Money Talk
Any tips on learning how to trade
Submitted by Bmck, 12-03-2019, 07:37 PM, Thread ID: 124215
Thread Closed
RE: Any tips on learning how to trade
14-03-2019, 06:04 AM
#2 Forex trader, then business owner here. I will give advice here.
1. DO NOT BUY A SYSTEM OR NETWORK OR AI DRIVEN PROGRAM. I have tested out almost every single one on mt4. Some that have cost thousands. It is snake oil.
2. I did not follow this in 2017 and lost hundreds of thousands. DO NOT TRADE ON EMOTION. Your first 15 trades are hardest. Also once you get out of a trade especially if it is a bad trade. Move away from the desk, go out, get your mind off of it, come back the next day. Trust me do not trade on it.
3. HAVE A EXIT PLAN FOR THE TRADE. When you hit the buy and sell button, you will get emotional, you have a bias or your losing cash and you hope you will get it back. Always follow a plan before you make a trade.
4. RISK UP TO 10% MAX. Not what you initilly leveraged
5. If you make more than 1% 2%( if your small) you are GOING TO GO DOWN IN GREAT BALLS OF FIRE.
6. START SMALL. most people burn up there first account , I lost half because of emotions and I did not know what I was doing.
7. you can start with a demo but do it exactly as you would if you was trading with real money. The emotions are not there. OR actually trade with real money and start at one miny lot. So you might lose a few bucks, but you get a little emotion.
Here is how my trade screen is set up. Pretty simple.
Multiple charts of the same pair(You have to know what the pair is doing as a whole from 5min to 1day charts support and resistance)
RSI set to 14
Stockolistics
candle chart
Here is a custom indicator that I freaking love. it is called supertrend or supertrend 2 I downloaded it from a friend. Basically it will show support and resistence, then I wait for the second candle to break through, then I would ride that ****** all the way to the bank.
I would recommend a 30-4 hour time frame. I LOVE gbp/jpy, I could just rub my face(and beard) all up in that pair. I think everyone loves it, LOTS OF FREAKING AMAZING PIPS. Also when you pick a time frame, know what is happening in all the other time frames also. it will help out a lot trust me. Know the support and resistance on each time frame and when it will be exhausted. Try and make your trades last about 2 hours up to a few weeks. Never do a few min trades. you will lose money.
I lived in the usa. Everything is dead after 1pm. then you have to wait till like 8pm to see any action. Pick maybe 3 pairs to trade. When you do that. You need to also know everything about that country. There are safity currencies like the swiss frank, so read up on that.
Go to forexsignals.com. That is like forex tv. great traders get on it. There is also a great indicator that you get if you find it and I always have it on.
Do you know how to draw lines. Your about to draw some.
Support can be the new resistance. resistance can be the new support.
Make that dough. Oh, and it really can be the best job ever. hope this helps
1. DO NOT BUY A SYSTEM OR NETWORK OR AI DRIVEN PROGRAM. I have tested out almost every single one on mt4. Some that have cost thousands. It is snake oil.
2. I did not follow this in 2017 and lost hundreds of thousands. DO NOT TRADE ON EMOTION. Your first 15 trades are hardest. Also once you get out of a trade especially if it is a bad trade. Move away from the desk, go out, get your mind off of it, come back the next day. Trust me do not trade on it.
3. HAVE A EXIT PLAN FOR THE TRADE. When you hit the buy and sell button, you will get emotional, you have a bias or your losing cash and you hope you will get it back. Always follow a plan before you make a trade.
4. RISK UP TO 10% MAX. Not what you initilly leveraged
5. If you make more than 1% 2%( if your small) you are GOING TO GO DOWN IN GREAT BALLS OF FIRE.
6. START SMALL. most people burn up there first account , I lost half because of emotions and I did not know what I was doing.
7. you can start with a demo but do it exactly as you would if you was trading with real money. The emotions are not there. OR actually trade with real money and start at one miny lot. So you might lose a few bucks, but you get a little emotion.
Here is how my trade screen is set up. Pretty simple.
Multiple charts of the same pair(You have to know what the pair is doing as a whole from 5min to 1day charts support and resistance)
RSI set to 14
Stockolistics
candle chart
Here is a custom indicator that I freaking love. it is called supertrend or supertrend 2 I downloaded it from a friend. Basically it will show support and resistence, then I wait for the second candle to break through, then I would ride that ****** all the way to the bank.
I would recommend a 30-4 hour time frame. I LOVE gbp/jpy, I could just rub my face(and beard) all up in that pair. I think everyone loves it, LOTS OF FREAKING AMAZING PIPS. Also when you pick a time frame, know what is happening in all the other time frames also. it will help out a lot trust me. Know the support and resistance on each time frame and when it will be exhausted. Try and make your trades last about 2 hours up to a few weeks. Never do a few min trades. you will lose money.
I lived in the usa. Everything is dead after 1pm. then you have to wait till like 8pm to see any action. Pick maybe 3 pairs to trade. When you do that. You need to also know everything about that country. There are safity currencies like the swiss frank, so read up on that.
Go to forexsignals.com. That is like forex tv. great traders get on it. There is also a great indicator that you get if you find it and I always have it on.
Do you know how to draw lines. Your about to draw some.
Support can be the new resistance. resistance can be the new support.
Make that dough. Oh, and it really can be the best job ever. hope this helps
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