Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Andrew28

How Many Trades Is Necessary To Gain Good Experience?

Recommended Posts

Nothing is concrete. Everyone is different. That's like asking how many times do you go into combat before you're considered experienced.....could be one time, could be ten. From the outside perspective, maybe after once....but only you will know for sure. That's what is important.

Share this post


Link to post
Share on other sites
There is no such number. But a 1000 trades is good for starters.

 

When reaching 1000 and you still haven't blown out, you're doing pretty good! It's an indication you're either learning money/risk management or you've found your style that fits your personality.

Share this post


Link to post
Share on other sites

I've gotten almost 70 trades in on the YM since I started tradeing it last month, and I'm almost starting to understand a couple of things! :) For me, I'm wanting to have at least 150 trades under my belt with a nice win/loss ratio before I start thinking about adding more contracts. I'm by no means comfortable yet...though getting there.

Share this post


Link to post
Share on other sites

You are probably not going to like this but here is my answer to how many trades it takes: If you still have to ask, then it's still not enough.

 

Only you will know how many trades it takes and you won't know that until you feel truly comfortable and confident in taking them. No one else can even give you a good hint.

 

One other thing... Most of it has to be real trades with live money, even if it is a single contract, or it won't mean a darn thing.

 

The road to trading success is littered with the bodies of thousands of failed traders who made hundreds and even thousands of demo trades only to have their confidence irrevocably shattered when finally making the switch to having real money at stake.

 

Learn about and observe the instrument you are going to trade to get a good feel for when and how it moves, select the timeframe that matches your own personality, trade demo til you are truly proficient at executing trades on your chosen trading platform and then switch to live money and one contract until you get your emotions under control, regardless of the strategy you decide to trade.

 

Happy Trading :D

Share this post


Link to post
Share on other sites

Something relevant borrowed from Ryan Watts (he has a book with chat and yahoo group

support that's very good value IMO; google Watts Trading Group if you're seaching for

"something" and haven't found it yet):

 

Practice

 

There are two things every trader must do to succeed. He must trust himself and trust his system. These may sound like minor details to some but I believe these two items lay at the core of most trading problems. The important thing to realize is that you need both. One without the other is an imbalance and trading results will reflect it. You can trust yourself all you want but if you don't have a system that you can follow and trust then your overconfidence will drive your account into the ground. If you have a good system but don't trust yourself enough to execute it then you will do exactly the wrong thing at exactly the wrong time. The challenge is to grow both together and really that is the only way to assure success.

 

In my experience the way to grow both is through the four part cycle of (1) practicing your system after market hours in as real a manner as possible, (2) executing your system in real-time, (3) evaluating your results to identify weak areas that need work and finally (4) continue to practice over a large series of trades working out the issues along the way. Those who have read my articles before know that I am big on practicing outside market hours so this should come as no surprise. I just believe it is too costly an exercise to only limit your trading experience and growth to real-time market hours. Not to mention that the learning curve will be at least five times longer than if you were to practice every day on a scale of five trades for every one you take in real-time.

 

Within a year of doing this you will have covered your market and your system by executing maybe thousands of trades in real and practice sessions. Even after just a few weeks of doing this you will notice a growing trust in yourself and your system and the process will become a habit that hopefully you will never break.

Share this post


Link to post
Share on other sites

Thank you very much for the inputs ez and Kiwi. Some very good stuff there. By practicing after market hours, do you suggest one have a delayed quote demo account to paper trade? Also I would be very interested in checking out some of your articles... perhaps you can make a contribution to the articles forum?

Share this post


Link to post
Share on other sites

Programs like Sierra Chart and Ensign allow you to replay previous days of trading at any speed ... 5x being a realistic compromise.

 

Sierra'll replay all the charts in the chartbook so you can have realistic market profile development on one chart and price development on another letting you build your trading skills off line.

Share this post


Link to post
Share on other sites

Demo trading will serve it purpose after ahwile.The next best step is to open a live account but trade mini lots...those 1cts per pip.

 

This will impart a more realistic feel and proceed from there.;)

Share this post


Link to post
Share on other sites
How many trades does a new trader need to take in order to learn the mechanics of the markets? Is there a specific amount of trades that one should aim in order to gain real "experience?"

