I turned to learning forex not that long ago, taking what I knew with BO and applying it forex is a great fit for me. I've got it down. I hear everyone say you gain experience by losing. So don't be afraid to do it.
I'm not anymore.
I scalp so I have setup two charts for myself I mark S&R on daily and confirm on 4 hour. Then I mark S&R on a minute chart. This allows me to get a better feel for realtime bounces and where I should take a long or short position.
I come on TV to watch the charts and to read what the "experts" have to say. I really need to stop listening to a lot of them as anytime I do I lose BIG TIME don't get me wrong some of them know what they are talking about about a noob as they call me it's my job to figure out the real deal traders from the traders who are simply guessing.
So in my attempt to keep things simple I learned about the B Bands. I learned and I learned . I followed these indicators for a while until I learned Price Action and learned some patterns. It will do you some good to learn the basics. You don't need a multi colored chart with diamonds and clouds and 15 indicators to make money.
I'm started at the very bottom and loss close to $400 my first month. A disable Veteran like myself $400 is practically is not fun to part ways with. Now I loss $400 after I made $400 profit. That got me the most.
So I took a step back and tuned out the noise. I started again with a simple $10 (really starting from the bottom) I look at the price look for the range and short it at its high and long it at its low.
I'm no longer in a rush and unless I know for sure that a trend is going to continue I will simply scalp. I tune out the noise of the traders and do my thing.
Now the one thing I still have a problem with is discipline. All of the trades that led to my wipe out were after I made a good amount of profit for the day.
This week I'm going to deposit more money and I'm going to start using TV to keep track of where my positions are. I started doing this today and it has been a great help since I'm mostly at my when I open a position.
If I can share anything that has helped me it's these few things
1- Before London opens there is always a spike up. (Since I've been watching anyway)
2- Don't leave any positions open during the weekends if there is something hectic going on.
3-Set a stop loss for yourself even if you don't set it when you open your position.
4-Take the smaller loss vs being stopped out by your broker. (A big problem I have)
5-Discipline. Don't get greedy. Make some money and walk away for a few hrs or for the day.
6- Tune out the noise. You don't fancy equipment you don't need to pay for signals you just need to take the time to learn a few basics things to be on your way.
7- Don't trade with fear. Don't trade with your emotions.
8-Come up with a trading plan and stick to it.
9-Take out some of the profit that you make.
10- Find the best broker for you.
If you're like me this is not something you do for sport. It's something you're trying to do to supplement your income or be your main source of income. Remember all good things take time so don't try to rush and get to a six figure account.
Slow is smooth
Smooth is Fast