What would you do different if you start now to learn forex?

Hello there to all of the experienced traders :slight_smile:

I’m just starting with forex, learning in the School of Pipsology, being now in elementary grade 5.

Did you have any of those moments when you felt, ahh I should’ve learned that earlier.
Any advice that you think I must learn that before trading live?

Looking forward to any advice :slight_smile:

Have a good trading day you all :slight_smile:

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I would not now bother trying to expand my trading from long-term into intra-day to gain another revenue stream.

I would not now try to apply increasing numbers of filters to my chart set-ups in an attempt to reduce the proportion of losing trades.

I would automatically pyramid all the winning positions.

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look at the bigger time frames ,it then become more of a level playing field

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I’m not totally sure if I understand what you mean with the last one. :slight_smile:

When a position moves a certain distance into profit, pyramiding means adding another trade in the same direction, but keeping both trades open.

It can be done automatically, which means you add another trade based only on the level of profit your first trade has gained, or chart-based, which means you wait for another buy signal before adding a second trade.

Its a tricky tactic, worth using in demo and developing your own plan before committing real money.

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Sounds really interesting :slight_smile:
I will definitely try it out.

I will not look for any short cut and will try to learn more about how to control our mind during trading. I will also focus on developing analysis skills.

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Not join IML!

I think with that tactic you could randomly enter trades and earn money.

Yes, I also think its possible, though there’d probably be some big drawdown along the way.

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I did this while mix-matching my two strategies. I erased 2/3 of my profit. But it was a great lesson learned. I’m kinda happy about how it unfolded because I learned a lot from that one trade.

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#1 would be the obvious, better money management.

Another would be to cut back on the number of pairs that I trade.

If you compare each pair on a long-term chart you’ll see how most are correlated. There are really only 4 or 5 pairs that don’t move together, I have narrowed it down to 4. Get to know those pairs and how they move.

This and a couple of commodities is all I have been focusing on these days.

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I would for on understanding the probability aspect of trading.
-avoid big losses. Win, Win big and lose small.
-stick to the system i have backtested & I am comfortable with even if it doesn’t seem to be working out.
-Avoid been on the computer every time. Find something else to do Or trade less than 3 pairs on the daily chart for at least 6 months before scaling down.

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Start with demo trading, you will understand the things gradually and learn.

Throw away the idea of the “quick dollar”. And then just trust the process.

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Don’t trade Gold, oil, Nas100, DJ30 on a small account. And certainly don’t trade these if you don’t fully understand there pip value.

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You write:
If you compare each pair on a long-term chart you’ll see how most are correlated. There are really only 4 or 5 pairs that don’t move together, I have narrowed it down to 4. Get to know those pairs and how they move.
Nice but could you please tell me/us which pairs you have in mind. It will help a lot thanks.

Sure, but keep in mind I have my own personal reasons for these specific pairs which might not fit your strategy.

EURUSD - It was down to EURUSD and AUDUSD, they move very similar. I chose this pair because I also wanted AUDNZD and didn’t want 2 AUD’s.

USDCAD - I live in Canada and the company I work for does 85% of its business with customers in the US, so I follow this pair anyways. Plus, I find it ranges a bit more which works well with my Supply/Demand strategy.

AUDNZD - A lot of people don’t like this pair because these are both commodity pairs and don’t trend for more than a few days at a time. But, like USDCAD, that works well with my SD strategy.

CADJPY - I wanted a JPY pair so I chose this one because it uses very little margin. Any JPY pair would work, except CHFJPY which tends to range a lot more.

I also trade:
Oil, Gold, Soybeans and SPX500.

Hope this helps. Good luck.

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Thank you… my favorit is audnzd because of the short trendy swings and it loves in a slow pace I like and it’s good for beginners.

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You say start trading on a daily chart.

But, isn’t that more suitable for bigger accounts? I mean I don’t plan to start with 10K, so trading daily would be awful for risk/management.

If I start with 1k (that’s my plan) I can’t give enough room for the order and also have good risk management.