Help me, by helping you

[KatFuck 52]

Hello there,

Let me begin by introducing myself; I am a home retailtrader looking to broaden my knowledge of all things Forex.
I entered this world a little more than two years ago and have since lived and breathed forex.
Countless hours were spent reading various articles and books, (free) online courses, hours and hours of forex youtube videos, and some forums.
With the newfound knowledge, I created my own trading strategy, backtested it, and have now been profitable on a small live account for about six months.
I'll explain what my system entails briefly, but I won't go into detail, so please refrain from asking any questions about it.
I primarily trade price action with a combination of Fibs; I do not use fundamental analysis, but I do keep an eye out not to be involved in the markets during times of high impact news events.
I consider myself a daytrader because I do not keep trades overnight. Because I live in Holland, my trades are usually set up in the early London session and can last up to 8-10 hours, closing in the late New York session.

My motivation for starting this thread is to broaden my own knowledge of financial markets while also assisting a fellow trader.
I've found that explaining the concepts to friends and family has also helped me gain a better understanding, but explaining that the forex is actually a market gets tiring after a while, so I'm hoping to get some more in-depth questions in here.
I will do my best to assist you with any questions you may have, whether they are about psychology, technical analysis, or other issues.
If I am unable to assist you with your question, I will search for answers online for you and provide you with an answer to the best of my abilities.
If any other experienced trader has anything to add to my explanations, please do not be shy and contribute.
I'm hoping we can make this a fantastic learning experience for everyone.

Some side notes: - English is not my first language, so please accept my apologies if I am unclear at times.
- I do discretionary trading and do not have a coding background, nor am I interested in learning, so I am unable to assist you in any way.
(However, perhaps others in this thread will be willing to assist.)
- I do not recommend brokers. - Because I am mostly self-taught, I am unable to recommend any courses (if I think of some more some might be added)

I hope we can forge a strong bond and a bright future together.

[ScrawnyDoom 7]

KatFuck, how old are you? Do you have a spouse? Can you advise me on how to support my family (daily foods, wife, and children) solely through forex trading? I did it and am still doing it for the last couple of years, but I need your advice on how to manage a family while solely trading forex. I'm curious about family expense management trading forex money management, because as you know, you can't necessarily earn every day. Thnx.

[KatFuck 52]

7 minutes ago, ScrawnyDoom said:

KatFuck, how old are you? Do you have a spouse? Can you advise me on how to support my family (daily foods, wife, and children) solely through forex trading? I did it and am still doing it for the last couple of years, but I need your advice on how to manage a family while solely trading forex. I'm curious about family expense management trading forex money management, because as you know, you can't necessarily earn every day. Thnx.

I'm not sure what you're trying to convey here, whether you're trollish or if you're genuinely asking me a question.
To my mind, if you've been trading full-time for a couple of years without a job, you should already have these things in order; make no mistake, I am not a full-time trader yet and still have a day job.
However, for the sake of this thread and my sincerity in asking people to help me here, I will treat it as the latter.
I am thirty years old and have an unmarried young family to support. My child is three years old.
I'm struggling to make ends meet, as living expenses have skyrocketed here.

To my mind, the first thing you should do is learn to live on less, to determine what is the bare minimum necessary for survival (things you absolutely cant do without).
This amount should be sufficient to last a month; multiply it by at least 18 months to ensure that it is sufficient to last that long.
(always keep this as a buffer in your bank account!) without even considering quitting your day job.
Now that you know the bare minimum, you'll also require trading capital; the amount required is entirely dependent on your ability to generate consistent returns from the markets while trading the plan.
Assuring that you can cover the bare minimum monthly living expenses is a no-brainer.
Trading full-time without the security of a monthly salary is not for everyone; it is not for the faint of heart and will wreak havoc on your mind. Make certain that you are financially and psychologically prepared for those drawdown months!
Trading can be tedious at times, and is not something that can be done all day unless you are a scalper. Take time away from the chart and spend time with your wife and children every day! It also keeps them happy.
You can also supplement your income by working a part-time job. Working two or three days a week provides a steady income, keeps you sane, and allows those of us who require time away from the family to do so.

