I found out about the forex market about a year ago after rediscovering its name 2 years after taking economics in high school. It was late summer 2020 peak first wave covid in the U.S. I had no clue how vast the markets were and the money I could have made with the understanding I have now. I am honestly not profitable just yet, but I'm determined to never have to work to the point I'm begging for hours and work multiple jobs due to lack of trust with the changing mangers at my hourly. one year from now I hope to be typing an update while on vacation paid for in forex lol.
1-The market doesn't speak in dollars it speaks pips. Dollars is just a translation for us, traders, to stay motivated cash is just part of an economy but it is much more complex than just the money (count pips not profits).
2-Don't trade anything you don't trade because you haven't known the pair well enough (not you pair not your problem)
3-Trading without a stop loss = driving without brakes willingly and no one wants to do that right ??
4-Its faster to lose money than make money my analytics showed it took me 16 hours to make 6,000$ but I was net even but only 4hours to lose 6,005$ and the account was 4 months old
5-if you can't plan to set risk management you cant plan your trading goals.
6- you may not be a certain type of trader and that's okay do what works for you
7-The more you seek the more the markets tell you and when they speak not everyone will be on the winning side so don't listen to everyone.
8-trade and listen to the news but don't trade during the news !!!!!
9-confirmation is key
10- trading view backtesting is the only way to practice honestly so do it
11- Diversify your system
12- Don't over diversify your system if needed take it apart and put it back together right plan wrong pairs ? right pairs wrong plan? maybe you need to master your trading ? is it the style ? do you need to master the indicators you using first? take it all apart and reverse engineer it.
13- Never stop learning
1-The market doesn't speak in dollars it speaks pips. Dollars is just a translation for us, traders, to stay motivated cash is just part of an economy but it is much more complex than just the money (count pips not profits).
2-Don't trade anything you don't trade because you haven't known the pair well enough (not you pair not your problem)
3-Trading without a stop loss = driving without brakes willingly and no one wants to do that right ??
4-Its faster to lose money than make money my analytics showed it took me 16 hours to make 6,000$ but I was net even but only 4hours to lose 6,005$ and the account was 4 months old
5-if you can't plan to set risk management you cant plan your trading goals.
6- you may not be a certain type of trader and that's okay do what works for you
7-The more you seek the more the markets tell you and when they speak not everyone will be on the winning side so don't listen to everyone.
8-trade and listen to the news but don't trade during the news !!!!!
9-confirmation is key
10- trading view backtesting is the only way to practice honestly so do it
11- Diversify your system
12- Don't over diversify your system if needed take it apart and put it back together right plan wrong pairs ? right pairs wrong plan? maybe you need to master your trading ? is it the style ? do you need to master the indicators you using first? take it all apart and reverse engineer it.
13- Never stop learning
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16. we get paid to wait
17. its better to master 2 pairs rather than 4 pairs that you are bad at
17. its better to master 2 pairs rather than 4 pairs that you are bad at
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18. That price action is only important at key levels
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19. You need more than one reason why its a key level lol
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20. not every day is a TRADING DAY
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21. pending orders buy stop, buy limit, sell stop, sell limit.
it may help with the settling of prices
(stay tuned)
it may help with the settling of prices
(stay tuned)
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22. cross pairs news hits them much faster than the majors.
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23. sometimes it's not your strategy but it's the way you use it, break it down, reform it, reconfigure it you need to break it down and figure out how to master it
15-its okay to not trade when truly not sure