Good work so far. Keep the strategy until 100 trades.
At that point, what can you do next? Big mistakes would be -
reducing time-frame to increase trades per week
increasing initial position size to increase capital gains per week
over-focusing on losing trades, leading to narrower stop-loss distances, premature exits, looser entry criteria etc.
Worth researching and trialling -
pyramiding winners
taking partial profits from winners and letting the remainder run
moving stop-loss on winners to break-even - possibly then converting the stop-loss order to a trailing stop-loss order (I find this is counter-productive)
trialling exit tactics to get you out of a winning long after an up move with higher profits, not after a down move which damages profits
thank you still trailing the strategy - so far out 50
W-26
L- 16
B. Even - 8
iāve made notes along the way of previous and next candle types and iāve found a green doji is usually before a loss / break even. Also the higher the HH and lower the LL of the previous candle effects the size of the next candle also.
no Technicals onscreen as it stands just following what you said and looking the results and why. once i reach 100, ill try again but place notes into play to see if that effects the w/l ratio. Thanks again it has been really helpful
Agreed! I also believe that even if a new trader is opting for a trading course still he/she should prefer self-learning because information from one course or any source isnāt enough. Until or unless a trader is curious his/her knowledge will be limited and restrict the growth of the trader.
The success in forex depends on the determination and the consistency of the trader. If the trader has the patience to learn all the concepts and gain good trading skills he does not really need a mentor.
No forex school or institution guarantees that you will become a successful trader after you finish your forex education. Instead, it all depends on your hard work and effort. If you genuinely want to be a forex trader, then you will do everything within your power to become one. Of course, courses and guidance help. But in the end, your success is in your hands.
There are many traders I know who are making good profits without taking any trading courses. Success or profits in forex trading depends on the trading skills of a trader. The trading skills are developed by experience. Traders can do self-study and make themselves capable of making profitable trades.
One of the most difficult parts in the journey of forex trading is, to get a good mentor though you will get thousands of mentors out there you need the right one, who can guide you and make you understand all the techniques.
You donāt need to have a degree or graduate from a forex school to become a trader. All you require is consistency and passion to learn. Start with trading. Learn from free resources and practise on a demo account. Keep doing this for a year and see the change.
It is important to understand the importance of education in forex trading. With the increasing popularity the number of sources of information has also increased. Traders can use videos, online available trading books or blogs, and also opt for trading courses.
To become a trader, you donāt need a mentor or a good degree. All you need is perseverance and a desire to learn. Begin by trading. Use free resources such as baby pips to learn and explore top tradersā strategies.
Yes, you can totally ace the forex market even without a mentor. However, it is very important to educate and inform about the sea of concepts, glossary and financial tools in order to make trading decisions smoothly. Nowadays, there are infinite reliable sources available across various platforms that can be referred to such as podcasts, youtube videos, articles and blogs and forex forums like investopedia and reddit etc.
Why not?
I canāt understand how do trading and high school are connected with each other. Analytical thinking? Perhaps. However, I faced bunch of traders who didnāt go to high school and knew more than me who did. If you didnāt attend even primary school, then of course you wonāt be able to understand the regularities in trading, because your cognitive abilities are weak obviously.
BUT, there are exceptions of course and we shouldnāt be so categorical. Everything depends on what do you want receive from trading, money, fame, experience? Set the right goal and the success will certainly be reached.
I can understand where this question is coming from. But just think about it for a while - you learned to walk because you were taught how to walk. You know how to interpret things in any given moment because you learned, and it is a net result of that. You cannot escape the learning part. You have to learn how to trade in order to trade forex. Learning is the key. A mentor may or may not be necessary (people who teach forex these days are mostly fake), but self-education is definitely necessary for trading.
You do not need anyone. You are your own guide. Your failure and success will be your teachers along the way. It is not necessary to be mentored by someone. You need to do the hard work, though.
You donāt need a college degree or a mentor to become profitable in forex. You can gain knowledge and develop your skills just by using the free resources. The babypips platform itself is very educational and a beginner can learn a lot of things from here. So just make use of this opportunity and prepare well. Good luck for your trading journey ahead!
Itās not a problem. Not all forex traders have a mentor they can turn to for advice. One of them is me. I got my education by reading books and participating in forums like babypips. I set up my demo accounts after learning all the fundamentals of forex trading.