Hi all, just though I would introduce myself and share my limited experience in forex over the past year. Fortunately, I stumbled across babypips.com I’m nearly finished the training, my goal is to finish that soon. It’s taken far longer than expected due to work and family commitments.
I’ve also signed up with Oanda with only a meager amount in my account. I’m a bit frustrated that I still haven’t started trading yet. One suggestion to babypips: in addition to quizzes, give “coursework” such as open up a MT4 account. Set up indicators. Try something etc.
As I’m on a very low budget, I’ve been looking for freebies. I’ve downloaded Blessing 3, a free Expert Advisor. Now I am looking for recommended settings that work. Also looking for good simple strategies that work. Why re-invent the wheel, right? Very frustrated at these apparently great offers e.g. the Russian top trader with great system, with costs that are out of my league. So I guess I shall have to start small and try to keep it simple. All the best to my fellow newbies.
Hi I’m also from the UK, and working my way through the lessons, I can’t say I’ve any great experience or knowledge but it might useful to bounce ideas of each as we’re both UK based and in similar position.
Hi guys, It is really a frustrating process to find a good mentor, there are some but they will not come in front of the newbie and also they don’t want to show their trading account publicly for many reason.
First of all I am not a professional trader or a mentor, but I have few years of trading experience, and I like one of thread in newbie island ( pure price action for dummies) started by Nikita. It is really on of the good thread for new trader but there are also many good thread on babypips.
In my opinion when you start trading it require lots of reading and lots of screen time and lots and lots of demo trading with all the strategies and get familiar with all the indicators. But always keep note of what you are doing with your demo account.
And also remember that all the indicators are very useful but do not rely on them 100% because all the indicators have different reason for giving different result in different Time frame. Indicators is a tools for trading so as a trader our duty is to know when to use which tools.
Strategies is good if you can find a good consistent profitable one, there are many good strategies out in babypips for free but only problem is to believe in that strategy and follow it with great decipline, because most of the new trader they have very limited patience, once they have series of loosing trades they move to new strategy and at the end they always loose money.
Most professional traders and all the big hedge fund they use their strategies or trading plan with great decipline and they have realistic expectations from each trades with great risk management, it does not matter if they have series of loos and also they don’t get excited when they make series of wins, this is the main reason they make profit every year consistently.
Become a trader it requires lots of hard work, please come with a open mind.
Best consistent profitable strategy is already free online, but it is not the strategy we need to become a profitable trader, we need to make ourself to follow that strategy and prepare ourself to be decipline and be patience. Transformation is really tough and majority fail to make it.
Thanks for the cautionary but reassuring words.
Hi Drum
I am also a fellow UK trader, and could not agree with sharebazar more.
You really need to take your time and educate yourself to take advantage of the forex market. All indicators lag, the only way I have found to be consistently profitable is to use current price action.
I have been trading for about 12-14 mths following a few months of trial and error. My breakthrough came when I stumbled across my now mentor Andrew Mitcham (theforextradingcoach) - this is not an advert by the way. But his strategy and methodology really clicked for me.
I currently an returning results of on average 2.5 - 3.5 % per week gain on my account, by risking only 0.5% of my account on any one trade. The way I trade also does not need me to sit in front of the charts all day either, so fits in around the day job.
If there is anything I can do to help, please let me know (drop me a message). I know how hard it is to start out in the market.
All the best
Jon
Nice one mate
All the best.
Good to see many UK traders in babypips, who is trading professionall here, I mean full time.