So, who else out there, like me, is an enthusiastic aspiring trader attempting to learn and practice alongside a busy day job?
Does this sound familiar....the markets open and I am in rush hour traffic, I get to work, open the charts and from thereon in attempt to trade, trying out numerous ideas and strategies but constantly missing the action and best entry....not to mention the fact that I am doing all this whilst the Boss is not looking! My working day ends, travel home, spend time with the family, pay attention to the wife...sleep!
I am a technical trader, and also recently entered the world of automatic and semi automatic expert advisor's...I've tried trading the short term time frames thinking I would have more of a chance to find a trade only to get horribly violated by the lure of scalping...so I then moved on to the long term time frames hoping to have the opportunity to catch long term moves and less time on the charts...only to get stung with the need for larger stops and and my losers significantly out stripping my winners......
The really frustrating thing is though, I know I can do this, and despite keeping things very simple with trend lines, support & resistance zones and using pivots for entry, stop losses and limits something just isn't clicking...............maybe its me not yet getting totally comfortable with a style of trading, consistent strategy and discipline....
So the point of this thread is for like minded people out there to also have a rant, but please, if you have become a profitable trader and hold down a busy day job, I urge you to share what transformed you from a wannabe to a winner.....
Hi its through perserverance and and hard work that it will pay off, stick at it and the more time you can study the better. If you can find a decent honest mentor out there then even better (should not cost a fortune, none of these people selling courses for 5k or 10k as they make money from them not from actual trading). Cheap does not necessarily mean poor. The main thing is to read the market as a whole, it tells a story from start to finish. Check all timeframes before entering a trade not just the timeframe your trading. Like before you trade euro, do you always look at eurgbp. Before you trade eurjpy, do you check eurgbp and usdjpy for clues of direction etc. Hope you find what suits you
Trading needs concentration, discipline and time. And the skill you learn by trading and making mistakes and learning more from them. If you don't have a lot of time to spend then you must go to the longer time frames and forget day trading, IMO its not possible for you along your other chores. And be patient and use demo account first. Maybe for few months. Read some good books, I'm currently reading old classics(?): Trade Your Way to Financial Freedom Smarter Trading (Perry Kaufman) They should give you some insight what to expect of trading and how to start you own trading style.
in the forex world,there are 4 main markets: -Asian(JPY) -american(USD) -europe(GBP and EUR) -Australia(AUD)
i believe if you miss one of the market opening,you still can go for other. AUD and JPY could last up to 4 hours. USD could last for 2 hours EUR-GBP last for 3 hours.
So i am not sure where do you live,but i believe you can match one of the market opening time. Like me,i am working during asian market,So i could play the US market only. So i believe it would be best for you to play during your free time. It is unwise to play it during working hour.
For free forex guidance,you can read basket trading system.I learned a lot of thing from it. It's free of charge as well.
I have learned forex since 4 years ago but till now my system isnt perfect yet.
I am very keen on Expert Advisor's and currently learning how to programme them. Despite there being hundreds (if not thousands) of free ones to download it is a mine field to pick the good ones so thought it best to try and learn how to do it.
I am running a live account with The Striker from the Forex Police, which, so far, has done well, despite a bad May.
Am hoping to devise a set of EAs which will alert\email me to potential trading opportunities on numerous currency pairs and indexes and then take the decision whether to trade, hopefully this will eliminate the need to keep trying to check the charts all day long.
Has anyone had any success with mirror trading\social trading? I have run demo accounts for eToro, Zulu Trader and Mirror Trader and as yet not one has proved profitable despite only following 3 to 4 of 'the best' traders? Have just opened an Autotrader account here with myfxbook.
trade copier is simply bs..the best way is to find or develop ur own trading strategy/ies, stick with it..second thing is to monitor economic calendar b4 u go to work so that u'll know when exactly u need to open any positions or stay the f**k out..Im currently trading part time but planning to trade full time in years to come..
Hey all. I work about 10 hours per day in my day job. I don't even know how many hours I have spent studying and trading the market over the last 4 years. All of my trading is done on my Android phone.😲 I'm not super successful yet, but I have made a lot of progress. It's very hard to trade while working a day job.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.