Hello Everyone,
I just began my pipping career about a month ago. I knew nothing then, and I will not attempt to act as if I know anything now Hopefully this all changes with dedication and discipline.
I decided that I must learn the basics of technical analysis first, because I figured that if I learned how to interpret news 1st, I would not be able to apply my knowledge to the charts, which would make me feel way to ignorant to trade in the first place.
I have been making my way through the school at babypips.com, it has been a godsend in learning the absolute basics. I have also ready hours upon hours of posts on various forums, with FF being my absolute favorite. It is such a motivator to see sucessful, selfless, true professionals sharing their hard earned knowledge with the average layperson.
From everything I have read, I have accepted that this trade will take years to get 'right'. I am starting from the bottom up, so I have made a vow to not trade mini or nano lots until at least 6 months down the road, when I can evaluate whether or not I am truly ready (depending on performance).
I have a very technical background, and have been working with computers for the better part of my young life. The trading platforms, to my surprise, have come very natural to me in terms of finding my way around them. I have actually had a lot of enjoyment in learning these amazing pieces of software.
I also accept that 95% of retail traders end their short careers in failure, so I am determined to do what I must to slowly reach the top 5% elite... I know if there is an opportunity to make money in this business, I will put my heart and soul into it. If it takes me 10 years to be profitable -- so be it.
I have begun to execute simple trade strategies while continuing my learning. I have had failure and success, but like many newbies, I still cannot determine the 'why'. I know that one day I will, and it will be imperitive to be able to figure out what I am doing right, and what I am doing wrong in order to move forward.
Anyways, I am here to ask a few questions that maybe some of you can answer.
1.) Did you concentrate on technical analysis or fundamental analysis 1st? Did you concentrate on them equally?
2.) When you began to become successful, with whatever your trading system or strategy was -- which timeframe was your favorite and why? I know this question is quite broad, because it is obvious that different timeframes are important for different outlooks and strategies, but I am just curious which has been your favorite
3.) Did you concentrate on a single pair, or did you spend time learning a few (or many) at a time? Also, which pair was your personal favorite and why?
4.) How long do you typically ride your trades? Again, this is all relative to the situation, but i'd like to know your estimated average
5.) Which platform has been your favorite? I have found that using Oanda for executing trades, and Metatrader for analyzing entry points has been my goto team. What about you?
And finally 6.) Give me one piece of advice that you wish you were given when you were in my shoes. Go ahead, be brutal, tell me how it is. This market looks like it can eat a person alive -- so give it to me real!
I look forward to reading everything that everyone has to say. Playing the forex market correctly won't be easy for me (and im sure it wasnt for anyone else!), but I am not afraid
Cheers
I just began my pipping career about a month ago. I knew nothing then, and I will not attempt to act as if I know anything now Hopefully this all changes with dedication and discipline.
I decided that I must learn the basics of technical analysis first, because I figured that if I learned how to interpret news 1st, I would not be able to apply my knowledge to the charts, which would make me feel way to ignorant to trade in the first place.
I have been making my way through the school at babypips.com, it has been a godsend in learning the absolute basics. I have also ready hours upon hours of posts on various forums, with FF being my absolute favorite. It is such a motivator to see sucessful, selfless, true professionals sharing their hard earned knowledge with the average layperson.
From everything I have read, I have accepted that this trade will take years to get 'right'. I am starting from the bottom up, so I have made a vow to not trade mini or nano lots until at least 6 months down the road, when I can evaluate whether or not I am truly ready (depending on performance).
I have a very technical background, and have been working with computers for the better part of my young life. The trading platforms, to my surprise, have come very natural to me in terms of finding my way around them. I have actually had a lot of enjoyment in learning these amazing pieces of software.
I also accept that 95% of retail traders end their short careers in failure, so I am determined to do what I must to slowly reach the top 5% elite... I know if there is an opportunity to make money in this business, I will put my heart and soul into it. If it takes me 10 years to be profitable -- so be it.
I have begun to execute simple trade strategies while continuing my learning. I have had failure and success, but like many newbies, I still cannot determine the 'why'. I know that one day I will, and it will be imperitive to be able to figure out what I am doing right, and what I am doing wrong in order to move forward.
Anyways, I am here to ask a few questions that maybe some of you can answer.
1.) Did you concentrate on technical analysis or fundamental analysis 1st? Did you concentrate on them equally?
2.) When you began to become successful, with whatever your trading system or strategy was -- which timeframe was your favorite and why? I know this question is quite broad, because it is obvious that different timeframes are important for different outlooks and strategies, but I am just curious which has been your favorite
3.) Did you concentrate on a single pair, or did you spend time learning a few (or many) at a time? Also, which pair was your personal favorite and why?
4.) How long do you typically ride your trades? Again, this is all relative to the situation, but i'd like to know your estimated average
5.) Which platform has been your favorite? I have found that using Oanda for executing trades, and Metatrader for analyzing entry points has been my goto team. What about you?
And finally 6.) Give me one piece of advice that you wish you were given when you were in my shoes. Go ahead, be brutal, tell me how it is. This market looks like it can eat a person alive -- so give it to me real!
I look forward to reading everything that everyone has to say. Playing the forex market correctly won't be easy for me (and im sure it wasnt for anyone else!), but I am not afraid
Cheers