Hi Everyone I’m newbie aka Trading Freshman at the University of BabyPips. LOL
The name is Nivek, I have some experience in trading crypto, forex and binary - the experience I have is LOSING MONEY. LOL
I know very basic basics, wouldn’t even call them basics just stuff i saw on youtube and said hey this seems easy, played on demo everything went good, went live and made a little and then lost everything each time. So discipline and money management is a definite issue. A friend introduced me to trading , was following signals, but now want to take this more seriously. I am starting off as a clean slate and learning the proper way. Consider me as knowing nothing at all, a blank sponge waiting to absorb all the knowledge. little knowledge is dangerous, trust me, I learnt this the hard way.
If anyone wants to link with me and show me the ropes, excellent I’m all keen for that. I’m all about networking and learning. I’m going through the babypips courses and will then take things from there. In interim though, I wanna earn some Moola, so Option/Binary signals or a good strategy for it is appreciated so that I can earn while I learn.
Which you’ve identified as being the cause of failure. So, there’s your answer, and also you need a profitable strategy - your edge.
To add a little more. Good MM is to accept you got it wrong and cut losses if your trade turns against you, even before hitting your S/L. I hate losing, but I hate losing big even more. There’s always a better trade awaiting.
Thank you for this. I agree with you totally but sometimes I tend to get emotionally attached to a trade. It’s a stupid thing though. it’s like this self belief that miraculously the market will some how turn and the trade go back into profit, so -100% becomes - 200%, then -500% and -1000%. Eventually you so far in the ■■■■ hole that you have no option but to ride the wave or look for another trade to offset the loss and try and stay afloat just long enough for price to start to retrace and booking a manageable loss while banking gains on the other end to balance the loss. All this though insanely stressful. would have been much more profitable just to book the loss in start and look for a better trade.
I am a scalp trader. I don’t have a set system, just using support and resistance, like I said still a newb. so here to learn the proper way after losing 1000s the hard way
Yeah, it’s common not to accept that you got it wrong. People hate being wrong, but that will happen trading Forex, and not necessarily your fault the market differed.
Here’s an easy solution. When you place a trade keep watching what happens in the first half hour. There are 5 scenarios, two of which are critical.
This trade immediately hits the floor running into a losing position. Cut it quick before getting anywhere near your S/L.
This trade immediately hits the floor running into a winning position. Nurture it like gold dust - aim to adjust S/L until it breaks even. You cannot lose at this point, just hope it continues to make more profit.
Slow track to a loss. Cut it early.
Nothing happening, Close it.
Slow track to a profit. Take it.
This is the maths behind it. If you’re risking 1% of your capital, and cut it short at a loss of 0.5%, you’re actually adding a 0.5% savings to fund a new trade.
This is why Money Management is so critical to staying in the game.
Hi all. I have been into the stock market and bitcoin investment in the last few months. Been forex trader for long. What I have realised commonly about all the markets, trading is best done with a blend of different strategies instead of sticking to only 1.
