It sounds like you’re exploring different trading strategies and time frames, which is a great way to find what works best for you. Breakout strategies involve identifying key levels where prices break through and can be quite effective in capturing significant price movements. 
1 Like
Thanks for your advice, I will gain more knowledge then practice on demo. If have any questions I will ask here.
1 Like
Thanks for your advice, I will gain more knowledge, then practice on demo. If have any questions I will ask here. Thanks for your detailed explanation.
1 Like
Yes I’m still trying out different methods like scalping and different time frames. Always breakout or change in direction really annoys me because I keep losing profit on demo 
That’s the spirit 
. Best of luck on your endeavour.
1 Like
exploring various trading methods is a great way to leaning and what works best for you. Keep learning, you are on the right track!
2 Likes
I think you have chosen a very volatile and dangerous pair to trade such as XAUUSD. The price moves very sharply and by a large number of points, which does not give room for error, especially if you trade without stop losses. Try trading less volatile pairs such as EURUSD and test how your trading strategy will work on this pair before trading highly volatile pairs. And try to set stop losses on your trades, thus limiting your losses. Moreover, for the EURUSD currency pair (my broker fxopen 0.00-0.003) stop losses can be quite small due to its much lower volatility. For an intraday trader, it is beneficial to trade pairs with a tight spread.
1 Like
Well after trading for many years and burnt many accounts I do understand.The Forex is manipulated by the smart money,they love taking out small traders like us creates action they know where are buyers and sellers,remember all indicators lag the only true thing is price.Draw some simple support and resistance lines starting say from a 4 hour chart down to a 15 minute chart some will look diffrent adjust some.Break out trading is not easy,watch the news coming out important.Most markets trade sideways as building up momentum to breakout news of the currencies you are trading and especially the USA.Also if you are lucky enought to have a trade working well for you move your stop to say breakeven you might get stopped out but for no loss.I have friends happy with 10-20 pips a trade.Trading is a mind game just to make 20pips for the day is better than losing.Even now I have losing days so I walk away maybe not my day.Keep things simple and try just looking at price with no indicators at all,use a demo account to practise with see if studying price and checking the news etc pretty sure you will see patterns emerge when you can say to yourself oh yes this is manipulation do not jump the gun guessing which way the market will go wait,jump try for 10 -20 pips if you are correct you can always take another trade-Greed is the killer,how many traders get stopped out only to see goes their way they thought-Any how as others posted try simple pairs like the eur/usd not gold xau/usd have lost heaps trading that.Take care never give up and study price and volume.
Hello! Firstly I have to say I am also a beginner although I engage myself with trading with out time more than 5 years 
but was I learned is that if one trade with feelings like pain and with tears in the eyes this is a guarantee for not making the way to a continuously consistent trading. To change your setting about trading I recommend the book from Mark Douglas - Trading in the zone. Here you will find answers.
Happy trading, Bernhard
Dear JohnQ07, Darthmonk, Fin_Trader,
Thank you so much for the insight. I will look for the book now… 
Wish you all in good health and wealth 
Dear Princess014,
Someone wise once said: “Trading is the hardest way to make easy money”.
High leverage is not recommended for newbie. From what I heard, its better to start with low leverage maybe 1:200 or at most 1:400. Perhaps any other fellow who are more experienced can explain about this further.
My advice:
-
Start with your own money. DO NOT use or borrow from anybody including your parents.
if, you have no money to trade again. Work and save again until you have your own money to trade. -
Use demo account until you can profit consistently. If you lose on demo, most likely you will lose as well in real account.
I am not paying my bills from trading. Even loss though - a lot. Still struggling, even almost few times wants to quit in tears.
You can not expect to pay your bills from trading as a newbie. I heard, took months or years to really be able to consistently profit from trading.
Like ProfesorPips said, “I think you should start from the BP school when you gain general knowledge” is true. With other fellows encouragement, I am now educating myself especially in trading psychology and hopefully to comeback stronger.
I am sorry for this hard cold truth. But, before you use your real money, you need to hear this and expect the worst. You money should not be the money for paying any bills or any other important mortgage because it can gone in a blink!
Last but not least. I wish you all the best. Hope you may find your “edge” soon.
2 Likes
I endorse this piece of advise. Trading gives us an easy way to make money but can take all that money from us just as easily. She has to go through the process of development to a consistently profitable trader on demo before opening a live account, and that takes time.
@Princess014, while you acquire education on forex trading you can try other means of making money. Here is a link you may find useful. Do visit it for more information:
Hope it helps.
1 Like
Hi, my 3 pesos,
trading without knowledge and experience is really bad idea, you will not earn and loose funds.
Trading cash which you can’t loose will break your trading plan
time pressure is another problem which you handle with ( I know it from personal experience)
High leverage is the smallest problem, because you can’t use it in 100%
There is a solution which can partially resolve your problem with your live region, but now you should focus on gain knowledge. Regards Greg
1 Like
Thanks for everybody’s advice, I will use demo and after make good profit then I use real money. Right now, I’m only using demo. I will try to find other ways to pay bills every month before I can consistently trading in real money. It’s a hard journey…
2 Likes
You’ve made a wise choice by starting with a demo account. We’ve all been there before, and it’s a great way to build skills and confidence. Keep at it, and you’ll get there!
1 Like
@Love88 One thing about trading the breakout is that it could easily be a fake out.
If I must trade the breakout, I must study the market first, read economic news ahead and look out for strong buying or selling candlestick patterns to confirm the breakout before entering in with the help of indicator.
Try to also widen your stop loss based on what the market is showing and not based on how much you think you can lose by going for smaller lot size.
Tight SL could easily be hit in volatile market. If I can widen my SL to100pips using smaller lot size and within my risk management rules, I think it’s far better than having a tight SL with a standard or mini lot which could cause my SL to be hit.
Instead of the breakout I prefer trading the bounce though.
Finally please make sure you are sure of what you are doing and when in doubt don’t click buy or sell.
I’m a new trader myself.
1 Like
Keep pushing forward, stay patient, and you’ll eventually reach your goals. Don’t hesitate to reach out if you need any help along the way.
1 Like
just quit ,because you are still too for away from making it ,its better to quit now ,or you could waste a lot of money and time ,and still don’t make it ,probably 99% it will happen.
This is my life, I don’t listen anybody who insult on me. I don’t care.
Don’t talk to me, get out of here!!