john
New trader
Posts: 25
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Post by john on Dec 6, 2014 20:28:37 GMT -5
Hi everyone, I live in Melbourne Australia and I have been trying to trade for a few years now. I am determined to learn this craft but the best I have been able to do so far is slow down the speed that my account drains by.
I hope I can add as much as I take away from this forum.
Cheers,
John
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Post by traderAllen on Dec 7, 2014 11:39:58 GMT -5
Welcome John to the forum. Like most things in life the more you participate the more you will learn. Feel free to ask any and all questions. Talk about your trades and be honest about why you took them, and why you close them. I find many times people hide the truth from themselves. That's one of the biggest roadblocks most people have been learning how to trade. Learning how to trade Forex is not easy. Training for its self is not that hard. However, the learning process is, that is because there's so much misinformation out there. So many people and organizations whose sole purpose is to part you from your money. So the first step in learning how to trade correctly is understanding that most of what you probably learned is incorrect. Before you can learn how to trade properly you need to forget all this misinformation. The primary focus of most of us here is to make money in the markets by jumping in the market when conditions are right grabbing some profit, and getting out before conditions fade. Therefore most trades are only a few minutes, however it is possible for trades to last longer. It is my belief that in Forex there are only two ways to make money, either scalp the market short-term or long-term holding where a trade will last 1 to 2 weeks. I don't believe there's a middle ground, this is due to the volatility of the Forex market. Those that try to trade in the middle find themselves getting wiped out more times than not. Tell us a little bit about your trading background by starting a journal in a journal section. Post your trades and thoughts there is often as you can. That's the best one for everyone to see where you are and where we might be able to help each other improve. Since you're not trading profitable yet, you should only be trading one micro, and you should remain at that level until you are making a profit, because if you can't trade one micro, and make a dime. Throwing more money at it is just a bad idea. To make money in Forex, you have to learn how to place trades without mistakes. Therefore you must be very familiar with your trading platform in order entries. This should be practice in demo until you can perfect your entries quickly and without error. Once that's possible then you switch to training one micro, instead of just demoing. This is because without money in the market you cannot grow your emotions. Which is another stumbling block. Then you need a method to your madness, most on this forum is a basic method taught by Bob Volman "Forex price action scalping". However learning a trading method. It is not enough you have to become intimate with the market your trading. You have to know how the market reacts around news events, different sessions, holidays, and even black swan events. To learn this you need to focus not only on the chart. But on the other traders are. Other traders, the individuals or hedge funds or banks, are just like an enemy to you. The more you know about your enemy the more likely you will be able to defeat them. Trading should also be an enjoyable endeavor, if you're not having fun you're probably risking too much. All that said welcome to forum
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john
New trader
Posts: 25
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Post by john on Dec 8, 2014 1:21:24 GMT -5
Thanks for the encouragement Allan,
I will follow your suggestions.
Cheers,
John
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