Hello everyone
I am Eric living in London
I don’t have any background in trading. I am interested in Forex Trading.
I have been through all the Forex Trading lessons here on BabyPips, I would like to start practice, Moving from the lesson to the practice is not that easy because I tend to apply everything instead of choosing one strategy and go for it. I hope to be able to trade like a professional trader out BabyPips . com, for that if there is a sort of forum dedicated to the beginners willing to apply their first trading strategy, I am strongly interested,
Thank you in advance for welcoming me to the community
Eric
You’re in the right place Eric, pick a simple trading strategy, make sure the rules cover what to do in the only eventualities that matter - price rises (either as expected or more than expected), price falls (either as expected or more than expected). Open a demo account and trade it like its your life savings until you understand the best and worst points of the strategy and you’re hopefully consistently profitable.
You’re learning throughout about what makes a good strategy, more important than what makes this strategy good. You’ll also learn about risk management/capital preservation, best to do this with Monopoly money.
Hi @ericpasso! Welcome to babypips! I’m just a newbie and not an expert like @tommor and @Mordengaard. I’m trying out a system for now because I feel like going in and applying everything that I’ve learned all at once would be too difficult for someone starting out.
@ericpasso I agree with @Mordengaard. My mistake when I first started was merely following a system without understanding these basic concepts. Try price action first and don’t get too fascinated by indicators (also my mistake).
I like to break up my trade into little parcels. This way I can exit out of my position as it goes against me.
Really helps setting different risk reward levels in the one trade. It shouldn’t be a binary option (win or lose), you can really structure the trade to your advantage.
If your a newbi, start with a simple strategy: Multiple moving averages or RSI and build rules to create a formal strategy. A rules based approach to trading
In this situation I enter
If this occurs I exit
Never risk more then X%
When things are structured you can slowly tweak a strategy to see what works and what can be improved.
What I’m trying out right now is the 3 Ducks System. It’s a pretty straightforward system and what I’m doing is incorporating it with the price action concepts I’m learning and not just following the system blindly.
@CoinLady
I am still trading with a virtual account as I gave myself a minimum of 3 months of practice
I am applying today on GBP/AUD 1h chart, watching the action starting at 8 AM London Time Zone.
On the 4h chart, the 60 SMEs is above the trade action
On the 1h chart, 60 SMEs is above the trade action
On the 5 mins chart, the 60 SMEs is below the trade action
For this, I have decided not to take a position
I am also applying today on EUR/USD 1h chart, watching the action starting at 8 AM London Time Zone.
On the 4h chart, the 60 SMEs is below the trade action
On the 1h chart, 60 SMEs is below the trade action
On the 5 mins chart, the 60 SMEs is below the trade action
For this, I have decided to take a position
I will come back later to write down what happened as a result
I will also explain how I have positioned my Stop Lost, Entry and Exit/Limit
