Hi I have been trading for a month now, but I started on fx around 2 months ago.
I went live after trading on demo for two houra or so, lol bad idea I was more or less gambling and not making well informed decisions.
I came to baby pips and have been in baby pip school I’m in the 3rd grade of baby pip school and what they teach there is really good. I have made a really simple system based on the basics of candle stick formations, support resistance and fibonacci as well as fundamental analysis and market sentiment.
I have done some live trading but I have had the discipline of stopping and using demo, I want to obtain a solid 8 - 10% (of my capital) daily profit before I go live.
I was trading with half my capital on one currency but now I try and trade with one quarter of my capital per session. This means I have to trade more times during the one day or two day trading period (I want to be a day trader), however trading this way gives me a much larger safety well so that I am under less pressure and can handle minor market fluctuations without closing due to margin call.
It sounds like you’re using a strategy called Price Action trading- which is essentially using candlestick formations off of S/R levels at it’s most basic. There are several extensive threads on the subject matter on the forums here. You don’t need to reinvent the wheel. It’s way easier to learn an already established system and you have the additional benefit of being able to bounce things off of people that use the same system to figure out where you are going wrong.
You should definitely do much more reading on risk management and develop a solid trading plan before you put too much into a live account. Your profit goals are way too aggressive to be maintainable in the long-term.
Welcome to Babypips. You’re in the right place to learn!
Thanks for your advice and the welcome my current daily aims are as high as they are for the sake of building capital when capital is large enough I’ll reduce the goals, definitely I’ll keep trading on live the a minimum if I trade on live at all.
In school of pipsology 4th grade now there are quite a few useful things to learn.
I also did not know there was a name for the category of strategy I use, I’ll read up it and read the threads you spoke of.
Thanks again.
The school is a fantastic learning resource.
Well, my point about your building capital plan is that it’s not going to work out that way for you. If you can do those kinds of numbers in building capital then why would you stop doing it in the long-term? Forex doesn’t work out as aggressively as that because there are just too many variable factors. Slow, steady, consistent gains are the keys to long-term success in trading.
And you’re welcome!
I do find it to be quite difficult to meet even with inncredible trading days so I’ll reevaluate it thanks.