I don’t really need to write this thread. Whether you’re a Japanese housewife, high school student or unemployed middle manager just get started! Open a demo account on Sat. Place a trade on Monday and make 30% by the end of the week. (trigger warning for experienced traders). But without experience and knowledge your chances are pretty small.
Trading forex gives you many choices of risk and exposure including this one. It also gives you the opportunity to lose 90% in a week!
As a trader your challenge is to maximise profit and minimise exposure with two choices. To day trade or trend trade. You can trade the news also but imho running barearsed down a main road is more fun and less exhausting.
As a daytrader you will be challenged to live in the moment with most of the action happening in our overnight hours. As a trend trader you will be challenged to identify a trend and stay in it ideally to the end thereby living in future moment/s of trading profit.
Whichever you choose you will constantly need to challenge your biases and assumptions.
As a trader you’ll more than likely go through a process of;
Learning the basics – YouTube/Demo/Books/Seminars/Forums
Learning in detail from others – YouTube/Coach/
Testing your strategies – The best experience comes from trying
Refining your approach – Finding the discipline that takes so long to acquire
Maintaining success – Reducing your risk, reducing your trading activity and placing well timed trades that will give maximum profit in a given time.
At the end of this process you’ll realise the most important tools are trading signals. These will tell you when to enter, when to take profit and how long to stay with the price action. Signals will give you the greatest certainty of success. Any other approach is judgement based on bias and analysis with still a high chance the price will move against your trade.
And then even as an experienced trader with the best trading signals you’ll still get an itchy mouse finger and place that dreaded trade, proving yourself a human-being motivated by emotion to make stupid decisions.
But you kick yourself (not for the first time) and promise to be more disciplined and less human. Recover and start again. Because the more times you choose to give up the more you’ll convince yourself that success is not possible.
Books I have read and liked, The Forex Trading Manual, Javier H. Paz
Coaching – The cost of a coach will save you money you may lose until you reach the status of success. Like all coaches they will save you time and challenge your beliefs.
YouTube – Search Forex Techniques and choose from 10 million videos.