Newbie's First Month: Surprising Success and Lessons Learned

Community Introduce Yourself
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Hey everyone,

I wanted to share my experience as a new trader over the past month. I started just 4 weeks ago with $6K, trading from my home office. It’s been quite a journey so far!

As a complete beginner, I’ve immersed myself in learning and trading. The School of Pipsology has been an incredible resource - a big thank you to all the teachers there.

My daily routine looks something like this:

  1. I start by analyzing global news, economic calendars, and market trends for a couple of hours.
  2. Then I meet with my broker to discuss our findings and plan the day’s trades.
  3. We typically open about 5 trades a day. I monitor them closely and close them when I see a profit before end-of day, or they close themselves when hitting the set take-profit levels.
  4. During and after trading, I dedicate a few hours to studying and learning more about forex trading strategies, market analysis, and risk management.

So far, we’ve opened 104 trades. I’ve closed 101 with a profit, while 3 were closed at a loss after showing no profit for a week (mostly due to swaps). The current ROI stands at 108%.

I’ve been told this ROI is exceptional, and I’m aware that it’s likely due to a combination of favorable market conditions, having a competent broker, and possibly some beginner’s luck. We’ve also been allocating a significant portion of our trades to gold, which has been performing particularly well and has contributed substantially to our success. Despite this, I’m trying to stay grounded and am preparing myself for the inevitable ups and downs ahead.

I’m excited to learn from your experiences and engage with everyone here on the forums. Looking forward to some great discussions!

Cheers!

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Thank you for sharing your experience. I just started demo trading and created my first trading plans some weeks ago. It’s looking promising owing to the fact that sometimes, I close the trade in loss and most times, it ends in massive profits. The accounts are good and hopefully, I’d deposit an initial capital and trade on a real account.

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one month is not enough to evaluate knowledge and skills, this is my quote from other topic which may help you in the future, good luck :slight_smile:

If you want to be a profitable long term trader. Grow these 5 elements:

  • Build and test strategies
  • Develop yourself, gain knowledge
  • Manage your capital properly
  • Adapt your trading strategies to the changing market
  • Reduce the influence of emotions to a minimum.
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Welcome to the community and congratulations on your progress! Looking forward to hearing more about your trading experiences. See you around!

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Hello and welcome! Thanks for sharing your journey! That’s an incredible progress you made in just 4 weeks. Hope to see more of you around. Good luck!

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