Hello fellow traders,
I'm in the US in the Northeast. I'm an aspiring trader hoping to find my way. I've read probably 10 or so books on the subject, but am a little discouraged a lack of specific trading strategies (entries, exits, trade management) in them. I work full time so I'm limited in the time frames and instruments I can trade. I've been drawn to FX owing to the round the clock trading and liquidity in the space. Is anyone (who is a profitable FX trader) out there willing to share some of their strategies and experience?
1) Study technical analysis in general (there's lots of free material on the net)
2) Learn how to read, interpretate and understand newsfeeds.
3) Choose one strategy and stick to it no matter what. If you experience that the strategy doesn't work and/or doesn't suit you, then try another strategy. Just don't jump back and forth looking for that holy grail indicator, or holy grail strategy. There's no such things. Some are better than others. But at the end, it's how they are used that matters.
4) Trade manually, preferable on a live account with real money; money that you can accept to loose; money that has no major impact on your life if you have them or loose them. Look at the losses as you're buying experience. If you can't afford it, then trade on a demo-account. However, realize, that the price feeds and spread are much better on a demo-account than on a live account, so you will never get the same result.
5) Only trade when you're in balance, and never when you're feeling stressed. Don't sit in front of your computer the whole day. It's better to be 100% focused during one hour than 25% focused during 10 hours.
6) Trade on as short time-frames as possible during the learning process. I'm not saying that trading on M1 is better than trading on H1 or D1 when it comes to earning a profit. I just say that it will speed up your learning process to trade on shorter timeframes, since everything happens much faster.
7) Realize that there's no holy grail EA (robots) out there which you can buy for $99 or whatever that will make you rich. Because, if there was such a holy grail EA, then why would the author sell it for $99 (or whatever)? There are many good EA's though, and with proper and conservative settings, many of them gives a slow and steady income. The mistake most people do, is to over-trade with them using the wrong settings.
There's much more to say.
Good luck!