Some advice for other newbies like me - Advanced tradersyour opinions plz

Beginner Questions
#1

First I want to say thank you to all the people involved in putting together the babypips school.
I am still going through it but I can say it’s a great compilation.

I’ve been trying to trade on and off for a few years now without being able to become regularly profitable in fact I have incurred some real cash losses as many who take this trade as a game or partime playtime and not as a serious business.
Due to health issues I have had to give up work after never being unemployed in the past.

It’s now actually now or never for me and I have been studying my brains out when I am well enough to it actually make myself a professional trader one day.

After reviewing my past performance I can say that using my basic technical analysis tools I am able to make some regular profits BUT my emotions always seem to kill me.

I read something somewhere or heard it online I don’t remember.
PLAN YOUR TRADE & TRADE YOUR PLAN.

I think that has to be my most important rule now in my trading toolbox (as said in school:D)

When I do the above everything is ok My trade either hits my tp or sl and I am satisfied either way because my ac is still slowly growing.

My problem still is doubling up on a winning trade then bottling out of it for a loss for my first trade to come in or loose but doing what I did I just lost more than in my initial plan.
Another is trying to follow and trade the market watching the small timeframe 1 5 min I am almost very often the sucker when I try to trade like this and not my basic plan.

I also well quite often fail to put a decent stop loss in and often get stopped out just to see my trade come in a bit later:17:

Another is getting that buzzing feeling when imp on a winning streak and decide to increase my lot size and everyone knows what happens to us newbie’s when we do that.

I have come to the conclusion that understanding how the price moves is of great importance just as much as the traders behaviour is too.

My personal goal is to master the two above and see where I am then.

Please feel free to leave any advice or comments.
Thank you

#2

I don’t know what your trading plan is but it should contain about half as many words as you posted here. Keeping it Simple is the key to success.

As far as advise, just let me share my own experience and what has worked for me. First thing would be to promise to never look at another chart with a timeframe under 1hr. 5 minute charts are a quick way to the poor house for most newbies.

Get rid of all indicators from your charts and learn to trade on price action off of the daily chart, you can go down to 4hr or 1hr for your entry signal but plan your trade with daily charts

Give your self time and room to be right. Place your stops well below strong support and trade small lots that way when price goes against you and it will, you will not be scared out of your position or have a premature stop loss hit. Today was a great example in the USDCAD when price gapped open up 100 pips only to reverse and head lower, I am sure there were many traders stopped out of that one

That’s my two cents, good luck

#3

Thank you for your comments and advice.
Your point re small timeframes I have to agree I think it is with experience that one is able to use them efficiently. Myself I don’t think I am able to trade the way which I have been trying to since beginning my journey on the smaller timeframes.
I am soo egger to learn and have plenty of time to study but I find myself now bamboozled by the amount of information that I am trying to store and often find myself trying to trade my newly acquired knowledge on the fly.
The problem is having sooo much information and indicators to try, test and play with I find me chasing my tail often.

#4

Hey boss,

i might hint you to the idea to skip indicators and oscilators, they look fancy but dont truly help in trading they distract you and give fals signals way to often. but that is another topic you will find out in few months after more or less “unfruitful” trading.

your problems is your charakter and your behaviour on the markets. your psychology is what stops you the most.

that aswell is the hardest thing to master in order to become a good trader.

here, PipMeHappy posted a good online book that is free which is concentrated on psychology and your own behaviour. it teaches you in what ways you must think in order to make some success out of any market. i read the first few chapters and then realized its all known stuff to me so skipped the rest. but from what i read i can definately recomend this book to you and im very sure it will be of great help. its only 80 pages so 2 hours of read but it pays off.

checkout here: 301 Moved Permanently