Thank you so much @bearish! Really appreaciate it.
Yeah. Iād like to think Iām patient enough to really take the āslowly but surelyā road to forex trading. Haha. I hope you keep a positive mindset as well!
Thank you so much @bearish! Really appreaciate it.
Yeah. Iād like to think Iām patient enough to really take the āslowly but surelyā road to forex trading. Haha. I hope you keep a positive mindset as well!
@ria_rose
Since you are a beginner. let me show you something (if you have not already seen it)
this is just a very convenient example of HOW YOUR ACCOUNT CAN GET BLOWN OUT as a beginner
and how the market doesnāt care about your positive thinking.
Everything in forex is fine for the most part, UNTIL SOMETHING LIKE THIS HAPPENS
this is the EUR USD H4 (4 Hour Chart)
ignore the dotted lines
the RED LINE is at 1.2318
the YELLOW LINE is the current priceā¦ IT DOESNāT MATTER in this example
the GREEN LINE is at 1.2034
the BLUE LINE is at 1.1928
NOW HERE IS YOUR SCENARIOā¦
YOU ARE AT THE FIRST RED āVā
Youāve done your analysis and you figured
Price has risen up, itās not stopped
you are getting lower lows and lower highs after a range period
it then pops up again a little then ranges and down again
so. YOU THINKā¦ SELL
well CONSIDER THIS
from the BLUE LINE to the RED LINE THERE ARE ā¦390 PIPS
Nowā¦ if you got in at THE GREEN LINE at THE SECOND RED āVā
and you were selling
Youād now be broke or saying the F word as loud as you can many many times over hehe
THIS IS THE SCENARIO YOU NEED TO PREPARE FORā¦ ok
you should always assume that THIS COULD HAPPEN ANYTIME
And if you do this, you will never get caught off guard
do some research on EUR USD youāll see things like
āMany people got caught off guard this week with the EUR USDā etc etc
nowā¦ i wonder why that isā¦ huh
this is clearly and oversimplified example
but THE POINT WASā¦ Understand this can happen anytime (this is proof)
and PREPARE FOR IT
soā¦ HOMEWORK
go away and work out howā¦ if you were SELLING at the green line at the red V
HOW WOULD YOU MANAGE YOUR RISK ON THIS TRADE ?
or how would you have managed it
remember, AS ITS HAPPENING,ā¦ YOU DO NOT KNOW HOW FAR IT WILL GO UP
keep that in mind
Congratulations! How many weeks it took to complete?
Yeah of course, positive mindset is required on every business, included on forex business, if we believe hence will we get, keep forward to continue learning with practicing, forex business still become my way to making money online till now
Okay. Wow. Iām being put to the test right away. Iām still trying to get this so please bear with me.
First of all, if I were to see this chart, I would immediately notice the Double Top so Iād expect a trend reversal there-- putting my entry right below the neckline and my stop just just above it (in case my eyes deceive me and itās not really a double top). My target profit would be about the same height as the formation so I think Iād win some pips there. Iād close the position.
Then, I might open another position and SELL at 1.2304 because of the big bearish candle. But, Iād put my stop 50 pips away from my position because I donāt think I could afford to lose more than that lol. If thereās anything BabyPips has told me, itās to make sure that I decide where to place my stops even before I calculate my position size.
Again, if Iām wrong and if Iād drown in debt after my decisions for this theoretical trade (Iām hoping I wonāt lol), then, Iād just be more determined to learn more about what I should have done.
Thank you so much, @Peter_Siddle!
I think it took me about 4 weeks to finish everything. But thatās also because I love rereading parts over and over again.
How about you? How long did it take you to finish the school?
@bearish, thank you so much for the inspiring words! I really hope youāre right. I hope I get to the point where I actually make money from forex. Huhu.
Thank you very much for your replay! For me, I was around 2 months!
I see! So which one was your favorite course?
Sounds Good ria, it would be great if you go through the school minimum 2-3 times. Itās really better to acquire pin point knowledge from here that is generally not possible to finish just by means of 1 time. Good luck
Sure @PeterBorren! Iām actually going through the school again. In fact, I have certain lessons I bookmarked since I canāt remember all the information there. Huhu.
Thank you so much for the tips!
Definitely, BabyPips School! Although I used few paid courses in my early stage of trading.
Haha! Me too! (Actually I was lucky that my uncle recommended this site to me very early on.)
Interesting. How did those go? Iām thinking whether it would be worth it to enroll in those paid courses.
They are (paid courses) very active on the online marketing! But, I am not happy on their services at all! BabyPips School is much better!
Oh okay! For now, I would probably continue rereading things I do not understand. And maybe I could just look some of them up on Youtube! Haha.
Thanks Peter!
Congrats, but never forget the rule that trading is a dynamic profession and any financial market is subject to frequent changes.So please have the mind set to acquire new knowledge and skills and adapt yourself with the changes in market. Do practice more and more with demo trading accounts, believe me it will definitely help you!
As a beginner you did very well. Appreciate your learning attitude. Of course you will bring good result in Forex with rich knowledge. Good luck
Thanks Nathaniel and Peter! I will keep your words in mind. I really do plan to continue studying and gaining new knowledge before I go live. I hope to talk to you guys more often here!
Yes, YouTube is a good source! You are always welcome mate!
Only gaining knowledge could not help you to be a knowledgeable trader. besides acquiring knowledge always try to busy in practice account , otherwise you approach can be valueless. Last request donāt trade at random in practice.
Hi Peter! I really do appreciate your tips! I plan to practice and practice and gain knowledge through experience.
Hope you could clarify this for me. Thank you so much!