Hi there! It’s nice to be a part of a community of like-minded individuals. I am new to forex but I realized that this is what I want to pursue full-time as it is quite interesting to me. I have some prior knowledge of the forex market, but I will start from the beginning again and review everything I’ve learned previously as well as learning everything that I haven’t gotten to yet. I will use the MT5 platform on a demo account for a good amount of time to get used to the charts, and take trades as well as trying out strategies that work best for me. Once I feel ready to open a live account I’ll start with a small deposit of no more than $200 so that I can incorporate proper risk management. Wish me luck!
Welcome aboard. Your aim is to find a method that is consistently profitable, stick with it, and follow the same process for every trade.
However, as you wrote above, if you are chopping and changing strategies, you run the risk of not having one that works for you. Most successful traders only have one method that they stick to throughout.
As for going live, that’s a whole new ballgame as you will suffer emotional fear responses every time you open a trade. Get used to it. Being excited is a fast track to blowing your capital, therefore learn to be detached with a cool, calm, and collected mindset as though you are just an observer throughout.
Accept that once a trade is running there is little you can do except turn off your computer for an hour or so. Trade management is probably the toughest test you will find. Pro traders have learnt to close losing trades early, never add to losing positions, but add to winning positions instead. That takes constant emotional pain which they learn to accept as the norm.
With your anticipated $200 account, you have little leeway to trade successfully unless you get lucky. IMO, I would keep to 0.01-0.03 lot size, and try to give your S/L breathing space because most times retracements occur which could, and do, hit your position.
Part of my upward trend stragegy process is to aim to place a T/P at a place below where losing traders would be closing their trades, which could be at a resistance zone or a new high, or even a supply and demand area.
Then place the S/L appropriately below. IMO, I regard RRR as being obsolete, because it’s not a suck it and see what happens, it’s being clever enough to see where the action is likely to occur. Which is an edge.
I hope that helps.
Hello and welcome
Thank you very much for the advice, I’ll take it to heart!
Hi there, welcome to the forum! You seem to have got it sorted already! It is great to have such energy, focus on your end goal and avoid distractions or quick money making schemes. Wishing you luck and patience for your future in the Fx market! Cheers!
Hello and welcome aboard! I am also new to the forum but have been trading forex for a while now. It is good that you have some knowledge about the market and I am sure it will be useful. Demo account practice is a must for a beginner. I am wishing you all the success in your journey ahead. Keep up the spirit!
Hi and welcome. Just take your time and don’t sleep on using Trading View rather than demo. Far easier to analyse on. I’d just use a demo to place trades when you know what you actually want to place.