Beginners have faith! fast progress is possible
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Thread: Beginners have faith! fast progress is possible

  1. #1
    Hi everyone

    I still quite new to FX and that is my very first post. I stumbled into FX just over 2 months ago via a biz opp website and currently it looks like I have discovered the holy grail (at least for me).

    I demonstration exchanged for about 6 weeks during the initial 2-3 I mostly messed around and blew my initial $5000 account, but then armed with a'refill' that I began to try and'trade properly' including a detailed log and rigorous post commerce analysis. In those 4 weeks of trading I won about 2/3 of my transactions and dropped my 2nd account.
    I mainly used two very easy approaches:
    1) day trading with Bollinger breakouts aiming for 5-20 pips per transaction
    two ) MA cross on 1h chart for 10-40 pips at one time.

    I then discovered a custom trend indior that enabled me to get into intra day trades which sometimes ran for several days and pull on 50-100 pips on single transactions. At first I had a few big losses but then I managed to maintain those low and come out on top.

    2.5 weeks ago I opened my very first live account with GBP 2000. My target was 10 pip a day or 50 a week, ie. #50/250 profit per day/week.

    Critically, I did ignore some crucial suggestions for novices by trading complete lots and potentially risking more than the recommended two or 3% per trade. Basically to benefit from bigger moves you can't keep stops tight.

    However, at this moment I have made 200 pips and achieved 80% return on my starting funds. So doubling my account at a month looks achievable now.

    Anyhow, must stay humble and not boast a lot of. Instead I just wanted to inform other beginners out there which you're able to think a little bigger if you have a trading strategy to begin with. To me some of the advice that is customary look just a little patronising like you will blow your initial account and you must begin trading minis or (worse imho) micros.

    Good luck to all other beginners!

  2. #2
    Quote Originally Posted by ;
    Hi everyone

    I still quite new to FX and that is my very first article. I stumbled right into FX just over 2 months ago via a biz opp website and currently it looks like I've discovered the holy grail (at least for me).

    I demo exchanged for approximately 6 weeks during the initial 2-3 I mostly messed around and blew my initial $5000 account, but then armed with a'refill' I began to try and'trade correctly' including a detailed log and rigorous post trade analysis. In those four weeks of trading I won approximately 2/3 of my transactions and dropped my account.
    I mostly used two very simple methods:
    1) day trading with Bollinger breakouts aiming for 5-20 pips per transaction
    2) MA cross on 1h chart for 10-40 pips at one time.

    I then found a custom tendency indior that allowed me to enter intra day trades which occasionally ran for several days and pull 50-100 pips on single transactions. Initially I had a couple of big losses but then I managed to keep those low and emerge on top.

    2.5 weeks ago I started my very first live account with GBP 2000. My initial target was 10 pip each day or 50 per week, ie. #50/250 profit per day/week.

    CriticallyI did dismiss some key suggestions for novices by trading complete lots and potentially risking over the recommended 2 or 3% per transaction. Basically to profit stops overly tight.

    But now I've made 200 pips and achieved 80% return in my starting funds. So doubling my account in a month looks very achievable now.

    Anyway, must stay humble and not boast a lot of. Instead I just wanted to tell beginners out there which you can think a little larger if you have a trading plan that was decent to begin with. To me now some of the advice look a little patronising like you'll blow your account and you have to begin trading minis or (worse imho) micros.

    Good fortune to other beginners!
    Please make certain to update us on your progress during the next six months.

  3. #3

  4. #4
    Quote Originally Posted by ;
    ...I began to try and'trade correctly' including a detailed log and rigorous post trade analysis. In those 4 months of mainly disciplined demo trading...
    I think that the main reason behind your success is the reason that you stated rather than any'holy grail' indior. Keep this approach, mix in some money management, and you are going to be successfull. Fantastic trading.

  5. #5
    Thanks for your encouragement Mr Green, much appreciated!

    By holy grail I did not indicate that success comes easy but having apparently found a great way (for me ) of generating income and refered to FX trading feature greats such as accessibilily, liquidity and leverage.

  6. #6

  7. #7
    Always good to ear victory stories.
    keep us posted on your progress.
    cheers

    I.

  8. #8
    You know, I often wonder if trading and FX just comes natural to a than it does others.

    Yes it takes discipline and sticking to a plan without deviation. However, some folks are already disciplined. Some people are naturals. For example, a local man here near Richmond, VA.. The story I've heard about him was that he went to some seminar and it clicked . He had been so good that the people tried to recruit him. He refused. He is currently 22-23 years old and has over $50 million in the bank.

    How about that - take a person SO new that they truly don't have some idea about what they are doing. Teach them the fundamentals. Give them a trading plan, i.e. enter the market when this and this this and leave the market with this and also this . Simply put, provided that this individual can follow instructions, they will earn money. Am I not perfect?

    Issues arise from improper cash management and greed. These would be the two biggest problems I see for new traders. Creating a trading plan is perhaps a challenging part, as you move but that can be fine tuned.

    Provided that one has a good trading plan, then it doesn't look like rocket science - at least not to me.

  9. #9
    I'd love to see. I think it's about as likely as shooting at par on a golf course your first time. That's one person's opinion.

  10. #10
    Quote Originally Posted by ;
    what EMA do You use?
    Yupsss pls advise what EMA did U use. THX.

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