Tom_Hoang's Forex Trading Analysis-Journal - page 6
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How to become a Forex Trader:
step 1: learn School of babypips (Google it) and trade demo with a small account = $1000. 3 months (take time to really think about it, use what you learn on your demo account) Demo account can be opened at Oanda.
step 2: keep trade demo account for 3 months, made a journal, pick some Technical Analysis Indicators to use on your charts (perfect set up is 3 indicators: trend following, oscillator, momentum), follow trade management, money management.
step 3: learn school of babypips second time while trade demo, be familar with some indicators, TA patterns, Japanese Candleticks. Learn Let's Profit Run, Cut Loss Early.
step 4: while trade demo, create your system based on your indicators and test it on demo. keep track of your profit, loss to see if you make progress. If you can not make money with demo, do not open live account.
if make money from demo. Decide which type of Forex trader you want to be: Part time, or Full Time. Do you have other source of income to live if you trade full time? and a lot of questions to answer. Then go to step 5.
step 5: open live account = $1000, trade small to be familiar with broker, software and adjust your feeling.
What is your profit Goal?, What is your risk per trade? Is your profit enough for living? What if you lost money? After making profit, you can add more fund to trade.
To begin to trade for a living, My recommend is:
- Account balance should begin with: $25000 with leverage is 1:50 for U.S. Trader
- Profit Goal is 5% of $25000 = $1250, Learn to walk before you can run!
Do not think that %5 each month is EASY!!!
If you do not have $25k, go to work, save money and trade part time (if you can make profit, if not quit trading, find someone to trade for you).
Before trade full time, have at least $25k as Account balance, 1 year of your living cost, emergency fund, part time job...
step 6: Keep Journal. During trading time? There will be up and down. Some people will make stable profit for living after 2 - 4 year. To be honest, 95% of Forex Trader lost money. So get some advice from Good Trader who is actually make money by Trading not Gambling!
Thanks and Keep working Hard!
Keep in mind these things,
1. Disciplined and Consistent Traders
2. Good Signal with good money, trade management
3. Follow the trend, not predict the trend based on science
--->>> Then, you will have a high probability to come out as Winner.
AUD/USD WEEKLY CHART BUY PLAN: 04/02/2018
EUR/USD DAILY: 04/09/2018 STRATEGY
EUR/NZD WEEKY BUY PLAN: 04/12/2018
Hi Dat Hoang,
Just a question -
Are you making your technical analysis using Metatrader?
I am asking because this forum (and mql5 portal in general) is related to Metatrader only (and we are not promoting the other trading platform sorry).
Hi Dat Hoang,
Just a question -
Are you making your technical analysis using Metatrader?
I am asking because this forum (and mql5 portal in general) is related to Metatrader only (and we are not promoting the other trading platform sorry).
Hi Sergey Golubev,
Thank you for your remind.
Can you check if my technical analysis (below chart) using Metatrader 4 alright? (I made it using Metatrader 4 application from my Forex Broker).
If there is still anything violate the Forum's Rules, MQL5 Portal in general, please let's me know.
Dat,
Thanks
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USD/JPY SELL WEEKYLY PLAN
EUR/USD DAILY SELL PLAN:
In either ways, we can make money.
Check out my chart.