wow! you overloaded ma mind how long youve been tardin?
this is exactly what im doin right now. many people asked me why i haven started tradin yet and ive told all of em that im learnin so ill start whenever i feel confident and ready. thank U so much
I think the best way I can explain is by linking to a post I made some years ago - (Link is green writing)
How about now btw, have you started trading?
Patience and discipline are crucial.
Prioritize risk management to protect your capital.
Continuous learning is essential for success.
The best advice I was ever given was to start small. Start trading with $100 / £100 account (or whatever is similar in your own currency). When you’ve practised trading in a live account (not a demo account) and are making regular gains and very few losses then you can go big on your account. Remember - if you start with 100 then that’s the most you can lose. And at first you will lose like everyone else does, but don’t get disheartended.
wow gotcha! that was a great story. so all i need is to take every chance and don scare right?
im about to. i wanna choose a broker now and im searchin
thank U so much but you know i can not get along with strategies. do U know how can i learn them easier?
yeah ill consider that and was told many times im about to start that
Hello, NatureGirl. The truth is it is not easy to give you advice on what you should look out for while you begin your trading journey. However, one of the things that will make your trading life very difficult is hopping from one strategy to another. You will never be profitable as long as you keep doing that. To avoid this, begin by evaluating your personality. Forex trading is a mirror of one’s personality. Know who you are first then pursue the trading style that fits your personality like hand in glove. For example, if you are the type who hates fast moving markets of the 1 minute and 5 minutes charts because you cannot afford to sit in front of your screen all day (scalping) then you are probably a daytrader. You can also consider swing trading that holds trades for a number of days, a week or weeks. Next, you want to consider your trading tools. Do you like using indicators or you prefer price action? Which do you prefer? There is indicator trading (MACD, MOVING AVERAGES, PARABOLIC SAR, RSI, STOCHASTICS…etc), there is orderflow trading (uses indicators), supply and demand trading (no indicators), price action trading relying on candlestick patterns and chart patterns to make trading decisions (no indicators), Smart Money Concepts (SMC) (no indicators), Volume Spread Analysis (uses only volume indicator), there is Currency Strength Meter trading (uses a particular currency strength meter indicator and optionally with others to help determine the strongest trending currency), there is Market Profile trading (uses the market profile indicator to make trading decisions), there is Financial Astrology using the planets - Sun, Moon, Earth, Mars, Venus, Mercury, Saturn, Uranus, Neptune, Jupiter, Pluto to make trading decisions (the indicator this uses is the Ephemeris that helps to calculate the positions of the planets and their transits at any given time to make trading decisions). A further explanation concerning this. It is believed that Mercury controls the movement of gold in the market. The combination of Jupiter and a smaller planet controls the price movement of EURUSD. Moving on, there is the Gann method of trading (uses a unique set of indicators and geometric calculations of angles to arrive at trading decisions), there is the Hurst method of trading using envelopes and other specific set of indicators.
I have mentioned many trading methods you will come across while seeking your personality. The problem is you will spend decades going through all of them before eventually deciding to settle on one of them. Now you understand why I said discovering your personality precedes the trading style you eventually adopt. If you put the cart before the horse you will go round in circles. Discover who you are - discover your method to trade the markets. This will narrow your search and time by more than half the period you would have spent going through the unnecessary methods that do not suit you.
When you settle on one, your greatest challenge is to stick with it. DO NOT LEAVE IT WHEN YOU ENCOUNTER A ROUGH PATCH. Stick with it. Stick with it. Many traders spend years learning because they hop from one trading method to another looking for the all-elusive holy grail. You want to cut your learning curve and be profitable? Then stick to the one that calls out to you, the method you adopt. George Lane who invented the Stochastics kept using that one indicator even in his old age. He was consistent that is why he was successful. Consistency and success are twins. If you find one you will find the other. If you are consistent with a method you will be successful with it. If you are successful it is because you are consistent with a given method.
Beware the psychology. This is the arch-enemy of every trader — your psychology. Your trading method accounts for only less than half the factor you need to be successful. Your psycholgy towards the market makes up for more than half of that. Learn not to chase trades and wait for another opportunity. Do not be greedy. Use stoploss orders no matter how confident you are. Protect your confidence level. If it drops you will have fear of trading. If it soars, don’t be too cocky and think you have the market’s number…so many great traders who had this attitude have been humbled by the markets. Just protect it. You need it in optimal conditions to put on trades. Trading has nothing to do with GUESSING. There is no room for guesswork in trading otherwise you place yourself in jeopardy of blowing your account. Know this and know peace. Learn to identify the trend. You need it. You don’t need indicators to identify the trend. You need to identify the most important price structure points that signify a possible trend in the making then execute the trade like a robot. Emotions will make a mess of you so keep it in check always - win or lose. As long as you are tracking and following the trend your account will be healthy.
Sorry for the long read. I hope the few minutes of reading this post will help dissolve the years it takes you to be profitable into months. I have condensed my years of experience in this single post. I hope it helps you. Good luck in your trading journey.
Trading is very hard.
I’ve been learning to trade for several years now and still not fully ready to trade live accounts. If you’ve ever done higher education, multiply that level and complexity of learning by 100 and you may get near the complexity of learning to trade.
i’ve use 4 hours chart + trend + small lot (so can avg down). I only use stop loss to lock in the profit (greedy protection I need to work on my profit ratio (kinda hard when ur trading with small potatoe.
My 3 months trade analysis:
Keep emotions in check and avoid impulsive trading decisions.
Trading is a challenging pursuit that demands significant time and effort to master. It surpasses the complexity of many educational endeavors, necessitating a deep understanding of markets, strategies, and psychological aspects
wow that was plenty of information you need to open a new thread and let everybody see these information
Which country are you from?
U need to get some experience on live accounts bro as i learned recently noyhin can compare live tradin and its experiences
I’m currently learning to build my own EAs and testing them. As soon as I think they’re ready I will try going live.
Not quite - we know that 95% of traders lose money - so all you need to do is to be better than 19 out of every 20 members on here