Looking for advice

Martyn do you really mind if I ask how much time do you give to yourself on charts apart making trades. Its just a general question I am putting to you as I always feel that we should learn from the others way of doing things too rather than sharing ours! :innocent:

Hi John,
Not at all.
I’m up at 7am with a cuppa looking at what is happening from the Sydney trading and then look at the 3-4 currencies I am starting to get the feel of. USD/JPY, USD/NZD, GBP/EUR and USD/CHF. I spend 30 mins or so looking at the info from babypips Marketmilk overviews ,. by 8amish ive decided what looks and feels good based on my research and I make the two trades I’m going with. I try to then leave it well alone as those initial panic moments appear when the trade goes neg as they all do initially…or they do from my experience. I come back to it 2-3 hours later to see where we are at, sometimes they have already closed and I have a re look at what might be possible before New York opens.
All in all on a daily basis a couple of hours max. Hope that helps?

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Well, I have pieces of advice for the beginners but I think, this advice already told but I want to bold them for twice.

  • Always Use a Trading Plan

  • Treat Trading Like a Business

  • Use Technology to Your Advantage

  • Protect Your Trading Capital

  • Become a Student of the Markets

  • Risk Only What You Can Afford to Lose

  • Always Use a Stop Loss

Pretty good Trooper! I wish you a good luck for your trading.

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trading plan is important but i have seen most of the time our trading plan works to fail due to lack of perfect money management. so we should work on this with good effort.

Now that you have already entered a complicated position, it is advised in future to always follow a few thing such as:

Using stop loss.
Always having a risk reward ratio.
Planning entry and exit levels beforehand.

Whatever timeframe u trade.
1.get a bigger timeframe
2.use rsi indicator
3.spot a overbuy/oversell signal according to ur case
4.stop out all at once or mutilple time

Theory behind.mistake has made.but atleast you stop out at a relatively less-destructive point