When I first started studying and going through the BabyPips School I remember reading about technical analysis and thinking it sounded like a load of bull. I also shrugged off journaling. I thought it was a waste of time.
After bouncing from one indicator based strategy to another now I find myself looking at clean charts and basing entries off of the candles.
Furthermore, my trade log and written journal have been invaluable to my trading psychology. I often bring up my spreadsheet when a trade isn’t going my way just to remind me that in the long run it’s correct not to veer from my rules.
I will scream to him, Please don’t be hasty at all. And please learn well before you start, so I wouldn’t go through what I went through in my early days in the market.
This is a very interesting question. Haha. I think I’ve answered something like this for a feature we’ve done with the BP team, but I don’t mind chiming in here. I’d tell myself that it won’t be easy. No part of it would be easy to grasp or understand, but you’re gonna have to persevere if you really want to become a professional trader. Don’t let your emotions get the best of you, especially during the first few months when all you’re having are losing trades. Things will get better. And as you learn more, you’re gonna be closer and closer to your goal!
do not trade in less than 30 minute time frame
do not be greedy
be patient
must be willing to set 30 pips stop loss
do not always follow moving avg but look fo support and resistance
add to that look at the shape of the candles
Stop making excuses and just start learning how to trade/trading. I would have started far sooner had I not exhausted a long list of excuses not to jump in just yet. (“It’s too complicated” “But what if etc etc”)
1- Closed my Graphic Design Facebook yesterday…( To use most of my time for Forex …)
2- Selling most of my stuff (that I don’t intend to use…) which would give me “Play Money”…so that I won’t feel attach to it
3- As a realistic goal Intend to make around 100 to 150$ a month profit ( In the VERYLONG run…)…Give or take…
4- Intend to use an automatic bot in the beginning…not wanting to be glued to those charts…all day long
5- I’m Starting BabyPips school…
6…and now looking for a Spreadsheet journal to write it all down…
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7- At 56…I’ve had an Entrepreneur set of mind most of my life…now I’m tending toward the Businessman side of me ( Having had a Revelation by reading a lot those past weeks…!!)
Thanks again for your advice…!!!
PS: I’m French…so my writings can be badly translated…
Makes sense. And yes good on you for really wanting to focus on forex. That’s me too. Mainly the reason I’ve been hanging around here. Finally took the big step to trading live (although small for now).
Let’s keep this positivity going - it’s contagious!