Hi everyone, I’m Lindani from Johannesburg, I’ve been trying to learn forex for a while now but I have not mastered it as yet and I want to learn as much as I can so I can grow become successful in it. The journey has been tough and I hope this community will be beneficial. Looking forward it.
Welcome. It will take many years to ‘master’ FX, so your first aim should be to become a competent trader.
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First and foremost learn HOW NOT TO LOSE MONEY. Protect your capital at all times. Without money you cannot trade.
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Keep risk exposure low, e.g. max 1% a trade, and a 5% daily maximum. Keep to it every day. Do not overtrade, revenge trade, or gamble.
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Cut losing trades early, do not nurse them. Let winning trades run to a TP range - take 50 -70%, move your S/L to breakeven, and let the balance run to a higher T/P.
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Discipline and patience are essential. Do not expect fast returns, just slow and steady profitable gains.
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IMO, setting targets is a fast track to failure, let the profits take care of themselves. Once competent, you should increase your lot size while making profits, BUT take it one step at a time. NEVER RUSH.
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Keep a journal, analyse and rectify mistakes.
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Another link: tradertom.com.
Best of luck.
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