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Hi timedw,
I've been trading forex live a year now with success.
My background is trading shares and CFD's.
I am 24 and been trading since I was 16.
My advice to especially in forex is that scalping and short-time frame trades will not work long term.
You will need to have your money management rules down pat. Don't think that forex is an easy market to trade, it can be very fast and unforgiving if you do not stick to your money management rules.
A like to avoid systems as i have found no system to be successful long term as markets change all the time, i.e current volatility.
Some examples of my money management rules follow:
- Do not trade against the 4hrs, daily or weekly charts.
- Do not trade thinking it will be an easy profit, all trades can go against you, most of the time they will.
- Always have a SL and TP in mind.
- In order to profit, open small trades and once in profit, pyramid your trades to maximize your gains.
- In order to minimize loss, if the trade is going against you, pyramid negatively to decrease your loss and rejoin the trade by pyramiding back in if becoming a successful trade.
- Have no emotions when it comes to decisions, it's all business, don't invest your feelings!
- Always use Fibonacci retracements as an emotional indicator, never place a trade close to the retracements, even following other signals as market emotions can change due to Fibonacci levels.
- Never trade close to news, wait until the market has settled before or post news and confirms your signals.
I have many more rules, but given the above, I think you will gain a higher level of understanding of traing forex in itself, without signals to tell you to flick the trigger and enter the market.
Good luck,
let me know how you go. :)
...always dyor, I am not a financial advisor or a professional trader...it's a hobby! ;)
