I currently study how to Forex Trade with Infinite Prosperity, at this point in time i currently demo trade using FXCM phone app when looking and analyzing the charts. Not ideal, this is because I personally didn’t like the FXCM platform and couldn’t get my head around it, it just didn’t seem easy to function and use, and confused things more, so I stuck with the app. From my experience the app is great for when your out and about to monitor your trades or manually adjust stop losses, however when you decide to start back testing, adding in support or resistance lines, using indicators and properly visualizing your trade parameters, the app is just not sufficient and is very limiting.
A few months back, I was told about trading view, I’d heard of it before, but actually was told it was a platform you had to pay for so I just stuck to what I was doing. I recently discovered through other traders tips that there is a free version that isn’t just a trial, so I quickly got to work signing up and having a play around on the platform. My first impressions were that it was so simple to use and maneuver, it was clear, easy to change view preferences, such as the background colour and grid lines, easy to draw support and resistance lines in, and it even has a step by step guide when you first use it to explain the little features and buttons and what they do. Whilst I haven’t had much practice on it yet, as I only joined last week, I plan to get familiar with this quickly and start trading in a more informed manner making use of the indicators and other features.
When I take trades currently, on the app, I look at trend direction, support and resistance areas, and candle patterns to help encourage what trades I place. As I am learning, I try to focus on specific areas at a time, at one point different candle types and patterns were so confusing to me and I had no idea what other traders were talking about! But I focused on that area and now its one of my favourite things to look at and analyse.
Something i currently struggle with is indicators, so this is something that I am going to be focusing on from now, until I understand them better and can effectively use them. After that I plan to revisit strategy types and practice using the entry criteria and suggestions from the course I study with and really nail and practice those, all of which I will be able to properly do with trading view.
Often I am worried when other traders ask me how I entered a trade or how I took it, because I don’t use indicators and don’t follow a strategy at the moment. As mentioned I only demo trade and try to learn different factors one by one to get my head around them, so once I learn something I use that to help place trades and its good to see each individual element in action. This is why I sometimes have such little confidence when others ask questions, but its my journey, and its working for me, and I know in a few months, I’ll have learnt more and be able to look back on this post and say I know how to do all that now.
Don't get me wrong, we traders do message, its great to talk, and they often don't judge, if anything they give tips and help and we have great like-minded conversations about all things from trading, to our goals and aspirations.
The reason for this blog is to track my progress, my current situations, things I have learned and still haven’t quite grasped, in order to build my confidence as I learn, and also to share with other new traders who may feel the same.
So the take home message. Have confidence in yourself, trust that you are learning and i personally have decided to create this blog to help track my progress so i can look back and see how much i've learned, and this will help build my confidence. So for anyone starting out, i recommend keeping a journal, or creating a blog even if you don't advertise it straight away, just use it to track your progress.
Feel free to message me if you have any questions and I will get back to you.
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