Creating a winning formula is one of the most important element in forex. Away with all the strategy you have learned, without proper planning you will see your profitable trades running into losses and holding losing trades hoping for a turnaround. Dm me if you need help. Just like the (L x W) is the area formula of any size of a rectangle. You need a formula that you can use on a $500 or $50000 account that will still give you the same percentage of profit and risking the same percent of your equity everytime to stay consistent.
[UPDATE] Husband's FOREX investing plans scare me. Talk him out of it or let him learn the hard way?
Original is here.. After my original post, my husband did end up working a fulltime contract job that delayed his plans to get into currency trading. I hoped he'd love the job and forget the FOREX plans, but he remained convinced that the trading was the way he would make up for lost time and lost income from being unemployed/underemployed for so long. I continued to share my concerns; he continued to believe he was the guy smart enough to work the system to his advantage. His assumptions played out well in a demo account with imaginary money, and back-tested well against historical data provided by the broker. Short of a divorce ultimatum (the nuclear option), it was clear to me that I would have to let him learn his lesson the hard way. I asked a lot of questions, spelled out my fears/concerns, set firm limits on how much he would put on the line, required him to give me the same tracking app on the account that he installed for himself...and then bit my tongue and stepped back to let him do what he was determined to do. He opened his trading account this week. Anybody notice what happened to the market yesterday? Um, yeah. He had one day of thinking he was a genius (up $1000 in a day), and on the second day more than half his account was gone. Unfortunately, I don't think the loss translated into a lesson in his mind, unless the lesson was "I just picked the wrong week to dive in." He wants to regroup and continue to explore FOREX, but through manual rather than automated trades this time. I think it's time for me to insist on counseling. Not only because this is a point of contention in our marriage, but because I am genuinely concerned about his state of mind if he fails at this. Wish I had a better update, but we're now heading into relationships territory rather than personalfinance. tl;dr: Decided to let him learn the hard way. Market smacked him down fast, but I'm not sure he's learned his lesson. Probably time for relationships.
I have just started learning about trading in forex market and it would be great if someone with experience could help me to come up with a trading plan
I just finished reading Currency Trading for Dummies and I now have some very basic idea of trading however I understand that I’m only starting and I’m going to stick with demo account for now. Now I want to start working on my trading plan and as I have learned there is no easy formula to make a trading plan however I think someone with experience could explain to me some flaws of my trading plan if there are any. For now I only have a very basic trading plan. I have decided to trade in 1h and 4h charts. First, I will look at a general trend because as I learned in the book it is better to not trade against trend and then look at resistance and support in daily charts. Then I will look at where prices are likely to break resistance or support and there I am going to enter the market. I plan to close my positions at some key resistance or support levels or when I learn how to use it maybe I will also use Fibonacci retracement. Hoping to hear andvice from someone who is familiar with such type of trading Thanks!
#Forextrading involves a lot of things to master and a lot of variables to monitor. You have to make the right #tradingplan, which is suitable for you.Here is a list of 10 tips that helps you to form an effective trading plan to succeed in the Forex market.https://wetalktrade.com/forex-trading-plan/
What are some good resources for helping to develop a profitable swing trading strategy? I am making some (inconsistent) profits and feel like i'm close to being profitable. I have already done babypips is there any other free resources that can help devloping a strategy
A trading plan is vital to your success as a trader because it gives you a set of proven rules to follow, even when your emotions are trying to make you trade impulsively. But how do you actually create a trading plan for Forex trading? Good question. In this post, I will show you exactly how to create a trading plan, even if you have never done it before. plan (developed over time) and you stick to it, you can become successful! You may have a simple plan or a complex plan but to be successful you need to FOLLOW YOUR PLAN. Basics For Your Plan Trading System The trading system is the foundation of your trading plan. You should test it for at least one month by your Pre Launch Trading and Demo ... Develop a thorough trading plan for trading forex. Sometimes there is a misconception that you need highly evolved market knowledge and years of trading experience to be successful. Forex trading plan is peace of information about the trader’s current market considerations. These plans have information about open trade price levels, technical and fundamental indicators, trader’s goal, plan about the right timing to close a trade. In the forex trading plan, traders can define their opinion, opportunities. A winning Forex trading plan should be the starting point for any journey to becoming a consistently profitable Forex trader. Yet unfortunately most traders don’t write one until they’ve blown a few accounts. Even then the task to write a trading plan often falls into the category of, “I’ll get to it when I have time”.
5 Elements of an Effective Forex Trading Plan - YouTube
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