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[trybuying]

With more than seven years of experience, I am a retired forex trader who would like to impart my skills to novice traders starting out in the market. When I initially started trading, I lost money, but now I make money. To increase your chances of success, I have pointed you my faults.

[⭐ Peter]

Hello, which currencies did you trade the most?

[trybuying]

When I first started trading, I did what most beginners do: I researched on Google and jumped into trading the majors. It seemed like a good idea to focus on currencies tied to the US dollar. During my first year, I tried everything—scalping, day trading, and even experimenting with trading robots.

Despite my efforts, I kept losing money. After two years, I took a hard look at my trading attempts. Fortunately, I had kept a journal recording my trades, which turned out to be invaluable.

Sure enough, I realized I had fallen into the most common mistakes new forex traders make:

1. Overtrading and chasing losses: I wasn’t following a solid money management plan.
2. Trading at the wrong times: I forced trades even when the market was quiet with minimal movement.
3. Letting greed take over: I overtraded when I had a streak of success, which often led to losses.

Ultimately, I understood that the problem wasn’t my strategy—it was me. Now, I stick to a strict set of rules, and my trading has improved significantly. As for currency pairs, I still trade the majors, but I focus on analyzing the news and choosing the pair that offers the best opportunity.

[⭐ Peter]

On 12/22/2024 at 3:41 PM, trybuying said:

It seemed like a good idea to focus on currencies tied to the US dollar

Can you make a couple of examples of USD tied currencies?