My names Col and I’ve only just started live trading this week with a fairly modest account. I have a very small bit of an understanding of the Forex market so at the moment I am only making trades with a better than 1:1 reward to risk ratio and keeping the risk to 1% of account value. I have been shown a couple of strategies which have been fairly hit and miss so I am trying to get beeter at picking up on the indicators to get a better win/loss ratio.
Anyway hi to everyone. I have already learnt a bit in the last couple of days from viewing the various blogs etc on this site and hopefully I can contribute back in the future.
On another line, can anyone tell me why the Aussie had a big dive today.
Got to tell you though, few days of understanding of market is not enough. If you started live, better keep the money and keep reading the stuff in babypips. you will learn a lot and after few months of demo trading, you look back. you will understand that you should not have opened live account so early. All the best for your trading.
Hey Col,
As Jackson told ya bro, better hold off trading and understand the market first. Or better still get into a basics class and know just enough to allow you trade.
Since you have some systems with you, follow them for now like a rule book, otherwise once you make one mistake then, it will be the beginning of a series of mistakes.
I am sorry I was not clearer. I have been looking into the Forex market since December last year and I have traded a demo account for the last 8 weeks without any real big wins or losses. So I then did a two day training course with a well known Forex training company that gave me a bit more understanding and a few strategies to use…
I have started trading a small Live account as the word is, that if you are not trading real money you trade differently as there is no real risk with the pretend account. I am still trading the demo account to try out strategies I am not sure about and have only used the Live account fro some minimal trades.
The reason I said I have only a little of bit of knowledge, is because that is what I believe. Search and see the mammoth amount of material and information that is out there. Baby Pips has I believe weeded a lot of the relevant info out and placed it into a framework to teach you from the basics to the more involved.
Hopefully I can get to a point where I make more wins then losses and have the account increasing. Hope the same for all you others out there.