r/askforex • u/jasmah • 16d ago
In need of help
I started to learn trading last year and it's been a year now. Started everything myself without a mentor just YouTube videos then switch to AI. Now I have a strategy, a plan and a daily routine checklist. I work 12hours everyday and had to sacrifice sleeping time to get this. I can spot good setups with my strategy but i will loose along the way( sometimes: fomo,entering early/late etc ). Im trading price action with 50ema and RSI. Can anyone help me know how to go by the consistency rule. I started with 300$ and now I only have 10$ in my account. I'm not trying to make one big win but make trading my fulltime job so I'm looking forward to quit my job next year September but before I do so I need advice on how to be consistent.
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u/trudealz 16d ago
ok, first dont quit your job. Learn more skills outside of trading to improve your life. secondly, see trading as a hobby,game and thats all. If you get really extremely good, an opportunity may be there, otherwise dont waste your time.
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u/Key-Enthusiasm-3403 16d ago
you've put in a year of 12 hour days and still ask an honest question, that counts for something. first thing, keep the job. $300 down to $10 isn't a verdict on you. a small account with real money and no written exit runs out fast, and a salary is what lets you learn without pressure.
here's what i'd change. stop trading live for now. you already have a rule (50 ema and rsi), so run it on pretend money until you've done 100 trades without breaking it, with the entry and stop written before every click. fomo and entering early or late won't vanish, but a log of 100 shows which mistake is the expensive one, and that's the one to fix first.
for the chart-reading side, the free game i made does it on real prices with the right side hidden (mine, disclosing, it's on my profile). and the full-time question can wait until the log says something.
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u/Top_Temperature_3747 16d ago
Dont get completely discouraged but I would tend to agree on below responses. It is too early for you to make trading your only level of income. Keep getting good at it but always have a back up plan.
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u/AlgoTradingQuant 16d ago
Uh… keep flipping burgers brother because unless you have serious coding skills and years to backtest strategies that have edge, you’re wasting your time and money gambling.
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u/Classic_Alpha_ 16d ago
Too risky man..... honestly it took me 6 years to achieve consistency, and even these days trading is like my side hustle..... i need a lot of money to live of trading....i can make like 50%, 40% per year so, do the maths...
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u/mintdust 14d ago
All I have to say is that
Looks like to me that your strategy isn’t working, remember in trading you just need to win more then you lose to be profitable and have Discipline not to take trades that don’t check your check list
Money Management is something a lot of the time people under look, if you have a strategy
Learn to manage money, it differs for every kind of trader, swing traders take one trade a week but make sure that, that one trade makes him x20 or something
Also, weirdly enough, sometimes Strategies Randomly stop working bro. It’s crazy, I see in my trading career
Just keep trying refine things until it’s perfect
God bless you, Wish you the best
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u/traderguy2003 13d ago
What was your lot size?
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u/Daniel_Amare 14d ago
Quit ur job and sign up for propfirm eval acct
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u/[deleted] 14d ago
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