Aussie_Pride
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Hey Ecvvb2b,
I don't know exactly what you do know? so i will just go from the start.
First i want to start by saying it won't be anywhere as easy as you think, it takes time just as if you wanted to become a Doctor or a Lawyer, give yourself time to grow and be realistic! If you really have know idea, go to Babypips.com and click the School tab ( not trying to promote their site, it's where i started! ) you will learn the basics their and that should help.
The second thing i will advise you to do is get some good info on the psychological side of trading. Many seem to totally ignore this or just don't really take it serious enough. To me this is a massive part of what you need to become a successfully consistent trader. The book that helped me the most was; Trading in the zone by Mark Douglas. But i'm sure there are many books that would do just a good of a job.
Third..... DON'T GET CAUGHT IN THE HPYE!!! This is pretty much what we all do to begin with. What i mean by don't get caught in the hype is don't think that you will make a gzillion$$$ in a week or a very short period of time!! even if people do double, triple, quadruple their accounts in a day they never are around long. They are taking way to much risk and they do eventually blow their account! I know it, Brokers know it and so will anyone that has been around long enough.
Money Management ( MM ) is very important! Never take to much risk. You want your winners to be bigger then your loses or at least a 1:1 ratio that being it takes one loss to wipe out one profit. Search Google for; Forex trading money management, and read up on it you will come to your own conclusion eventually on what you will risk at the end of the day it's up to you.
For me this is where i start my day off and is pretty much the first thing i do. This is check the economic calender to see what news is coming out for the whole day. There are people that trade the news and you can make some real nice quick profits, but i do not trade the news. I use the calender to see what kind of volatility is going to be around for the day. If there is a lot of news then is likely that there will be some nice movement throughout the day. Not much news and you will likely see a ranging kinda day. The calender i use and many others use is on Forex Factory ( FF ). So you will want to keep an eye out for that. There are different types of news that have different types of impact. The news events will have different colors indicating type of impact you can expect... High (red), Medium (orange), or low (yellow). I will just point out one that i don't really like to trade at all, and that is on US Non Farm Payroll (NFP) days, everything just seems to go out the window to me so i stay away from the US session when that comes out the first Friday of every month.
This is kinda getting long and i could just keep going and going but lastly i will add that there is no Holy Grail ! That is... there is no system or way of trading out there that will win 100% of the time, NONE! So accept you will make losing trades, get over it and move on to the next! I believe there is no substitution for screen time. As ugly as this may sound i think you need to spend hundreds of hours, years watching the market, learning and get a feel for how the market moves or i should say how price moves, otherwise known as Price Action (PA).
I have attached a PDF to give some prospective on how long it can take on becoming a consistent trader so give it a read.
Hope i have help you a bit? there is much to learn and there will always be new things we need to learn as traders. As long as you can learn and have a dream of becoming a trader then you will get there and one day you will be telling someone the same as i am telling you.
So strap your self in, don't drop your nuts and try not to throw your guts up, Cause it's a Roller Coaster of a ride!!!!
Aussie_Pride
Oh by the way i didn't put the PDF together, so i take no credit!!
