Basically i’m pretty new to the whole trading thing and would like to share how I trade. Any feedback would be awesome!
I only trade 4hr and beyond charts, anything lower than that and i find more losses. I'm much more of a swing trader than anything. I hold trades for multiple days until i hit points of resistance etc. I only place limit orders!!! unless i'm positive a trade is going my way. Recently i started using stop/limit orders for all my trades. I set a loss at 40 pips, and a win at 100. That way I only need to win one out of three trades to go positive. I'm really trying to only place the best three trades I can find a week. Hence the stop/limit orders i place. I'm working on disciplining myself to make less trades. I figured out the hard way that waiting is part of the game. This may sound dumb but I actually like making mistakes this early in the game. People forget that the best way to learn is by making mistakes haha. For now i only trade 5K lots, I only do live trading. Demo doesn't work for me, no emotion involved, completely different game.
That’s about it i think, any questions let me know, thanks guys!
I think newbie also experience it. I also experience it when i started trading in forex. But, from that experience, we can use for learning and make our trading skills be better.Loss is risk in forex trading, we must understand it and minimize the risk.
Looks like you’ve got your basic rules pretty covered. I especially like the part about limiting the number of your trades so you’ll only take the best setups. You’ll probably miss some opportunities but you’ll learn how to NOT take every setup you see.
Good luck on the rest of your trades and looking forward to hearing more about your progress!
As a newbie I think you should go with Demo trading for at least one year and learn about basic things of Forex. Forex is a pretty good business and you can trade successfully if you will have good skills. So keep learning and good luck your next trading period.
Yes ali You are right. Knowledge and skills about Forex are very necessary for trading forex. Forex is a good way of money making and we can earn good money if we have great level of knowledge.
You trade 5K lots? I am sure that is a typo and that you are not even close to that volume. Besides that I can only say do what works for you and don’t worry about how others view your trading approach.
