So I consider myself quite intelligent guy, well paid job in the technical industry, but I wanted a hobby that could potentially grow into something more. So a friend of mine was dabbling in forex so I thought I would give it a go. Did the usual thing of having a play without trying to learn and lost a bit of money, and thought okay time to get serious.
So I’ve read books, blogs, Internet lessons and so forth, and I understand the principles behind forex. What I’m struggling with is putting together or using a strategy, winning or losing, I just can’t get my head around any kind of strategy. Has anybody got any advice on where to find some simple strategies to practice with, anything to help with the mental block I seem to have?
First you have to define clearly what you want to accomplish with trading. Then you find out what kind of trader you are. There’s a quiz on the forum you can take to help you with that. After that you try some proven strategies that fit your style on a demo account. As you practice trading proven strategies that fit your style, you expand your learning. As soon as you can clearly define in writing what you want to accomplish trading and the plan to get there using the strategies you’ve been practisin and proper money management in writing, then open a live account and work your plan. After that review on a regular basis and make changes as need be. Simple
Good Luck
Did you spend some time to try to understand fundamentals? Some people need to know the why behind an action before they can commit to a trade. Maybe you are one of them!
Other than that there are lots of thread with different systems around here. Check around. Take some ideas. I would advise you to follow some of the threads about naked price action. Probably the best way to start with. Also there is an interesting thread about Order Flow Trading.
Thank you all, very helpful. It’s difficult to tell the good from the rubbish sometimes which is why I asked for the help. Thanks again and happy trading
Just don’t rush it, don’t think you can throw all the feces you come across on the wall and hope something will stick (I borrowed this phrase from elsewhere in the forum, but it applies here rather well). You need to know who you are first and then go from there.
Careful Andi,
I see one word that is surely will lead you to ruin in forex trading, that is treating trading as Hobby,
I know you are new to forex trading, but as someone who already here for long time in forex, my suggestion is take your time browsing through the thread available here, there are lot of traders who is expert and they are more than willing to share with you strategy they use. learn through demo trading, you can imagine as much as you want, but after you experienced first hand what is trading, you will know which strategies fit to you.
I can suggest some strategies for you to look and consider:
Supply and demand / support-resistance / price action
Moving averages 200 bounce - you will trade when price moving near the moving average
You better find a good strategy. The information you acquired during your course of reading those articles online should be enough for you to understand what forex strategies are all about. Strategies are ll about finding the right time to enter nd exit the market. This also include money management and risk control.
price action and most of the books, blogs, online resources should have tonnes of info on strategy - you may want to review the same, and either go with a demo or start small to backtest your strategy
Welcome to Babypips.
This is a hobby that earn you money but can expose you to a emotional roller coaster.
Some few things that you should consider learning are:
All forex basics; indicators, terminologies, order types, broker types. You will not use all these in trading, but it will give you some mental leverage by knowing what works and what doesn’t.
Price Action + Orderflow: How the price moves and what patterns to watch for. The market is moved by varying order volumes and price action reflects these variations.
Trading Psychology: This means that you need the right mindset to trade profitably. This is the most important bit as its a determinant whether you will join the 5% or the 95% of successful and unsuccessful traders.
I hope this information will steer you in the right direction.
Nice profile Andi. As everyone suggested here, worth trying price action to build a killer strategy. To do that you need to study & practice price action trading very well.
