Hello Edward,
I have been reading your newsletters and blogs, and find them very informative and meaningful to Forex newbies like myself. Somehow, when put into practice the various recommendations and trading tips, I find difficulty to meet up to expectations.
Recently, I went into LIVE trading in a MICRO account and hope later upgrade to a STANDARD account when better emotional and “street-smart” trading performance allow me to endure.
Although with more than 6 months of Demo account practise on intraday short-term trading, I find LIVE trading demands a lot more personal attention with increasing mental stress compared with Demo Account due to real money involvement for every decision making process.
Using the primary 1 minute or 5 minute charts to place Entry Orders opportunities, as well as seeking guidance of trend evaluation from daily, 4 hour, 1 hour including 30 minutes charts, however, most of the trades lost money.
I only trade the EUR/USD pair, which moves lesser than 15 pips at the most in my favour along the trend. It is a mental fatigue when forced to close positions with a loss in a reversed trend takes over.
Sometimes, taking advantage to ride the waves of the changed trend hoping to earn some pips, but left the former Positioned Order opened and anticipating for a reversed trend (greed), unfortunately, the outcome came out otherwise with greater LOSS by chasing the market (whipsaws), rather than waiting for the market comes to me.
These random market price movements are not well defined or predictable, and I find great difficulty earning positive profits through such haphazard trading approach. My perception, having read many Forex trading notes and web pages, the focus on short time frame (1 minute and 5 minute) to Long or Short trades are not suitable for newbies like me to rely on. There is great truth towards the outcomes from my current trading practices.
Now, I am at the crossroad seeking for a correct compass direction to move along that improves my Forex trading methodology and skills. I wish you could advise me as to what the next step or action (strategy) be taken in order to progress and advance in Forex trading.
Your early advice and guidance is very much appreciated.
Regards.
George FXtrades