Hello FX community… Great site, have been reading here for quite a few months.
I’m Andrew and have been Share Trading on and off since 2004 with some success so I thought I would give FX a go…
Tons to learn about price action and relying on indicators as little as possible but overall understand FX principles although its like trading shares on steroids…
I have been “Demoing” for over 3 months now with 65 - 75% of profitable trades overall and have just opened a small live account (ECN) using cTrader platform (which reminds me of a Keno screen).
I have been watching a lot of Youtube FX advice and cramming as much information which is possibly causing information overload, so I have a few strategies and account preserving techniques.
I am finding it hard to maintain faith in FX as I am perplexed how often a Buy becomes resistance and a Sell a support (miles away from historic support and resistance points). And how many stops have been taken out by .001 of a PIP (from 20+ pips away) only to have the price go into complete reversal after the hit… 75%… and yes I have read all the “its not the broker, its the market hunting the stops for liquidity” sermons.
I fully understand that profitable traders here put in big time research and hold tight strategies that give consistent results (same as shares). Trading 1% or less of my account per position while live so I haven’t been hurt financially as yet. Anyway RANT over, probably 1000’s of newbie traders with the same sorry tale.
Next week I’ll try rolling dice to get price direction on entry… 2 dice 5- Sell / 5+ Buy
Yours Exasperatingly…