My Journey as a newbie trader

Trading Discussion Trade Journals
1

One of the enticing thing in the forex industry is the luxurious lifestyle many traders flaunt on the Internet, and this is what makes many feel it’s that easy to jump on and start cashing out.

After a long time of struggling in my previous field, I have come to realise how important it is to first have a clear decision on the path you want to take.

Then setting realistic goals, good strategies and plans for achieving the goals.

For me now, my new path is the forex market, and my goal is to become a very profitable trader at most in two years.

My strategy is getting adequate and proper knowledge, belong to a community of traders, and get a mentor.

My plan is, study daily, enrol for a mentorship program, stick to one currency pair, get a working trading strategy, practice with demo account, get better with $10 account, and then plan to scale.

Recently, I completed a beginners course on forex trading. And now I’m on the “school of pipsology.”

I already completed 7 lessons so far, hopefully, by November or December, I should complete my study here and proceed to practicing with demo account before enrolling for a mentorship program.

So, that’s it. I’ll be dropping my daily progress here.

Cheers to success.

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I remembered you already made a topic like this with similar content; any reason for this?

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Kindly read the topics again. They’re not similar.

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Looking forward to your progress.

I couldn’t help but highlight this statement you made:

My plan is, study daily, enrol for a mentorship program, stick to one currency pair, get a working trading strategy, practice with demo account, get better with $10 account, and then plan to scale.

If only it were that easy and linear.

Good luck.

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5

99% of those people flaunting those lifestyles have never made a penny out of trading forex. The industry is full of fraud and false advertising. Those that make money trading don’t need to flaunt it on youtube to get followers, they quietly make money and live whatever lifestyle they choose.

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You’re right.

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Yeah, it definitely won’t be that easy, but giving up isn’t included in the plan.:blush:

Thanks for your support.

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I never wanted a day to pass without covering at least a topic in forex.

When I decided to become a forex trader, it also occurred to me that the journey will be terribly difficult without a consistent income.

Then I embarked on a job hunt, and eventually I got one.

Yesterday I couldn’t fulfil my obligation of daily study :sleepy:, because I was sent to purchase some items needed in our facility.

I spent the entire day in the market.

I got back to the facility exhausted.

Due to this I missed class at the “school of pipsology” :grin:

Based on what I’ve learnt so far on this journey, below are few important points every beginner trader must know:

  1. Familiarise yourself with the trading sessions.

  2. Learn to distinguish between the major, minor, and exotic currency pairs.

  3. Don’t follow too many mentors.

  4. Understand and master trading psychology.

  5. Understand and master money management.

  6. Don’t use risk/reward ratio of less than 1:2.

  7. Don’t dwell too long on demo accounts.

  8. Focus on your loss than profit. Know this and know peace.:relieved:

  9. The patient dog will definitely eat the fastest bone. :grin: …always wait for your setup, even if it takes a whole week to show up.

  10. Just like the previous, always wait for confirmation, to avoid jumping on a fake breakout or retracement.

  11. Don’t expect to become a guru in this within the shortest period, think long term and mastery and trust the process.

  12. Have a solid and positive mindset and shoot for the stars :star2:.

  13. Never look at others, trader A may learn faster than you doesn’t mean you’ll never get there. And never let anyone break your determination💪 to how far you can go.

Let me stop with these.

Hope this helps someone just starting out like me.

And to the experts in the house, feel free to add to these.

I’ll try to attend class today, and I’ll drop my progress tomorrow.

Cheers to success.

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9

6, 7 and 12 will hurt you.

RR of 1:2 or more is not something that most successful traders do. I don’t even have a target ratio, I have a maximum drawdown that I’ll close it at, but my reward is wherever it ends up and experience tells me to get out. I’d say it’s more like 1:1 on average, but my win rate is really high.

Too short on demo account is almost everybody’s mistake. You think you can trade after the first few wins. You can’t.

Shooting for the stars means over leveraged which means blown account. Slow and steady wins the race.

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RR 1:2 is what many traders take as their least.

But don’t you think having 1:1 isn’t too healthy, because for you to be profitable with this, then your win percentage must be at least 60% to 70%

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I would love to follow your progression. I have just started this journey myself with utterly no experience and the work, study, and understanding seems insurmountable.

But,

Like yourself I refuse to give up and am determined to achieve my goal of using trading to achieve financial security.

Cheers mate :beers: I’m in the trenches with you.

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12

I have completed 10 lessons in the school of pipsology :blush:

And now I finally understand the calculations behind pip values of a currency and how to use it to determine profit/loss.

I’m super excited a that what used to be a mystery are now been demystified.

You can call me professor fx​:nerd_face::grin:

Cheers to success.

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13

Cool, finally got a journey mate :smiley:

You’re welcome to take the hits with me.

Are you in the school of pipsology?

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I am my friend! I’m two lessons deep into preschool so I’m taking my time to gain the necessary understanding and development of language, skills, and basic quick maths etc.

Looking forward to the progression :grin:

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15

I’m ten lessons gone.

Let’s keep the energy. :muscle:

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16

Completed 12 lessons in the school of pipsology.

Learnt about the two types of spread, how to calculate margin and the various orders in forex.

For the pro traders:

  1. Which of the spread do you prefer, the fixed or the variable spread? And why?

  2. Which order do you use, market order or limit order? And why?

Cheers to success. :trophy:

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18

I wish you both, @MatthaelFx and @RedEyeRishMan, a good dose of luck. Truth is trading is more daunting than it appears. It doesn’t mean you can’t understand it. Enjoy the journey, learn, take your time, profit.

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19

Better batten down the hatches.
imagen

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20

Fixed spreads would have been my very best but my brokers charges 7% commission per standard lot sizes which i felt too extreme; so the type of account you choose depends on what’s best for you.

I use the market execution order; some use limit order to target a given point/area or in situation they might be away from the chart.
For me i wont do that, i let the market do whatever it want to do and act accordingly, i don’t do trackings.

Warm Regards,
Ayọ.

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21

this one’s a very, very bad idea, and will damage your prospects :roll_eyes:

this one may be a bad idea, depending on your financial circumstances and educational motivations: we don’t know enough about you to tell :neutral_face:

that can be an easy way to overreach before you’re ready to reach at all … :neutral_face:

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