Jump to content

New to trading


Guest Lech82

Recommended Posts

Hi guys,

Am still only learning on the demo account and wanted to share my understanding, get some advice, opinion if am on the right track,

From all the reading and watching people posting beginners videos on YouTube, have to say there is lots of **** around. Am interested in forex - spread bet. As a beginner was asking myself few questions, main: how much money will i need to switch for the real money. How much per trade etc. Watching videos and some people say: “with small acc you need to risk more, to build up quicker” what a ****, impossible, etc etc, so much wrong information. Lucky everyone got his own brain.

Learned so far:

-          Focus on major fx, keep low spread, trade in the morning

-          Risk up to 2% per trade,

-          Look for pairs at the support or resistance,

-          Check and confirm the trend on 1hr and 15min charts (got also open 5/1min and 30tick)

-          Start with stop loos, checking how much I can afford on my excel spreadsheet, will upload it as well,

-          Check risk reward ratio, need to be able to pass 1:2,

-          no limit, let it go and fallow with stop, need to be able to determinate the limit or don’t trade

With my spreadsheet it’s physically impossible to risk more than 2%, only if you won’t place stop loss (or slippage) also shows required margin and proves that there is no way to be able risk 50% etc, as some people are saying.

https://synowkaprojects-my.sharepoint.com/:x:/g/personal/lech_sprojects_uk/EYlJyWi2kGxGsd2SqXS5aFIBX_1Wxly4kCUjF5ENzi0o7w?e=Z76Ocd

Now learning:

-          psychology     

-          correlation

-          candles and patterns, moving averages, stochastics, fibonacci

Could you guys please advice on some good trading course or books to continue my education.

Please also check my spreadsheet, it’s for acc from 1 to 10k, live data from x-rates, just change the capital, now am working my journal, where I will have to go through the steps and tick all of, check, check, confirmed, then trade etc. Will set my demo on 1k and see how it

 

In my opinion the best way to start trading is to learn, start with 1k for 6 months to 1 year, survive 1 year,  increase to 2k for another 6 months and then go forward.

Link to comment

That's right @Lech82 the new margin requirements severely curtail the amount of risk you can take on and slow the growth rate of an account (or slow the demise of an account). And as risk is defined by your stop loss so it also limits which trades you can take if the size of the stop is just too big.

Stick to the majors for sure but I would start with just one or two and get to know them real well.

As for 2% of account size to risk on one trade, start off on the minimum £/point the platform allows and work your way up to 2%.

Yes, check on trend direction on the higher time frames, be wary of going against them.

Look to find one or two setups that you can practice over and over to get good at.

It's also not a bad idea to place a profit limit to start with and just concentrate on entries, in-trade management can take a while to learn. 1:2 set and forget is not a bad way to go until you know your market better.

Cred's study guide is a good all round trading guide for beginners.

https://drive.google.com/file/d/1UJBLRa9Sh0PZ0vL_wI9uDVbIRxVUdazE/view

Link to comment

Thank you @Caseynotes

Will fallow your advice and thank you for materials.

Will go for USD/JPY and GBP/USD, good pairs in your opinion?

Will also change from £/p to p/p and use 1/p, will be easier and cleaner to learn.

Thank you

 

screen.jpg

Link to comment
  • 2 weeks later...

Interesting @Lech82, you've elected to go short and go against the longer term prevailing trend which has been bullish since the start of the year though your target is reasonably modest so not looking for a major reversal just a deeper pullback and your stop is tight so damage will be light if price swings back up.

You look to be hoping the stochastic will remain in oversold though it has already been there for several hours, I would rather have it aligned so that there was a whole stochastic down leg looking forward to carry my trade with it.

It may work out for you, anything can happen after all, though I suspect there are many more traders waiting for the current pullback to end to go long with trend continuation.  

Best of luck.

1323939046_GBPUSD()H1.thumb.png.0bb4c3beb45ba5f4b9a164491b98b1a5.png

Link to comment

Ah,

 

To tight on the stop, i've risked 0.8% of portfolio, should go 2%, take 50% profit on 13156, problem with going £1/p am not able to reduce in the time of trade. Will learn :)

It will be my first journal note, will post it later,  

Now need to wait for long

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      23,599
    • Total Posts
      96,961
    • Total Members
      44,170
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Jag
    Joined 03/12/23 16:16
  • Posts

    • Trade statistics of the 'Triangle 8th' system as of 12/03/2023 Gain: 102.00% Profit: 781.52 USD Funds: 1,400.18 USD Balance: 1,781.52 USD Beginning deposit: 1,000.00 USD Withdrawals: 0.00 USD Top-ups: 0.00 USD
    • Name of stock - Vox Royalty   Name of Stock Exchange - NASDAQ   Leverage or Share dealing - Leverage   Ticker - VOXR   Country of the stock - Usa   Market Cap - 100M
    • It is a best practice to buy dip and sell high but this strategy mostly doesn’t go as planned because you can’t predict the final bottom. Some traders BTD anticipating a potential pullback which mostly doesn’t happen and this force some into panic selling. DYOR is mostly advisable but some people fail to know which analysis they should focus more on. When deciding to hold a token for a long-term FA is very important and its cardinal point should be thoroughly scrutinized before making such a decision. These points include; Whitepaper, Road map, and Usecase. These points have a huge impact on deciding how long to hold a project and also booast your confidence in the project's bullish potential.  The first principle in this industry is “invest what you can afford to lose" though many neglect this principle as such when a project is going through a price correction they panic sell and sell at a huge lost. Most normal regret their decision later when they see the project back on track. Once you adhere to the first principle you hardly fall victim to panic sales. Note that it is mostly not advisable to hold meme tokens una less you are convinced because meme goes with the hype and finds it hard to retest its ATH once the hype is over.  Anyway what are your trading strategy and principles you adhere to most?
×
×
  • Create New...
us