I realize that unfortunately there is no holy grail, but does anyone have any advice as to how I should proceed in learning to trade FX? For example, does anyone have a system that I can follow and with that learn better?
I think I understand most of the concepts that baby pips taught me (it was very understandable and well described:D) but I would like to somehow get started…
sorry the for the ridiculous post, but I figured its newbie island, I am not the only amateur:D
You can always try and narrow down what you are interested in, pick out a few techniques that you like, experiment with different time frame and different trading methods, like swing trading, or intraday. You could always create a mock plan and demo it. You could go over some parts in more detail that you don’t get or are interested in.
Personally, I think the trading system is no where close to as important as the trading psychology and money/risk management. This will lead you to consistent, but maybe not very large wins. But compounding will add up slowly but surely.
Currently I’m reading up on trading psychology and mentality. Different methods of money management and thoroughly calculating wins and losses instead of relying on my platform alone. On top of this, I am demoing a mock plan and learning price action.
You make a great point, psychology is definately the most important aspect of trading. And I agree that feeling out and trying certain may help me figure out what is best for my personal style and abilities. I am just trying to find a starting point, and a relatively easy one, that I can learn from and pick apart and figure out what I am doing wrong. I am not sure if I explained that correctly, but in essence I like following certain guidelines, and then when I am confortable that I understand them, I can deviate and add wrinkles or options to my trading.
Thanks again for the reply. If you have any advice and time, please don’t hesitate to reply.
Babypips is insufficient to really get you started. The stuff you learn in it is good for conversation, but not much else, frankly. My suggestion is you look into core money management principles. That is: expectancy, Calmer ratio, Sharpe ratio, R-multiple, etc. After that, you can dive into understanding trading principles, whether that’s price action, S/R, indicators, or fundamentals. Don’t spend too much time on forums, however.
I’m pretty much in the same boat. A newbie to forex trading just starting out. I think the school of pipsology gives a good framework to work with. After identifying what kind of trader you are, you can zero in on the different techniques applicable to you and read up on them more.
Personally, I did not really understand what kind of trader I am just from reading the section found in the school (it’s still a good section though!). I realized what kind of trading style I preferred by actually practicing different systems on demo accounts. For instance, by demoing a swing trading type system, I learned that I can’t take that type of trading for the simple reason that I can’t stop thinking about my trade and I can’t sleep. LOL. So it looks like intra-day trading is more my style.
Also, while I agree that it’s more difficult to get the theory of trading from the forums (perhaps it’s better to study theories in a more structured form), I find that forums provide invaluable information. Lots of professional traders share their ideas here and show us the practical use of the theories we are learning. There are many valuable threads right here in BabyPips where real experienced traders have pretty much shared their trading styles albeit not in a structured form.
If you want to learn something serious, read 100 books, throw 99 away, keep the best one and stay away from this almost bs advice on forums where every loser can say he has the holy grail to become an instant millionaire.
All the school of Pipsology tell you is what everything is, to analogise it’s like having the Haynes Manual to your car, but what you want to do is drive - i.e. trade.
But I do have the holy grail to becoming an instant millionaire. All you got to do is ask Buckscoder really nicely for a million bucks and wham your a millionaire. Its foolproof
I think it is how you spend time here. Don’t read things are not helpful but read that help you a lot
I have been to many forums and found good threads, strategies and ideas, indicators, etc. Without them, I think I would have given up forex long ago. I was lucky to read successful traders blogs as well. Everything I have now is based on their strategies. I only modified and made them better
for me just as finished school as you do, i really have to look back and understand of each and individual techniques, indicators and how to use it properly. you cant really comprehend a book by just skim read it from start to finished , it help to grab the major points but still have to come back and carefully study them to be able to actually put it into real trades. if you could consistency grab 30-100 pips a day for me its good but can improve better by time
I agree to the posts before. Forum wont help you much unless you are able to filter out the 99% useless information (and i promise you, yo are not able as you are nww to the matter and you dont know yet whats usefull and what isnt.).
First thing to start from is to get to know yourself. where do you want to go?
You want it to be a sidekick to your job? then threat is like a hobby, 1-2 hurs a day instead of watching TV.
it will be a great hobby where you earn some minor money but spend a lot of time.
You want it to be your main income source? then start next to the job, every free minute you dedicate to it.
you can make nice living out of trading, if youre intelligent you can always make a few thousand a month and live nicely working from home
You want it to be yor source of millions? then threat it like a real business. a company you just opened.
work hard for it, prepare yourself for arguments with wife about time and money spend, prepare yourself that you wont see many friends for the next 2-3 years in which you will find out if your company is a sucess or a failure.
After that you go out and start researching your own psychology.
then you start learning trading itelf. whatever you do before your get to know yourself will be a loss and youll loose money, but thats ok, loosing money is part of winning money. everyone has had losses in the beginning, and even later losses are there.
Open a demo account and start practising what you’ve learned already. Read more -the Internet is full of free tutorials. Figure out what kind of trading suits you the best. Figure out what indicators you like the best. There’s plenty you can do.
I have a tendency to do that… :rolleyes:
