Yep, you have some homework! 
Trading is a marathon, not a sprint. If it was easy everyone would do it. If it was impossible, no on would. I think my accountant said 95% of traders that set up their business accounts with her, were out of business within a year. It’s not for the fainthearted or for the people that give up easily and it’s definitely not for anyone that is looking to get rich quick. You can get there, but definitely not quick. Write out your trade plan with entries and exits and mark it plan #1. On your trade log, put down all the entries and exits you make for that plan. If you change something, document it on a new sheet as Plan #2 and then keep track of your entries and exits. I would recommend going in about 100 entries on a plan. If you are not that patient, 20-30 should give you a pretty good idea if it’s going to be profitable or not. If you decide to make some alterations, start a new plan, but don’t get rid of your original. Keep it as reference so at some point down the line, you don’t make changes and end up with the original plan! (ask me how I know this is a bad idea) 
Anyway, good luck to you. Thomas Edison said, “Opportunity is missed by most people because it is dressed in overalls and looks like work.”
Some things to consider: Trends continue on the average, 60% of the time. Higher TF trends will always trump shorter TF trends. For beginners I recommend trading with the trend. I mean, unless you are very experienced, why wouldn’t you want at least a 60% correct starting point. FOMO is the biggest killer as I have experienced time and time again. Wait for a trade to come to you, don’t chase. You won’t be in as many trades, but your percentage will be much better.
Pure gold right there!
@hairyfx @Skeeva @MattyMoney @QuadPip @frandlost @matomic
Thank you all for taking time to help me!!
No problem! I find kindness severely lacking these days and looking how I can do some things to contribute. Make it a great weekend!
Beginning of trade:
End of trade:
I got stopped out. But at least I know why. I was trading the breakout of a rectangle (red). However, the price pattern changed into a triangle (blue), and that kind of breakout made my strategy unfitting.
How I could have fixed this? Well, I could have tried watching it more closely. But I wanted to try placing my order and letting my strategy run its course. Well, it did.
I’d like to address the emotional aspect. Sure, I was a little bummed, but no intense emotions like before. I’m way more relaxed this time. I don’t want to say “I lost.” I suppose a more accurate description of the trade is “I hit my stop.”
I could have watched the trade, saw the price movement changed, then just closed my position with a small loss. Then adjust my strategy from a rectangular breakout to a triangular breakout. The difference between the two is my entry.
But, I didn’t think of checking on it like that. I just wanted to see what would happen.
And it also doesn’t yet mean the strategy is not successful. I would have to try it out on more trades before I came to that conclusion; which I will.
Well, it’s great to hear you started from scratch again. This will definitely make your skills better. Wider spreads will bring more cost to you. Trade on pairs with tightest spreads and then see the results.
This interesting, im gonna try it out myself
Hey Dushimes, hows it going?
It’s going ok. Thanks. I actually set a reminder to post a conclusion on this thread.
size: 0.1 lot
SL: 40 pips
TP: 100 pips
TF: 1D
Risk/reward: 1:2.5
Trade results: Price hit my SL at 40 pips.
Beginning of trade:
End of trade:
Basically, what happened was price broke out, went down 33 pips (67 pips short of my TP) and reversed.
Lesson learned:
avoid wide spreads
stick to the majors
avoid trading correlated pairs (2x the profit = 2x the risk)
don’t worry about missing out on profits in the minors–focus on my niche
let me trades run their course according to my plan
Thanks, guys!!!
Hey Dushimes, wish you luck in the future! Keep track of your trades and practice with them in a demo until you are sure you have a strategy that makes money. I cannot stress enough how at least 100 trades in a demo with a strategy will give you a good idea it it’s going to work.
Take care!
Until you are 100% profitable on demo (I mean consistent), and don’t know what you are doing and know very well your “Strategy” risk-management rules and risk reward ratio stuff don’t put 1 single real dollar. Or simply don’t start.
I don’t know how to pharaphrase this, it’s just that, you’re better of trying something new. You will just try (but you can stop this now) a lot of ■■■■ on real and you lose your money and “learn” while you can do the same on demo.
Don’t start trading. Consider this. Even if you try, needs to be something powerful, a system that accurately predicts the price, and have a reasonable win ratio. And you know how much to risk. How much you lose or win. And is prooven by your observations.
You don’t have to be spontaneously. If you invest 100$, and you plan to risk 1$ on each trade, or 1$ on 3 trades at a time, you don’t just suddenly risk 2-3%, or 10% because you feel lucky. You’ll get wiped out. Learn this. Is 10x times easier to LOSE money than to ACTUALLY win. It’s like roullette. If you didn’t lose too much money and is not painful stop.
They are just unpredictable. What works now, the same trade exactly same setup, candle or whatever can SIMPLY NOT WORK. Out of nothingness. You’ll get “scammed” trading. You already said you lost right? Just stop.
What I want to add, is very good you start learning on D1 trading. Maybe you can try to find entries on H4. But again, is still D1 trading, but the ENTRY, the shot is on an H4 confirmation candlestick. You simply get rid of a lot of hassle. And don’t try to pick reversals EVER. Only go with the trend if you find setups.
Don’t ever buy courses or signals or whatever from anyone. Waste of money.
I just saved you from a lot of headache with everything above.
Also, don’t gamble on smaller timeframes. What is below H4 (and is rather used as an entry point criteria rather than an analysys), is just gambling. I know people who make money of H1, M15, M5 charts, perhaps they are, I don’t deny. You can watch Nick Schaws, but is just that, the signals are so CONTRADICTORY in the small timeframes, I find them worthless. If on D1 signals can be misleading on 1h or lower is x100 worse. Literally a “good setup” even on H1 (on 15 min not even say), can simply be took by wind, and turn into a loss.
100??!! OMG! I’m hoping that’s a joke.
But, I have a feeling it’s not. Oh boy.
I’m backtesting 2 strategies right now. I was hoping to start demo trading for a little while, jump to live trading and start making some money.
Perhaps, I’m getting ahead of myself here. I think I should just try not to rush things.
Yeah, go with the trend. I’ve been burned, already. Haha
Duly noted. Thanks!
Also, I’m not interested in buying signals. I want to learn, for myself, good entries, my own signals, etc.
If I get them from someone else, then I’m not learning anything.
Hey insane, I will offer a different look. “Gambling” is going in with a system that you haven’t vetted. You can gamble on any timeframe. I trade the 5m chart and do not gamble. I have friends that trade the 1 hour chart and do not gamble. Courses can be good if you know the correct courses to take. I think the lessons on the babypips site are very helpful and worth going through. I’ve spent probably 20k on Courses, lessons and signals and have found some that work and some that don’t. I considered it my education expenses. The ones that work, need to be vetted of course. As long as the signals come from a winning system and are not gambling, then they are fine. The true issue is, finding those signals.
Learning for yourself is the best way to do it. Signals can be helpful if they are the right ones, but what happens if they close doors or just go bad. Teach yourself to fish and you will eat your whole life.
100 is not a joke. However, if you “feel the need” to trade live. Trade micro lots. if you have a micro run against you for a 100 pips (which I hope that never happens) you are only out $10. But, I would not recommend any money in the market until you have a system that consistently is profitable.
Hi Skeeva,
The thing is, statistically talking, the exact same signal that worked for you on a H1/M15/M5 timeframe trade, the next time can be a loss out of nothingness. Simply lost trade. There is a certain combination of candles, of variables, and eqch one fails on smaller timeframes. They’re designed to fail. By their nature. What works now, the next trade you don’t know. The same exact candlestick formation, or candle, or anything. Ststistically speaking inevitably they’ll fail. Moreover, this is available for D1 and H4 also. But at everything below H4 at a much bigger scale. Not to mebtion about stop-loss. Very interesting information about the 20k investments in courses. I hope they help you. If forex is as big as it sounds, it worths it. Investment. This seems very interesting and would like an opinion from you.