Refers to the negative amount your trade is down. By subtracting your balance with your equity, you can see how much drawdown you are in. If your account balance is $100 and your equity is currently $80, you are in drawdown of – $20.
BeginnerEarly Stages for Beginners8 Topics
Forex Terminology11 Topics
- Major and Minor Currency Pairs
- Basic Forex Terminology
- Pips & Ticks
- The Broker & The Spread
- What is a Lot?
- Stop Loss & Take Profit
- Margin & Leverage
- Retracement & Reversal
- When Can I Trade Forex? Sessions - Market Open and Close
- 3 Types of Analysis (Technical, Fundamental, Sentiment)
- 3 Ways a Market Can Go (Up, Down, Sideways)
Margin & Leverage2 Topics
IntermediateIdentifying Scams2 Topics
Brokers for Beginners5 Topics
Technical Analysis13 Topics
- Types of Charts
- Understanding Japanese Candlesticks
- Candlestick Patterns For Beginners
- Single, Double & Triple Candlestick Patterns
- Support and Resistance
- Confluences w/ Candlesticks & Support & Resistance
- Counter Trend Trading/ Counter Trend Lines
- Moving Average
- Top-Down Analysis
- Consolidation Trading (Breakout, Retest, Continuation)
AdvancedUsing Indicators6 Topics
Technical Analysis (Part 2)8 Topics
Market Structure5 Topics
Fundamental Analysis9 Topics
CompletionRisk Management for Beginners8 Topics
Psychology for Beginners7 Topics
Personal Psychology Questions2 Topics
Working a 9-5 While Learning How to Day Trade
This is a lesson that everyone needs to read. It is important to have a stable income while learning how to trade because there’s no guarantee that you’ll end up being good at trading your end goal can be to quit your 9-5, but you have to make sure trading pays you more than what you are making, and that you have a few years of a track record under your belt; not just 2 months of consistency. You should be looking for consistency and comfortability before you make life-altering decisions.
Trading without having a stable income can negatively affect your trading. Why? You become emotionally attached to the outcome. You fear drawdown because you have no income coming in to replace what may be lost. This is why you do not fund your account with what you cannot afford to risk. You can be down to your last dollar and the market will show you no sympathy. NONE!
When you have a 9-5 yet are learning how to trade, You have to find days and times that you can devote to the market. You also need to find certain pairs that move when you finally can sit down and trade. Overall, manage your expectations. It’s okay to have big goals. Just make sure it’s YOUR decision and you’re not basing that decision off of anyone else.