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.
- 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.