after reading the forum I have concluded that I do somethings wrong, please correct me if I am mistaken.
I don’t use Money management, I just trade with the idea that the more I risk, the more I can gain.
I only use 1 indicator, and I only trade and look in 1 timeframe.
I may have started with to little money, I only have 500$ in my account.
I never used a demo account.
I don’t have the desire to do this for a living, I am just doing this because its exciting and fun.
Most likely I do a lot of other things wrong, these are just the things I found out by reading this forum.
some will most likely just tell me to stop trading, but I really want to do this.
so any constructive criticism on how I can improve, will be greatly appreciated.
Please tell me if there is any thing I need to improve before I do anymore trading.
Withdraw all youre money, start a demo account with a good broker make sure you get familiar with the platform they use.
Meanwhile work youre way through the school here on babypips, then and only then after you finished the school.
You will be able to know fir yourself if this is what you want to do.
Remember that the school is only basics, but youll be able to start a small account live. With the same broker, and grow from there.
Lots more problems to tackle with from there on, so be sure to start small.
Methinks you know quite well what you are doing, Dennis, and good luck to you!
If you are really not concerned with earning an income from your trading, then the only point that would bother me is your lack of money management. If you trade because it interests you and fascinates you then the only concern is to keep your account alive and not bust it by taking excessive risk, in which case you lose your valued hobby.
If income is not (yet) your aim then $500 is ok and a micro account means you dont need to demo first. BUT work out your risk/reward for your trading levels so that you do not bust on a couple of bad trades - and always use stops and preferably always only day trade. What TF’s and indicators you use is entirely up to you.
I also started in this very same way. The idea of a demo account bored me silly and I started with a live account. I was not interested in building my equity, I was simply fascinated by the markets and trading, which gave me a hobby that challenged my abilities to the core.
Your freedom from having to earn from your trading is a blessing in disguise as it frees you to practice and experiment and really learn what works and why. Use this freedom wisely and you will become a successful trader when earning income [I]does [/I]start to appeal…
