I dont think that trading one pair only is a good advice and it can be very limiting.Sometimes a pair ranges for longer than we would expect and depending on the way the trader trades it can be very costly to do this, also some pairs have some period when it doesnt have much volatility. A trader should be able to trade every pair, he just has do adapt the positions sizes to that pair.
Why be stuck only on EUR/USD when there are good opportunities in other currencies?
Also this may lead to trading positions witch are not that good, especially trading longer term because good opportunities wont show up everyday
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I agree with not limiting yourself to one pair, but I recommend starting with one like stated above. Especially for the purpose of subconscious cue training. Once you have one pair mastered thereās nothing wrong with looking for other opps.
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Thank you! I am well into my demo account myself - almost a year. I keep asking myself if I will ever be ready to move into a funded account - scary step for sure. Your 5 points give me hope it will be possible and make money to if I keep it focused and simple. .
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This topic is extremely important, so thank you for posting. I am have been trading for 2 years now and have oscillated between profit and loss and I am still no in the green overall. The good news is I think I am getting there and I started getting to more consistent profit
- after working heavily on some impulsivity that took over me when trading in the past;
- focusing 98% of my time in money and risk management through a well kept trading journal. This leads you to control yoursefl, have better notion of what you are really doing/question every trade twice before going for it;
- Being 1000% disciplined regarding the rules (but also the process) that you define for yourself in your trading plan. This is crucial.
I also understand Donaldās comments about learning everything about one pair and only then move to others. It hasnāt been my method, but perhaps it would have been better. Anyhow, do not disperse too much, that is what I found that is crucial. I started going for all sorts of things, not only currencies but also metals, stocks, ETFs and even options! Not a good move, I found out quickly. Busted an account and a lot of self confidence. All this matters. But hey, I am still here and will be, hopefully, on this journey for a long time, being increasingly selective about the trades I effectively take and protecting my money.
Good luck to you, hope we can come back to this topic sometime in the future and see how it all went.
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From the job schedule, you can work as a part term trader. Yes, you will require some specific trading planning which can guide you to perform necessary activities within the limited time. And proper trading strategy selection is always required here so that any trader can monitor his way of working and fulfillment of trading goals.
That is true TP89, but if you are trading with a small account it is not possible to trade multiple pairs at the same time.
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Of course you can make it, just register with the pipschool here and you will be good to go. itās a great place to learn about the market.
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Where in your current schedule can you squeeze in 1-2 hours of screen time just for trading/learning/looking at charts? How often can you do that in a week?
I agree Donald. Most people donāt understand that liquidity in what you trade should be important. Highly liquid instruments move in a smoother manner. They donāt spike all over the place, and do crazy things. So, they have less risk to trade, which should be people who trade marketās number one concern. Instead, most beginning traders focus on how much money they think they can make. Well, guess what. If you can make more money because this instrument moves like a crazy thing out of control, you can also lose more money. Focusing on risk, and learning to trade a system where your rewards are greater than your risks is the only way to begin making money when trading directional trading systems. So, why not pick the most liquid currency pair, great idea.
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Also, I agree very much that most, even the top traders out there, only win 50 to 70 percent over time. Some only win 50 percent. That is easily enough. Because their risk is limited, and they make far more from their wins than they lose on their losses. Itās easy to talk about for folks, but not so easy to implement. Itās pretty logical though that, if one wants to make money they had better have a solid risk management system in place that limits their losses per trade, or they will inevitably break their account.
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brmicha, I agree totally!
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hey donald I work a 9am to 7pm job, and want to make forex a side jobā¦
now the problem I am having is how to enter a trade I wait minutes to hours so the price comes to me before entering d trade in this way I get late for my 9-7 job
is there any other way to enter a trade
000zamani, you will want to set buy limits, sell limits at key points of support and resistance. Set and forget.
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This has been the key for me. I am a 9-5r and as a swing/longer term trader this has made all the difference.
Good Luck,
KC
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well there are some brokers out there that offer crypto trading thats open 24/7. just have qa look through all of them and youll find some, you could also just look through past charts and see where your strategy would of fit in with previous dats on the forex charts
You could try crypto trading at weekends?
Forex is best option for people who are doing job , forex can be a part time earning activity for them. Here one thing is important what is your profit target as well as your capital. If a trader manages between these two things he will be a profitable trader even spending some hours in trading. FIrst you should learn all about trading themn make your small achieveable targets to become successful inforexmarket with your trading skill.
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Hi all, I am very glad to see this interesting and informative discussion. thanks all.
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Brilliantā¦
Iāve been there done that. Never wanted to lose but at a time I blew up my account and I decided to Learn wellā¦
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You can become a successful trader with your 9-7 job. You just need to be very dedicated to trade in the market. You also need a proper time management and a good trading strategy to make profit from this market.
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