Hi guys,
I’m a 36 year old Australian male here in order to learn how to trade FOREX profitably. I have a work colleague who trades incredibly well (in fact it’s unbelievable) and has inspired me to learn this game. I’m heavily involved in fitness to the point where I won an Australian Men’s physique title in bodybuilding 3 years ago. I love fitness and all things financial, FOREX, equities, property, etc.
Hello Esoteric, welcome to the Babypips forum!
Thank you dianajs. I’m here to read, learn, apply, profit (hopefully).
Hey mate, fellow auzzie here.
How much do you know? What are your goals?
Hey richsomeday,
I know the most important factor I think, risk management ie 1% of capital risked per trade. I’ve traded a demo account for about 4-5 months now. Constantly weeding out all the silly things that happens at the start, risking to much capital, trading too much, trading too many instruments etc etc.
My goals eventually are as follows:
Where are you from richsomeday? I’m located in the eastern suburbs of Sydney.
Esoteric,
Sounds like you’ve started the journey the right way!
The only advice I can give is that try to start a live account even if it’s 1 cent a pip, just so you can get used to the emotions! 
You are making great points though! success in trading comes down to 3 main things in my opinion
I’m from Brisbane what strategy are you implementing so far?
At the moment I have no strategy and I’m happy to be honest and admit this so I can be steered in the right direction. I draw basic channel lines along with my identified support and resistance lines. I try and buy on the bounce up from the bottom of a channel and sell from a bounce back from the top of the channel. I’ve been reading short term moving averages crossing longer term averages are worth looking at?
It’s good to be honest! A bit of advice from someone that has done 100’s of hours on the charts, the only thing that works effectively is Price action.
MA’s can be okay, but you have to remember they are still laging behind the current price.
best thing you can do, in my opinion is learn candle stick analysis, PA analysis, use order setting!
Actually I recently have started order setting. Now when you say price action analysis, how’s one do that? Can you explain a little more from there and what your looking at identifying from that? Also do you use fundamental analysis at all?
Well in trading the price can either do two things, go up, or go down.
So the general idea i take to my trading is that a trend can never last forever.
So I look for the end of up trends, or the end of down trends and looking for the break outs to the opposite direction.
For example on the daily chart on the GBPJPY we are clearly in a downtrend, so i’m going to be looking for a break up wards.
Tomorrow morning when this candles end at 7am that’s where i will be moving my buy order, setting my Stop loss for the low of the candle, and the take profit on a 1:1 basis.
If that price action hit’s ill be expecting a further jump upwards, if it doesn’t i’ll res-position my order for when it does.
Welcome Esoteric! The first thing you should do if you haven’t already is go through the babypips school to get a rock-solid foundation in the Forex market and trading principles. Afterwards when you feel like you have your legs underneath you, surf some of the trading forums, read what more experienced traders are doing, interact, and join the conversations. I personally trade technical patterns like double-tops/bottoms, Head & Shoulders and candlestick patterns. There are a lot of other styles of analysis you will come across such as Elliot Wave theory, harmonic patterns, Fibonacci theory, etc. There is no single right way to trade and you will find successful traders in each one of those analysis disciplines that have put in the time and effort to master their trading style. You will eventually gravitate to whatever style fits you best and makes the most sense to you. I hope to see you around!
Hi Krugman, thanks for your help. I’ve started the training course babypips offers and I’m about half way through it at present.
If you want a nice primer in price action then I would suggest reading through my old thread Price Action That Matters. It is no longer active but the principles are the same and there are a lot of “how to” posts as well as live trades the thread members and I took as we discussed trading the price action method. There are also a number of other good price action threads on babypips that are also no longer active but are packed with good material and trade setups just so you can learn how it works.
Price action isn’t anything new and has been around for about 300 years. It was first traded in Asia on the rice markets in the 1700’s, and is a widely used trading method today.