Iím New To TRADING Ė Where Do I Start?

This is a discussion on Iím New To TRADING Ė Where Do I Start? within the First Steps forums, part of the Reception category; Originally Posted by timsk Hi Donwealt, Welcome to T2W. You have two clear issues that you need to address and ...

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Old Aug 5, 2018, 10:23am   #241
 
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Quote:
Originally Posted by timsk View Post
Hi Donwealt,
Welcome to T2W.

You have two clear issues that you need to address and I recommend that you stop trading until they're sorted. If you carry on without addressing them - the situation will only get worse and you'll continue to lose money.

First, you need a clearly defined trading plan. One that's properly back tested and then forward tested on a demo account. If - and only if - this is working and making consistent profits should you then go live and trade using real money. And, even then, only use the smallest amounts your broker permits. Once you have a real plan in place, there'll be no chasing trades and entering/exiting them based on fear and greed, as your plan will stipulate exactly - and I mean precisely - when and where to open and close them.

Second, if you've done all of the above and are failing to stick to your plan - you've gotta ask why? Why deviate from a plan that you know is profitable - only to take unplanned trades that lose you money? Why do that, indeed, why would anyone do that?! My guess is that even though you might think you have a plan, you've not arrived at it in the way I've outlined above and it's nowhere near robust enough. Consequently, you don't have total faith in it and your ego thinks it knows better and gives you carte-blanche to deviate from it. If your plan really is properly watertight and you just can't stick to it, then you're not cut out to be a day trader. In which case, your choice is to pan out to become a swing or position trading or, if you absolutely insist on day trading, get yourself professional help from someone who specializes in trader psychology.
Tim.
Thanks Tim. I already got a plan but I miss a lot of my trades out of lack of concentration or fear. Then seeing it 5 to 10 mins later vehemently moving as expected, I try to do catch up which means I don't enter at the precise entry point though the setup is still valid. This messes up my SL position(as I used fixed amount of pips) and break even point. Thus I get frequently spiked out. I think I need a sort of alert system to get me alerted once my setup occurs to ensure early entry. I will sort out the fear issue.
Thanks once again.
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Old Aug 5, 2018, 11:11am   #242
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hey D

you have to be confident in your system ....and trade it with 100% dedication

if not change the system until you can be confident in it

N
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Old Aug 6, 2018, 8:21am   #243
 
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Happy new week guys.
Please what's the best way to trail a trade strategy on 5mins TF that has 10pips SL and 20pips TP.
Secondly at what point is should be breakeven.
It's has been frustrating so far getting stopped out and watching trade move as anticipated and on the other hand, getting over 12 pips and only getting 1 pip out of it. Please help a newbie.
Thanks and happy trading.
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Old Aug 28, 2018, 11:41am   #244
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To make maintained benefits from Forex exchanging, requires inside and out learning of different budgetary instruments, and a great deal of time situated at a PC observing each development in the tremendous worldwide market.
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Old Aug 30, 2018, 2:29pm   #245
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I understand your situation, I really do. It's not that easy to combine work and all the other things, like family and hobbies or crypto trading. Based on my own experience I can suggest you to try long-term trading, I mean holding. In such case youíll only need to buy some amount of coins on exchange (since youíre newbie, you can try cex , as itís quite user-friendly). Then you'll need to transfer your crypto to the wallet. Btw, mentioned exchange also provides its users with a cold storage, where you can keep funds.
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Old Aug 30, 2018, 2:31pm   #246
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Originally Posted by Ezra_C View Post
Hi everyone!

I'm new to trading so I would really appreciate if you could give me some advise! I have a busy life with a 9 to 5 job but I'd like to learn how to trade. Is it possible to make profits without trading every day? What if I can only trade on the weekends?
I understand your situation, I really do. It's not that easy to combine work and all the other things, like family and hobbies or crypto trading. Based on my own experience I can suggest you to try long-term trading, I mean holding. In such case youíll only need to buy some amount of coins on exchange (since youíre newbie, you can try cex, as itís quite user-friendly). Then you'll need to transfer your crypto to the wallet. Btw, mentioned exchange also provides its users with a cold storage, where you can keep funds.
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Old Aug 30, 2018, 4:15pm   #247
 
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Other way in such situation is not long-term trading, which looks like investing, but to try so-called swing trades - mid-term trading, when one trade lasts from 2 days to several weeks. Such trades can be based both on technical and fundamental analysis, so you need to find an idea and then only watch the chart. With modern mobile software you can even set an alarm to enter the position and just wait.