This concludes my response to your inquiry. Please feel free to make any necessary corrections or additions.

[ScrawnyDoom 7]

3 minutes ago, KatFuck said:

I'm not sure what you're trying to convey here, whether you're trollish or if you're genuinely asking me a question.
To my mind, if you've been trading full-time for a couple of years without a job, you should already have these things in order; make no mistake, I am not a full-time trader yet and still have a day job.
However, for the sake of this thread and my sincerity in asking people to help me here, I will treat it as the latter.
I am thirty years old and have an unmarried young family to support. My child is three years old.
I'm struggling to make ends meet, as living expenses have skyrocketed here.

To my mind, the first thing you should do is learn to live on less, to determine what is the bare minimum necessary for survival (things you absolutely cant do without).
This amount should be sufficient to last a month; multiply it by at least 18 months to ensure that it is sufficient to last that long.
(always keep this as a buffer in your bank account!) without even considering quitting your day job.
Now that you know the bare minimum, you'll also require trading capital; the amount required is entirely dependent on your ability to generate consistent returns from the markets while trading the plan.
Assuring that you can cover the bare minimum monthly living expenses is a no-brainer.
Trading full-time without the security of a monthly salary is not for everyone; it is not for the faint of heart and will wreak havoc on your mind. Make certain that you are financially and psychologically prepared for those drawdown months!
Trading can be tedious at times, and is not something that can be done all day unless you are a scalper. Take time away from the chart and spend time with your wife and children every day! It also keeps them happy.
You can also supplement your income by working a part-time job. Working two or three days a week provides a steady income, keeps you sane, and allows those of us who require time away from the family to do so.

This concludes my response to your inquiry. Please feel free to make any necessary corrections or additions.

Thank you for responding. I'm not trolling in your thread, and I'm not one of those red labeled people on FF who criticize everything. I've had some experience and just wanted to know how you see things. I keep a two-year family expense buffer in the bank and trade with the understanding that trading returns may not be consistent all of the time.

[KatFuck 52]

That's fantastic, and you can rest assured that I'm serious about this.
I see trading as a way for me to spend my (working) life.
I understand that this may appear to be another know-it-all newbie thread, but trust me when I say that I do not have all the answers.
I started this thread with the intention of learning as much as possible for myself, and if I can help others along the way, that's even better.
So I'm looking forward to seeing what the thread will bring in the future.

[LoomVo 62]

The main goal for new traders should be to make money. It is a difficult task. To profit from this market, they must devise a sound strategy.

[RitoWing 18]

Correct. Unfortunately, making money quickly is what drives majority of the people to this market.

 

 

 

 

 

 

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[CherryZiver 40]

New traders want to make a lot of money, but they need to plan ahead and be disciplined in order to do so.

[B4Sharon 40]

1 minute ago, CherryZiver said:

New traders want to make a lot of money, but they need to plan ahead and be disciplined in order to do so.

Exactly, beginners lack patience, and they frequently develop greed in order to make quick money, not realizing that they should first improve their knowledge and skills, which will eventually lead to profits.

[SteelQuiet 48]

The Golden Rules
- Recognize that you will be incorrect. Take the loss and use it to your advantage.
- Recognize that you will lose, even if you are correct. Follow your rules.
- Be self-disciplined. Follow your rules. Keep your emotions at bay.
- Capital preservation is critical. Maintain consistency in your risk. If you're willing to risk 1% of your capital, keep it constant. If you're going to risk 3% of your capital, keep it constant.
- Reduce your risk if you're concerned about how much money you'll lose. You're taking too many chances right now.
- There is no should've, could've, or if only. By now, I would have been a millionaire.
- Overtrading does not imply a higher rate of return.
- Risk management is critical.
- React rather than forecast where the price will go. Allow the market to determine where the price will go.
- Strategies based on chance are inconsistent.
- There's always another option. If you miss this one, you can either wait for a re-entry or simply close your charts. Do not buy at a low price.
- Consider your results in terms of percentages rather than monetary values. My $1,000 per trade risk could be 1% of my capital but 10% of yours.
- You'll pass up a lot of profitable trades. Please be patient.