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RE: Forex Trading

in #forex4 years ago

Hi, hope everything is fine!
I have a few comments on your trade and something that might help you in this journey. Believe me, it is not easy and although it might seem easy, the risk management is tricky and you can blow your account really easy.

Just by a quick look on the account I can tell you that your risk management isn't correct because the earning for +1 lot is really small.
If you were trading correctly those blue numbers would have been above 500dlls.

The first set of advise I will tell you is this:

1.- go to babypips.com and learn the basics
2.- open a demo account with 10,000 dlls... you need to learn risk management and having fake 100k will mess your mind.
3.- Go to forexfactory.com and open an account, link your demo and that way you can follow up your metrics.
4.- Journal, journal, journal... what made you take those trades? Why you buy, why you sell?...
5.- Learn your tools in Tradingview.com and journal your charts.
6.- DON'T follow more than 3 pairs... NEVER trade gold or oil as a newbie... they move really strange and drawdowns are huge... that can blow your account.
7.- In Toutube... follow these live traders: Trade with Monty (London Session - Great teacher... watch all the trades and explanations, better than Netflix!!), Trade with Paul (Asian Session - only trades GBPYJPY... you don't need more pairs to make money... you need to know your pair, know when it is going to make a move). And the master... Wicks don't lie... (Raja and Uncle Ted trade the NY session... they are sarcastic and hate dumb questions... but all of them will review your charts and they teach for free!)

And watch this...

image.png

What would you make of that graph?

I want to encourage you in this freedom trail and journey... but is not easy and YOU WILL LOOSE MONEY, so practice, practice, practice... do lots of paper trading and prove your concepts.

We are in the making money business, not in the give away your hard earn money!

GOOD LUCK!

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I don't have words to express my gratitude. Thank you very much for those golden words, I will do all my best from now on, to start applying them.

Glad to help... I can tell you that It is a hard path... I've lost a lot of money trying to learn, and the hardest lesson is always to accept the loses in this work.
Loses are part of trading, you just have to minimize them.
EVERY trader in the world, even the best ones, even Warren Buffet have loses! You CAN'T be right the 100% of the time!
Work with that... you know that even if you win 51% of the trades... at the end you will be with black numbers.
And DO NOT OVERTRADE... that is also a difficult lesson.

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