Good day seniors in the market, I just finished the school of Pipsology, I have been demo trading for 4 months also, but yet to break even trading mini lot, I just had to increase to 1 standard lot yesterday to catch some super pips during the USD Non-farm… To add some profits to my account, apart from that I have destroyed 5 demo accounts, still not confident to go live yet, I feel I need a currency meter, do you all use a currency meter. I feel without one, a trader is entering the market blindly. I like to hear from you all. Thanks.
1 Like
Sounds to me like you need to go back to basic and learn risk management. Seriously blowing 5 accounts is just unacceptable and you increased from mini lots to standard lot when not at break even and trading during one of the riskiest times (non farm payroll).
I guess we have all tried this type of trading when we are new. Trading big news items in order to try and catch a big move to make big money. Some do it successfully and others fail. I never like to trade these news items as the whipsaw prior to the release will kill your account.
With regards to going live I would advise that you don’t at this stage as you need to develop some level of confidence and consistency in your trading. Having said that if they have only been demo accounts that you have blown up that tells me that because it is not real money you are cavalier in your approach to trading. I can assure you once you go to trading live where it is your own money on the line, your attitude may change.
Concentrate on what type of trader you want to be. Once you know what kind of trader you want to be then look to study everything about your chosen style and if necessary ask here on the forum for advice.
There are a lot on this site who will disagree but I believe a good mentor is essential to reaching your trading goals.
Good luck
Blackduck
3 Likes
How does one search for a mentor? Asking for a friend…
1 Like
These days how does one do anything. The internet. Dr. Google and yes phone a fiend.
Once you have decided on what kind of trader you want to be research mentors that specialise in your desired way of trading and then seek their help.
Cheers
Blackduck
1 Like
Do the babypips course again. It seems you have missed a few sections.
I don’t use currency meter but there is this thread which may be similar or even better;
1 Like
Thank you very much for your advice, how do you know where the move is in the market, how many pairs do you trade? (I tried to pair the majors to form a 28 pairs Watchlist), USDCHN, USDSGD, Gold, Bitcoin and Gas making a 33 pairs Watchlist
If you are new stay well away from these as they are very big markets that if you are on the wrong side of the trade you will lose a lot of money.
Twenty eight pairs on your watch list is far too many. I am an experienced trader and at the most I watch 8 to 10 instruments at any one time and even then I have only a few 5-6 that I trade.
good luck
Blackduck
There might be something in between that you may have missed out something important.
Either way, you can try demo trading again and find out the way how to reduce the lost by potentially checking on the strategy and putting on risk management
1 Like
Am not saying I trade all of them…but those are the pairs I pick trades from, I have noted your inputs. Thank you so much, we will continue learning, I started 4 months ago and I know I have a long way to go.
Keep up the good work.
Cheers
Blackduck
Your strategy dictates how many pairs you should be looking at. If you are a swing trader and you set pending orders then you can be looking at many pairs if you are a scalpers then you’ll only be looking at a few.
1 Like
Observe the live markets and previous history of a pair in the charts, and try to find out all the technical aspects you have learned so far. Observe how price behaves in the support and resistance area. How the price reverse from there, how the price break the levels.
1 Like