Forex guide

Xman01

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I just need someone I can ask questions if I am doing the right thing or not and get his or her honorable answers..
Like
..trading the news
...Scalping

Most of my trading goes positive but the fear thing is killing me and I end up close little cent/red lose..

I will be glad to be your friend
 
News trading is difficult. Spreads widen and slippage can be crazy. Even if you end up with a fat profit, there are plenty of brokers who have list of reasons to cancel those profitable trades. You also should read this chapter of Forex Military School:

https://www.forexpeacearmy.com/forex-books/142/chapter-21-part-i-again-about-fundamental-analysis

Scalping never appealed to me, but some traders are good at it. Read your broker's TOS closely. Some have minimum times to hold trades. Plenty of those who claim to permit scalping are happy to claim you were using arbitrage to cancel profitable trades. If you can find a broker that accepts people from your country, allows scalping, and doesn't have a reputation for cancelling profitable trades, make sure to practice on demo before testing the waters in a very small live account.

Your remaining issue sounds like you need to work on your trading psychology. One of the best ways to deal with this is to set VERY firm rules and follow them.

Here is a VERY small set to get you started:

1. Always set a Stop Loss. It would be sad to lose your internet connection just before price moves massively against your trade.

2. If you are scalping, set both a Take Profit and a Stop Loss on every trade as part of opening the trade. Only close early if you are convinced that the trade is heading down and won't recover before hitting SL.

3. If you are on a somewhat longer time frame, once again, set a Stop Loss, but arrange a partial close at a reasonable TP and then set the SL to breakeven. At that point, you have choices - close the rest at the second Take Profit (TP2) or even consider letting a small portion of the trade keep going with a trailing SL.

4. Beware of rollover swap costs (triple on Wednesday) if you are thinking of letting trades go past your broker's rollover time. It doesn't help to earn an extra $50 on your trade if you have to pay $150 in swap costs.
 
News trading is difficult. Spreads widen and slippage can be crazy. Even if you end up with a fat profit, there are plenty of brokers who have list of reasons to cancel those profitable trades. You also should read this chapter of Forex Military School:

https://www.forexpeacearmy.com/forex-books/142/chapter-21-part-i-again-about-fundamental-analysis

Scalping never appealed to me, but some traders are good at it. Read your broker's TOS closely. Some have minimum times to hold trades. Plenty of those who claim to permit scalping are happy to claim you were using arbitrage to cancel profitable trades. If you can find a broker that accepts people from your country, allows scalping, and doesn't have a reputation for cancelling profitable trades, make sure to practice on demo before testing the waters in a very small live account.

Your remaining issue sounds like you need to work on your trading psychology. One of the best ways to deal with this is to set VERY firm rules and follow them.

Here is a VERY small set to get you started:

1. Always set a Stop Loss. It would be sad to lose your internet connection just before price moves massively against your trade.

2. If you are scalping, set both a Take Profit and a Stop Loss on every trade as part of opening the trade. Only close early if you are convinced that the trade is heading down and won't recover before hitting SL.

3. If you are on a somewhat longer time frame, once again, set a Stop Loss, but arrange a partial close at a reasonable TP and then set the SL to breakeven. At that point, you have choices - close the rest at the second Take Profit (TP2) or even consider letting a small portion of the trade keep going with a trailing SL.

4. Beware of rollover swap costs (triple on Wednesday) if you are thinking of letting trades go past your broker's rollover time. It doesn't help to earn an extra $50 on your trade if you have to pay $150 in swap costs.
Thanks,.. can I learn more from you ?
 
I just need someone I can ask questions if I am doing the right thing or not and get his or her honorable answers..
Like
..trading the news
...Scalping

Most of my trading goes positive but the fear thing is killing me and I end up close little cent/red lose..

I will be glad to be your friend
you can send me direct message for more discusion
 
Thanks,.. can I learn more from you ?

Yes, but I don't want to rewrite everything I've already written. If you go here:

Pharaoh's Financial Blog

Mixed in among some sillier posts are articles about broker selection, scam avoidance, wealth protection, risk management, and more. There are several pages of blog entries, so take your time and dig around in those.

Also, if you want an incredible overview of forex trading, including creating your own trading system, go through every lesson in:

Forex Military School

When you are done with that, read this:

Forex Hacking

If you do all of the above (note that it's all free!), you'll be in a much better position to try to trade profitably.
 
Yes, but I don't want to rewrite everything I've already written. If you go here:

Pharaoh's Financial Blog

Mixed in among some sillier posts are articles about broker selection, scam avoidance, wealth protection, risk management, and more. There are several pages of blog entries, so take your time and dig around in those.

Also, if you want an incredible overview of forex trading, including creating your own trading system, go through every lesson in:

Forex Military School

When you are done with that, read this:

Forex Hacking

If you do all of the above (note that it's all free!), you'll be in a much better position to try to trade profitably.
Thanks... Can I message you on Whatsapp or any fast means? Please..
Just for guardians
 
Thanks... Can I message you on Whatsapp or any fast means? Please..
Just for guardians

Unless your questions might violate your privacy, it's better to ask them publicly so that others can also benefit from the answers. If you have some question that could raise privacy issues, send me a Direct Message here in the forums and I'll take a look at it.
 
I’ve learned the hard way that trying to scalp around news without firm SL/TP rules can wipe you out fast. Those psychological blocks mentioned are real—been there!
 
Better to avoid news volatility and let the event impact the markets first and then look for any good setup to trade or do not trade at all if you are unsure otherwise the markets may move too quick and can blow the account within no time.
 
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