hi smithleo
Hello Sharky, Hello Everybody,
My name is smithleo, and i am still paper trading ,Really want to trade live but just trying to be well informed before taking the dive.Hope to be encouraged with the posts on this forum. Hope to learn from you all.
I am a newbie but a little further down the road than you.
I have been trading for real for 3 months now and have learnt the following-
1.Do not get bogged down with the offers of systems, whether cheap or extortianate.
2.Better to learn take advice from brilliant sites like this and all the advice given by experienced , knowledgeable and very helpful contributors.
3.Only you can decide your future trading methods.
4.This will depend upon lots of things like-
the amount of your initial bank-
your choice of trading (intra-day trading ,scalping, longer term)-
the commodities you want to trade-
5.What I have learned is-
to write a trading plan-
stick to it -
choose a reliable broker (I use IG Index )
open an account with cash you can afford to lose
be very selective on what you trade ( I do GBP/USD mainly )
you can always expand as you gain experience
get your win/loss ratio right- 2/1 seems OK to me
at first set an average weekly target profit -mine is currently 50 pips per week
learn to take losses without beating yourself up
use indicators you are comfortable with (such as RSI,stochastics ,EMA )
VERY IMPORTANT-do not risk more than about 1% of your bank on any trade
increase stakes gradually as your bank grows and you gain experince
I will have missed something but those are my immediate thoughts.
Good Luck