I'm new to trading FOREX. I started years ago and wiped out several accounts with money I could afford to lose before bailing. I've come back to trading recently, at a different time in a different economy. I paper traded for a month or so until I had a model that seemed to work for my plan and goals. I funded my account almost three weeks ago and have been doing better than I should be. I haven't had a single day of losses and have more than doubled my money. I feel like the other shoe has to drop any time now. I'd like to know how other newbies are doing and what I should watch out for as a new trader realizing early successes.
BeginnerJoe
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Forex felt too volatile and fast at times, quicker than I could act at least. I think I lost a few pounds playing, though not enough for me to remember how much it was. Now I prefer equities. These are much slower and give me time to act.
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Perhaps you're looking too closely at the fx market. If you want to slow things down then work off a higher time frame. I trade off the 4 hour and can watch my trade criteria setup over a period of several hours to days. Gives me time to do other things too. As for profits I can manage 1-2 trades a week off just one pair with trades rewarding between 50 to 300 points depending on the trend cycle.
I have profit targets for each trade and will pick the lowest time frame that shows my target. I measure my trades in pips, but my progress in daily ROI.
In my previous trading experience, I had no knowledge of money management and was using a 200:1 leverage with a dozen or more trades open at a time. Today I know exactly what I have to work with on each trade as I build my position, and I use a much more modest leverage.
In my previous trading experience, I had no knowledge of money management and was using a 200:1 leverage with a dozen or more trades open at a time. Today I know exactly what I have to work with on each trade as I build my position, and I use a much more modest leverage.