 

Either Beginner or Experienced trader there shouldn't be any number to be fixed. A Trader should trade when there is a good point according to his studies. Many days there are no trades if market is not doing good so that would be of any worry. Instead of having a number you should concentrate on getting knowledge to trade markets

Share this post


Link to post
Share on other sites
How many trades does a new trader need to take in order to learn the mechanics of the markets? Is there a specific amount of trades that one should aim in order to gain real "experience?"

 

Forex is a technical and practiclar trading. As long as you trade, it improves the skill. As the skill improve you are able to make good planning, strategies, and you get more experience. But it is necessary that you should have the adequate knowledge and information about the forex trading before you start trading. Without the basic knowledge you may not become successful trader. So if you want to become expert in forex then it is suggested that you should do work permanently and responsibly. :cool:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date: 29th March 2024. GBPUSD Analysis: The Pound Trades Higher But For How Long? The global Stocks Markets are closed due to Easter Friday (Good Friday). The NASDAQ continued to follow the sideways trend while other indices again rose. The SNP500 reaches an all-time high, but the NASDAQ remains under pressure from Tesla, Meta and Apple. The Euro continues to trade lower against all major currencies including the US Dollar, Euro and Japanese Yen. The British Pound is the best performing currency during this morning’s Asian session. However, investors are largely fixing their attention on this afternoon’s Core PCE Price Index. GBPUSD – The Pound Trades Higher but For How Long? The GBPUSD is slightly higher than the day’s open and is primary due to the Pound’s strong performance. At the moment, the British Pound is increasing in value against all major currencies. However, the US Dollar Index is also trading 0.10% higher and for this reason there is a slight conflict here. If investors wish to avoid this conflict, the EURUSD is a better option. This is because, the Euro depreciating against the whole currency market avoiding the “tug-of-war” scenario. The GBPUSD is trading slightly lower than the 2-month’s average price and is trading at 49.10 on the RSI. For this reason, the price of the exchange is at a “neutral” level and is signalling neither a buy nor a sell. The day’s price action and future signals are possibly likely to be triggered by this afternoon’s Core PCE Price Index. Analysts expect the Core PCE Price Index to read 0.3% which is slightly lower than the previous month but will result in the annual figure remaining at 2.85%. The PCE rate is different to the inflation rate and the Fed aims for a rate between 1.5% to 2.00%. Therefore, even if the annual rate remains at 2.85%, as analysts expect, it would be too high for the Fed. If the rate increases, even if only slightly, the US Dollar can again renew bullish momentum and the stock market can come under pressure. This includes the SNP500. Investors are focused on the publication of data on the UK’s gross domestic product (GDP) for the last quarter of 2023: the quarterly figures decreased by 0.3%, and 0.2% over the past 12-months. This confirms the state of a shallow recession and the need for stimulation. The data, combined with a cooling labor market and a steady decline in inflation, increase the likelihood that the Bank of England will soon begin interest rate cuts. In the latest meeting the Bank of England representatives did not see any members vote for a hike. USA500 – The SNP500 Rises to New Highs, But Cannot Hold Onto Gains! The price of the SNP500 rises to an all-time high, before correcting 0.33% and ending the day slightly lower than the open price. Nonetheless, the index performs better than the NASDAQ which came under pressure from Tesla, Meta and Apple which hold a higher weight compared to the SNP500. For the SNP500, these 3 stocks hold a weight of 9.25%, whereas the 3 stocks make up 14.63% of the NASDAQ. The SNP500 is also supported by ExxonMobil’s gains due to higher energy prices. The market will remain closed on Friday due to Easter. However, the market will reopen on Monday for the US and investors can expect high volatility. Investors will also need to take into consideration how the PCE Price Index and the changed value of the US Dollar is likely to affect the stock market next week. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • MT4 is good and will be good until their parent company keep updating the software, later mt4 users will have to switch to mt5.
    • $SOUN SoundHound AI stock at 5.91 support area , see https://stockconsultant.com/?SOUN
    • $ELEV Elevation Oncology stock bull flag breakout watch , see https://stockconsultant.com/?ELEV
    • $AVDX AvidXchange stock narrow range breakout watch above 13.32 , see https://stockconsultant.com/?AVDX
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.