Hello new Forex Trader from buy and hold

Good morning/afternoon/evening, just like everyone else in this thread I’m a new FX trader. I currently going through the Babypips course (in kindergarten) and also reading through the Andrew Aziz book for day trading.

I’ve been paper trading a bit and just started dipping my toes in the water with real money. while I haven’t “blown up” my account I also haven’t earned much, pretty much a flat line as far as P/L goes lol.

Here’s to a fruitful FX trading “career”.

Welcooooome. :blush: I think you’re pretty much on the right track. :blush: No need to rush and learn as much as you could before actually investing more money in your trades. :smiley: Are you following a particular strategy right now?

That means you’re making excellent progress towards being consistently successful. And you’ve learnt that money makes money. The more you have to start with, the more you could make at that level.

E.G. a $100,000 account risking 1% is $1,000. Just a little over the flat line into $1,000 profit territory pays for a week’s bills. The moral is to seek out opportunities to trade large live accounts. Not a recommendation but take a look at citytradersimperium.com

right now im primarily trading the AUD/USD in the early morning and late evening. for some reason USD/CAD is my white whale, every time I do anything with it it goes exactly the opposite direction…

As far as strategy goes, I’m still trying to figure out what that means lol. I try to stick to a 10-15 pip range and set trailing stops at 2 pips if watching closely and 6-10 pips if I cant watch it closely (though this isnt working out too well…)

I need to figure out how to judge bottoms and tops better and where to put my profit and stop targets cause right now I’m all over the place trying to figure out a strategy.

Thanks for the response! I understand the risk side of things, but how do you translate that to a strategy for transactions? if I have $1000 I can risk as 1% of my account does that mean i should make 10 trades with $100 of risk for each one, ie in a standard lot a 10 pip spread or 10 pip stop?

A 1% risk on a $1000 capital is $10. Just work out where to place your S/L to see if it has enough breathing space to survive small adverse price movements. On MT4/5 you can manually move the S/L up and down the chart.

And no way trade a standard lot size with just $1,000 capital, ideally maximum should be 0.1. which means you don’t gamble, but you don’t make much money either.

As an aside, I don’t trade pips, I trade money…

Whoops you’re right, got my math wrong… thanks for the advice!