Bought usd cad @ 1,1381 and it hit my sl for a -20 pip loss
Bought gbp chf @ 1.5341, holding on to the trade so far. so far +22 pips, but according to my trade plan, I move my sl to be when I have gained 30 pips.
Let me know if you recommend otherwise as I am still demo trading.
Very good question. I have managed to cross the halfway. From last February I am doing only part time job at the moment,it was a very big decision for me. Hopefully by next year I will able get rid off this part time as well.
It will make a huge difference in trading, because I will get more time to analyse the market, I will able to study more, I will able to get more profitable trades, I will able get entry the price I want, I will able manage my position properly donāt have to rely on fixed SL and TF and many more.
I am not profitable every week, but I have manged to overcome to loss every week.
I am still making few mistakes but I am working on it.
You are following the daily bias, which is good but be carefully if you only rely on daily bias, I was thinking to go short on GBP / CHF and USD / CAD pair but missed the trade. I have missed all the trades this week.
Congrats! You are working towards your goal steps by steps. Very happy to hear that. It means that one can learn to trade if you put your heart & soul into it.
How long have you been trading before quitting your full time job? I guess it takes a lot of courage for that transition too. How do you know when is it ready for one to go full time trading? N how do we handle if that month balance goes negative?
Very happy to hear that you have done it. Hope I can slowly work towards it too.
Trading is not easy business or job like any other profession. You need to put your heart & soul for sure. Anytime Anywhere chart time is required to understand the market movements.
You have to prepare to take loss on every trade so you have to mentally prepare for any uncertainty.
You need solid minimum 2-3 years practice in real time before you know that you are may be ready for fulltime trading.
If you have a full time job first go for part time then after 1 year of trading when you know you are making consistent profit from the market then you can left the part time job and become fulltime trader.
It will be earlier if you get a mentor.
If you have a negative month it will be very normal because you are already prepared yourself for the uncertainty and by that time you will have the experience, you will know how to handle the negative month.
I think everyone can become a trader but not a profitable trader, to become profitable trader you need patience, practice and able to absorb the uncertainty.
Risk management is the key to success in any business especially in trading.
It is not so easy. I start my new demo account 4 weeks ago with almost 20% profit in the first 2 weeks And now it is down 20% from start. I opened my first Forex account beginning 2012 and still not making profit I can trade full time because I donāt have a job but that doesnāt help much. I understand more or less this method but it is not working for me yet. Maybe I need a mentor: Interested? Always appreciate your help on this Thread.
It is a good thing to hear that you make the step to part time trader. Why not full time? I hoop you will make it soon.
First you need find out what you are doing when you are making profit and what you are doing when you are making loss.
What you do when you open a position, what is your plan, what do you see on the chart, do you use any type of indicators, news, price, or particular setup to enter the market.
Sell NZD / CAD pair, which drop 60 pips from my entry so I moved my SL to BE because today is Friday but what happened price retrace back and stop me out of the trade and continue to drop again.
It is very important to know how to use SL properly and always ready for anything like this. So many times market stop me out but few times now.Tried lots of different methods to minimise this, still get caught sometimes.
I went long on AU at 0.86708. Didnāt managed to get in at a better price (0.86640). My stop loss for this trade is at 0.86505, and TP @ 0.87155. Any comments on this trade?
My reason for this trade is weekly bias is up, and price showed a pin bar on H1 chart near 0.86534.
Right now just in the trade, letās see how it goes.