So you’re wanting to get into trading forex?
Signing up and getting started is as easy and saving up and opening an account with USGFX (link below) and depositing what you want to start trading with (recommended deposit size is $100). There are other brokers out there but UGFX is my broker of choice. Also if you have any questions you can join the discord and ask me personally.
Right now to the nitty-gritty side of forex trading. Forex is not as simple as buying low and selling high. Simply because no one really knows where the low and high’s are. But this is where chart analysis comes into play. I’ve been known to wait 8 hours to do a forex trade to then go and make $100+ in said trade due to it hitting the levels I like and following my analysis. The best way to understand how to trade is to trade via a demo. It’s pretty much real apart from you can’t withdraw anything from it. But it saves learning and making all the mistakes with real money. You can sign up for a demo via USGFX too. so once you’re ready to go live you can do. You can also head over to my website Asenav.co.uk for information on how to start trading.
So here we are into my 2nd month. What a journey it’s been and the journey is still going. Because that is what it is. It’s a journey.
Let me just get a couple things out there. What I’ve come to realise is that Forex trading will strip you of everything you are worth and will strip you of what you think you know. I come to learn that as soon as you understand something there is always something else to then throw you back and make you realise you only know a small percent of what is going on.
My chart analysis is growing day by day. I’m surviving and I’ve been told so many times. Learning to trade at the beginning is learning how to survive and over time profit will happen. Forex is not an overnight thing. It takes all your spare time to learn it. The more time you throw at it and learn the more knowledgeable you become.
I’ve also started to stream my forex trading. Currently, I’m using a demo. But I’m thinking of well scrapping the demo and trading my real live. It gives the stream more value. (You can find my stream on Twitch.tv/GreenieTV)
This is just a short blog posts. It’s something I’ve come to learn the Hard way. Getting into trades and only getting a small pip amount or realising I didn’t leave enough time for me todo chart analysis to enter the trade in the correct direction. Doing a buy when it simply goes into a sell and the other way around.
Use the Buy and Sell place the order is a key to getting into a trade direction at an optimal price. I’ve come to learn that where I do my position is normally the area where the trade goes sideways before showing me the direction I wanted. I’ve come to learn it’s optimal to get in above that area. so if it goes wrong you at least have some time to reevaluate your trade and decide whether to close or let it run.
If you have any comments please post below.
As you can see below. I achieved the trade of the day with the BluFX broker on the GBP/JPY pair. Since I’m a new trader for me this is huge news. It’s a big achievement as it’s shown me that I am able to trade and if I learn from my mistakes and keep my rules in place that I’m able to make successful trades. Let’s just hope I can practice what I preach!
So I’ve been trading forex for around 1 month now and here is my list of things I’ve come to learn I was doing wrong.
1. Trading to high of a volume.
2. Being too hesitant when trading.
3. Looking at too small of a time frame.
4. Don’t chase the market/profit/pips.
5. Don’t put all volumes in one trade.
6. Not using Stop Loss. (Stop loss rules ADR 10-15% Scalping. 25-30% Day)
7. Entering trades when not at best price.
8. Don’t follow advice from TradingView chat unless there is a chart.
9. Too close of a SL.
10. Not doing chart analysis.
11. Wrong time frames. (Correct = H1 for chart analysis and M15 for entry)
12. Use the quick buy/sell little as possible.
13. Expecting too much of the market.
14. If it doesn’t meet my rules don’t take it
Trading Forex is actually a difficult process. It’s not as easy as just buying high & selling low or other way around. Anyone can hit a buy/sell button but not everyone is willing to put in the time to look at the charts and do analysis of the charts. it’s 99% looking at charts and 1% making a trade.
As you may of seen over the last couple of days. Some things have been changing around these parts of the intenret. That’s due to me wanting a new look for the website. THe design may change over the next couple of days. I’m using wordpress so if you have any ideas of suggestions for a look for the website please comment below 🙂