Hi all,
My name is Kevin
20 years old.
Just started with Forex, didn’t have that much succes at the moment.
Started with $270
I’m having $180 left.
Learned a lot but made some mistakes. I bought a dutch Forex book in the bookstore.
My last trade I made on the news on EUR/USD and I’ve made a profit.
Having problems with making decisions, (bullish or bearish)
Even if i try to make a Technical Analyse.
Are there any tips ?
my loss/reward ratio is 1:4
Hi Kevin,
Welcome aboard. Don’t get discourage. All beginning and new traders have these issues. Actually, many make money, double or triple their investments and then lose it all in the blink of a eye. That’s what normally happens to most Traders.
Here is piece of advice. Get yourself an experienced Mentor or Trading Partner. Someone who knows how to trade and has been doing so successfully. Learn from them. [B]All millionaire athletes (who are professionals BTW) ALL have coaches![/B] Why should trading Forex be any different?
How to pull the trigger on a trade and when to pull the trigger takes knowledge, experience and a strong psychological foundation. Most Traders worry about entering into trades, while Professional think about how to exit from a trade.
The #1 thing that a Trader should always be in tuned to is, “[B][B]Protecting His/Her Trading Account[/B][/B]”. A amateur Trader thinks about what he/she will gain by entering into a trade, and Professional Traders think about what he/she will lose when entering to a trade.
Those are my personal tips for you. I hope that will be of benefit to you.
Have a magnificent day on PuRoPoSe!
Hi Kevin.
It might seem a strange thing to say, but losing early on might be the best thing that can happen in to any new trader.
It makes you more cautious, more likely to go back to basics to see what went wrong, more likely to study at the free school right here.
When many noobies have early success its easy to assume youve cracked the system and are invincible, then increase your account and trade size before luck turns and you blow the lot.
Don’t even consider a mentor or training courses. Complete the school, read the threads and trade micro lots while you find a trading style that suits you.
Good luck
You probably need to do a LOT more demo trading - and secondly I would suggest that you have been using way too much of your capital. if you still want to carry on with the live account - then make you trades much smaller. MUCH smaller, so that your losses will be much less. Of course so will your gains, but at this stage you are not basing your trades on anything? also if your leverage is higher than 50:1 then change it, while you are practicing, use low leverage - AND use less than 5% of your capital in trading at any time (more or less)
Just a few suggestions so you dont turn your $180 into $80 within the next few days.
of course the biggest suggestion of all - do the school of pipsychology while you trade demo