japanese candlesticks forex
I'm getting my butt kicked in the Forex market, can anyone PLEASE HELP ME?
I am new to the Forex scene, just started in January. I have invested $1,270 so far and I am down to a measly $340!!!!!!!!!
I have studied Japanese candlesticks, I know all the terminology, I have just grasped the concept of perallel trend lines and I am learning about the Fibonacci ratios but I am still getting hammered. Is there something I am missing about this market?
Hi,
Actually there are 3 main things in fx:
1. Good trading system.
2. Money management.
3. Don't be greedy.
With $340 you can trade mini lots too. Yes, it's difficult but you still may win.
You should trade 0.1 lot for such amount. When your trading balance reach $400-500 then you could trade with 0.2 lots; from $600-700 - 0.3 lot and etc. Start trade with 1 lot only when your trading balance exceeds $10K.
Don't set big targets.
Try to enter not from market but by the pending Stop Sell or Stop Buy orders, which should be placed on the pick of swing.
Always use Stop Loss orders.
Set Take Profit targets and Stop Loss orders accordingly Fibonacci levels.
Don't be greedy. Remember all even biggest journeys begin from small first step. So don't set big Take Profit targets.
If it solaces you probably there is no one trader in the entire world who didn't lose his first deposit. Just some of them hiding it or even afraid confess themselves.
Another very important thing - is your broker honest?
But forex trading is really most exciting and most profitable business in the world. Well, at least for me.
If you have any question please don’t hesitate and e-mail me.
Good luck!
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Filed under Candles by on Jun 13th, 2011. 