it is a balancing act. Most important is to restrict the losses and preserve the capital. My mantra has been its not about making money but to avoid losses. It is an ocean out there. You will have ample opportunities. do not try and force trades. Put all your analysis and efforts in finding the right trades. You should have the right reasons before pressing that button. Once you are in, then trade management will come into play. Do not just take a trade. You should remember till much later why you took that particular trade. It will make or lose money but reasoning should be right.
mitchelstrack posted: I did try some strategies but there hasn’t been a consistency in profits. I think it takes a lot of time to get constant results in forex. Wondering if I should start with scalping for making fast returns. Thoughts?
I think it is not possible to make money as long as a trading plan is made without acquiring proper education. Trading education and discipline help build a career.
The most successful trade of mine was when I entered the position with the highest leverage provided by my broker. I put not so much money but due to leverage I managed to earn 100$. Actually, I don't advice traders to follow my example, because it won't lead to something positive. My case was just the luck. However, traders shouldn't rely on luck because it turns trading activity into gambling. You have to calculate everything in order to understand whether you can open a position or not. Only by these steps you can turn trading into long lasting activity actually.
KAnthony posted: hi all. i'm newbie and only starting my trading way. but now i can boast i made my first $20 on eurusd pair. however, i'm only testing a demo account, not a real one. but for me now it is already a success.
The size of your account doesn't dictate the success of your trade. What risk reward was the trade and therefore ROI? Is your strike rate sufficient that your risk reward has you in profit overall? These are the markers of success, the money isn't as it is fluid and will always change relative to the real success in your trading.
If you can't spot the liquidity then you are the liquidity.