Myself and Trading
Hello,
Like everyone else, I started trading with the prospects of a lucrative income. After spending most of the last year on various forums, trying EA's on demo accounts, and finally opening a live account -- I've come to the conclusion that I will simply be throwing money away if I don't humble myself and acknowledge that I know almost nothing...
Hi, Jason,
I'm not a so experienced forex trader. Your problems wildered me too. IMHO, I believe what count in the market are following the trend and stopping your loss.
Then you gotta make a system defining what's a trend, how to stop loss. I'm using EMA system to make sure if a trend is established, and a so called 2% rule to stop my loss.
Hope it helps.
Best Regards,
Steve
Hello,
Like everyone else, I started trading with the prospects of a lucrative income. After spending most of the last year on various forums, trying EA's on demo accounts, and finally opening a live account -- I've come to the conclusion that I will simply be throwing money away if I don't humble myself and acknowledge that I know almost nothing.
I've lost 3/4 of my live mini-account, and have put myself on a complete stop from trading live. I will only use demo from now on, until I can prove to myself that I have what it takes to continue.
I think that the hardest part is actually the wealth of information available on the internet. You can find all sorts of forums with folks posting various setups, discussing indicators, etc. The new person wants to absorb all of this and use everything. I know now that this simply will confuse you. I have tried so many different setups w/ MA's, DMA's, CCI, RSI, Fib, etc... that at this point when I look at a chart I feel as if I have no idea what is going on.
I know there really are a lot of folks out there (relatively speaking, of course) who make a living off this. I know that I can be one of those people too.
I feel that in order to be a successful trader I need the support of someone who has been there. I want to listen to what the more experienced have to say, and better yet, discuss *why* they see what they do when looking at a chart, and *why* it's a safer to do this trade, or that one, vs another.
I'm putting myself before all of you! I need a mentor who knows what it takes and can push me in the right direction! I need someone who can call me an idiot when I make a bad trade, but explain *why* I'm an idiot for doing what I did. I know it's a steep learning curve, but I'm here, and I'm going to do it.
Please feel free to respond or email me personally at airforcemook@hotmail.com.
Have a good one,
Jason
Jason, yes, it is true that the hundreds of indicators, trading systems, EAs, etc. available through the many forums can very well overwhelm anyone, even the experienced traders. The new breed of traders tend to look for an easy way to make big and fast money out this forex trading industry. Hence, one would likely try every available trading systems they can get their hands on. Few setbacks here and there, then on to the next one.
You need to find a system and an environment where you can be comfortable with. When you do get to that point, call it "home." Learn as much as you can to get the most out that trading system. Keep it simple. Get a rythm of the trend, momentum,and timing on that particular system for a high probability trade setup with precision entries and exits. Join a trading group where you can have the benefit of real time live trade discussion of your chosen system, if available. From there, you can establish rapport and relationship with one or more with whom you can make arrangement for possible mentorship.
Have your PDF [patience, discipline, focus] to develope your trading skills which will in turn and in due time build your BCC in your trading system.
Yes, YOU can do it! My best wishes to you!
ENJOY!
fxcruiser
hey Jason
yes it is harder to go live with real money! i have a link here with free info http://www.investopedia.com/. I use to say to new people that market do only 2 things trending or ranging so basicly thats the skill to learn. some do get burned all the time by trading majors only while other have chart setups as a part for their strategys that can be for example to find setups for a trending market on whatever pair available on the trading platform, i do most get burned in a sideways market.
this site i post http://www.forextips.com/ offer education and online trading room where u se profesional analysing the majors, i have taken some of the lessons and i think they are pretty good. they offer a trial of 7 days for free including realtime software u can try it hey free learning :-) in seven days.
but all depends on ur goal in trading but just take care the web is full of garbage
wish u good luck sailor
hey Jason
yes it is harder to go live with real money! i have a link here with free info http://www.investopedia.com/. I use to say to new people that market do only 2 things trending or ranging so basicly thats the skill to learn. some do get burned all the time by trading majors only while other have chart setups as a part for their strategys that can be for example to find setups for a trending market on whatever pair available on the trading platform, i do most get burned in a sideways market.
this site i post http://www.forextips.com/ offer education and online trading room where u se profesional analysing the majors, i have taken some of the lessons and i think they are pretty good. they offer a trial of 7 days for free including realtime software u can try it hey free learning :-) in seven days.
but all depends on ur goal in trading but just take care the web is full of garbage
wish u good luck sailorsailor, excellent information and links. Here is another one which is very basic but simple and useful - http://www.forex-charts-book.com/. Some information here: http://www.forexmarkethours.com may help you stay out of the fire during the sideways market. There are enough pips in the trending market; no need to mess with the ranging/sideways market conditon; just have the right tools to identify it. 
ENJOY!
fxcruiser
i forgot to say that http://www.forex.com/ also offer some kind of education and i think if u open a mini with them the educatioin is free and u do not need to trade the live account in the meantime u have unlimmited acces to demo platform
sailor
Jason, yes, it is true that the hundreds of indicators, trading systems, EAs, etc. available through the many forums can very well overwhelm anyone, even the experienced traders. The new breed of traders tend to look for an easy way to make big and fast money out this forex trading industry. Hence, one would likely try every available trading systems they can get their hands on. Few setbacks here and there, then on to the next one.
You need to find a system and an environment where you can be comfortable with. When you do get to that point, call it "home." Learn as much as you can to get the most out that trading system. Keep it simple. Get a rythm of the trend, momentum,and timing on that particular system for a high probability trade setup with precision entries and exits. Join a trading group where you can have the benefit of real time live trade discussion of your chosen system, if available. From there, you can establish rapport and relationship with one or more with whom you can make arrangement for possible mentorship.
Have your PDF [patience, discipline, focus] to develope your trading skills which will in turn and in due time build your BCC in your trading system.
Yes, YOU can do it! My best wishes to you!
ENJOY!
fxcruiserSounds like excellent advice!!
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Hello,
Like everyone else, I started trading with the prospects of a lucrative income. After spending most of the last year on various forums, trying EA's on demo accounts, and finally opening a live account -- I've come to the conclusion that I will simply be throwing money away if I don't humble myself and acknowledge that I know almost nothing.
I've lost 3/4 of my live mini-account, and have put myself on a complete stop from trading live. I will only use demo from now on, until I can prove to myself that I have what it takes to continue.
I think that the hardest part is actually the wealth of information available on the internet. You can find all sorts of forums with folks posting various setups, discussing indicators, etc. The new person wants to absorb all of this and use everything. I know now that this simply will confuse you. I have tried so many different setups w/ MA's, DMA's, CCI, RSI, Fib, etc... that at this point when I look at a chart I feel as if I have no idea what is going on.
I know there really are a lot of folks out there (relatively speaking, of course) who make a living off this. I know that I can be one of those people too.
I feel that in order to be a successful trader I need the support of someone who has been there. I want to listen to what the more experienced have to say, and better yet, discuss *why* they see what they do when looking at a chart, and *why* it's a safer to do this trade, or that one, vs another.
I'm putting myself before all of you! I need a mentor who knows what it takes and can push me in the right direction! I need someone who can call me an idiot when I make a bad trade, but explain *why* I'm an idiot for doing what I did. I know it's a steep learning curve, but I'm here, and I'm going to do it.
Please feel free to respond or email me personally at airforcemook@hotmail.com.
Have a good one,
Jason