Of course you can try to trade intraday after work, but it can be very difficuilt and even exhausting.
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Old Sep 1, 2018, 9:06am   #248
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personally i never hold over weekends ........but i understand when your lifestyle hinders active involvement (as my work did for many years).....others are saying as i say ....trade daily charts as thats all you can monitor...perhaps 4h if you get breaks
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Old Sep 5, 2018, 9:45pm   #249
 
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Honestly, something I tell people starting out is to put your trade on and use whatever stop you use for your target and see which gets hit (this helps to determine whether your analysis is good). Work on finetuning analysis and then you can focus on order management. Too many new traders take profits very fast and let losers run which ends up being a bad thing for your account value over time.
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Thanks! The following members like this post: Commonsense
Old Sep 7, 2018, 9:16am   #250
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Completely agree with you @motiSky. That's something people should not miss out to work at. Good advice!
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Old Sep 8, 2018, 7:31am   #251
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Quote:
Originally Posted by Donwealt View Post
Happy new week guys.
Please what's the best way to trail a trade strategy on 5mins TF that has 10pips SL and 20pips TP.
Secondly at what point is should be breakeven.
It's has been frustrating so far getting stopped out and watching trade move as anticipated and on the other hand, getting over 12 pips and only getting 1 pip out of it. Please help a newbie.
Thanks and happy trading.
FYI - interesting exit thread here ....I forgot about this one

http://www.trade2win.com/boards/fore...ex-market.html
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Old Sep 11, 2018, 12:24am   #252
 
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Forex is based on making financial operations with foreign currencies. Traders earn money on the difference of exchange rates of them because of that prices for certain foreign currencies are very important. Forex is made only in currency pairs, like for example, USD/EUR, and you need to monitor constantly the market for possible prices changes. Technical analysis is a necessary thing too because it gives an opportunity to understand reasons of the prices changes in past and predict them in future, with such analysis you can catch later a perfect moment for making a really good deal. So you can try trading on weekends but I don't think it'll be enough effective in your case. On the other hand, it's like gambling because it's impossible to predict all changes and sometimes you can earn really good money and sometimes even lose all your capital https://www.investopedia.com/article...d-consider.asp
Also an important thing for forex market are brokers https://fx-list.com/ because all your financial operations will be managed by them, as also opening your account. Among them there's a great amount of scam but it's not hard to avoid it if you choose them only from reliable regulatory agencies lists.
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Old Sep 15, 2018, 6:40pm   #253
 
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If a forex trader wants to handle all his funds properly then he will require a strapping back ground of trading skills and comprehension. In order to continue trading journey in a more systematic way in this world market place, a forex trader will need to craft trading plan after understanding his trading needs. Without understanding the trading requirements a trader canít even select broker that will best for him.
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Old Sep 17, 2018, 8:13am   #254
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Originally Posted by Merk Porter View Post
If a forex trader wants to handle all his funds properly then he will require a strapping back ground of trading skills and comprehension. In order to continue trading journey in a more systematic way in this world market place, a forex trader will need to craft trading plan after understanding his trading needs. Without understanding the trading requirements a trader canít even select broker that will best for him.
heres the bottom line guys....

put some money and time aside to learn to trade ........if after 2 years you havnt made it then you need to

1) seriously review and change your approach.....seek out mentors in your chosen market / area to help you.....beg them ......you need help .....to move you forwards

2) just walk away and do something else - no regrets ......

N
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Old Sep 17, 2018, 8:22am   #255
 
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Originally Posted by Donwealt View Post
Thanks Tim. I already got a plan but I miss a lot of my trades out of lack of concentration or fear. Then seeing it 5 to 10 mins later vehemently moving as expected, I try to do catch up which means I don't enter at the precise entry point though the setup is still valid. This messes up my SL position(as I used fixed amount of pips) and break even point. Thus I get frequently spiked out. I think I need a sort of alert system to get me alerted once my setup occurs to ensure early entry. I will sort out the fear issue.
Thanks once again.
Hello Donwealt,

If I can suggest you two books that I found quite useful, and I believe they may be useful for you as well:
- One good trade
- The Playbook

by Mike Bellafiore. They discuss a lot the challenges that a daytrader must overcome to become profitable.
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