atm… and a LOT of risk control this time…lol
The Babypips website is very well put together and newbie friendly. The school is a great learning tool.
The strongest movements tend to come out of rate decisions and the NFP most consistently. Others can have a drastic effect so it’s a good idea to check an economic calendar to see what’s on the horizon before putting in any trades. (I use Forex Economic Calendar @ DailyFX )
Risk management is the most important part of forex trading. Master that and you’ve mastered a significant part of the battle. Develop a concrete Risk Management Plan and stick to it. Yeah, you’ll probably have to make changes as you grow as a trader; just don’t make them when you’re about to place a trade lol.