FIRST OF ALL. I AM NOT A INFINITE PROSPERITY STUDENT. Now that’s out of the way see below
I have learnt most of my forex knowledge from babypips, and think its a great start into what can be a confusing journey. I decided to learn how to trade forex after knowing the creator and head trader at infinite prosperity briefly, I have no affiliation with or to them. I see the problem not so much as what they are teaching but who they are teaching really, as it seems the easiest way to learn is to simply follow other people instead of forging your own path. I believe the same as most of you really, that simply paying for a course will not make you a good trader, its through trail and error and hard work ! simply buying a course to gain knowledge can leave you with very high expectations for quick profit, with minimal work put in. This is the problem with any course in forex, it attracts lazy people, and the majority would be a poor reflection of what is actually being taught. I believe the knowledge in the course at infinite prosperity is solid and when traded correctly would yield great results for the people dedicated to learning forex .
I’d say I am still a rookie trader as I have not traded live yet, but cannot wait to when I feel I am ready and have a sound knowledge of the market as a whole - technical and fundamentally. I owe so much to babypips and infinite prosperity founder getting me to realise working 6am-2p, pays the bills but not much more
I believe the line in your statement that everything that you need to know about trading forex is free and online if you take the time to find and learn it.
Would you be kind enough to give some direction to information that with your experience would be valuable to the newbie?
I think that this website and the information here is one of those websites that offers a lot of good info. Having said that what other sites could you recommend?
I appreciate any and all help from others because for me starting with limited funds and then to pay thousands of dollars for the limited training and software that most of the trainers are offering just does not really work for me. I know that education is key. And in the short time I have been at this I have found some good basic information but to me I want pure education and time on the simulator and then I will worry about software as I would rather save everything I can for the time that I start using real money.
I need to accomplish becoming a trader, period! I will not give up! So please know that I am truly grateful for anyone that takes their valuable time to point me in the right direction.
Of all the threads you [I]might[/I] have chosen as a place to introduce yourself and ask for direction, this particular thread is an odd choice. As a brand-new newbie, you probably [I]should not[/I] be hanging out on “guru” threads, or on threads (like this one) meant to debunk gurus.
But, here we are. So — at the risk of hijacking this thread — I will give you my answer to your question.
[B]1.[/B] Begin with the School of Pipsology (find the [I]School[/I] tab, above).
Go through the [I]School[/I] from beginning to end at least once, with these objectives: B[/B] to get a general overview of the forex market and forex trading; B[/B] to learn the basic concepts and the basic lingo (what is technical analysis; what are moving averages; etc.); B[/B] to find out what choices you will need to make after you become more qualified to choose (what trading style best fits your personality, your risk tolerance, and your available time schedule; what mix of technical and fundamental analysis best suits you; what trading tools best suit you; etc.); and B[/B] to gather the facts you need to make an honest assessment of whether this activity is right for you (it isn’t right for everyone; and there are many newbies who spend months or years spinning their wheels, because they don’t recognize that they really don’t belong here).
On your first pass through the [I]School[/I] curriculum, your objective [I]should not[/I] be to master everything you read. You won’t be able to absorb it all, and master it all, on your first try. Maybe not even on your second or third try. If you’re going to do this forex thing, embrace the fact that you are beginning a multi-year program of self-education.
[B]2.[/B] Take a look at 3 or more retail forex brokers, choose one, and download their demo platform. Learn to navigate the platform and its built-in charting package, so that you can experiment with the things you are learning in the [I]School.[/I] As you read about new stuff in the [I]School[/I] (various time frames, pivot levels, fibonacci retracements, etc.) you can drop those things onto your charts and get some hands-on experience with them.
By the time you finish the [I]School[/I] curriculum, you should have acquired some valuable theory and practice — theory from studying the [I]School[/I] lessons, and practice from your hours on the demo account.
[B]3.[/B] Learn to use the [I]Search[/I] feature built into this Forum. There is box at the top of every page in this Forum where you can type in keywords to search the Forum archive. This feature will let you pull up previous threads and posts in which many of your questions have already been asked and answered. The trick to using this feature successfully is to identify the one word, or the few words, which capture the gist of your inquiry — and to leave out unnecessary or extraneous words. If you are good at using [I]Google[/I] or [I]Bing[/I] to search the internet, then you will have no trouble with the Babypips [I]Search[/I] feature.
[B]4.[/B] You won’t need textbooks, or other websites, until you have done 1 through 3, above. But, at some point, you will want to ask for book recommendations, or broker recommendations, or suggestions on using EA’s or robots, etc. You first step will be to search the Forum for those topics, and possibly join threads already underway on those topics.
Most of us have accumulated a personal library of books, e-books, and articles on various aspects of trading; and you will probably find yourself accumulating a library, as well. But, that’s for a bit later.
I hope this points you in the right direction.
Welcome to a fascinating journey into forex — the largest market on the planet. And welcome to this Forum.
Clint thank you very much for the detail in your response. I really appreciate the time and effort. I agree 100% with you suggestions in regard to the School…Started yesterday and plan to OWN ALL the information contained therein before I take another step. I have at least 5 hours a day for this venture and plan to be here for the long hall.
Again thank you so much for taking the time and sorry about using the wrong thread
I was watching a video on this and i found a video somewhere where she was “thanking them for lending her the car” yet the same car was in the pictures of her saying she owned it funny enough.
I had the same conversation today with a mate about why would they be chasing penny money when they are already making large money… each to their own heh
This is a no brainer, Amy and lewis are marketing gurus. Not traders. Not one of them has worked for a financial institution ever.
Why would you pay another retail trader to teach you, your money is on the line here. 90/90/90 which is a commonly used saying in the financial sector. 90% of retail traders, lose 90% of they’re money, within 90 days! Ask them to produce details and qualifications.
There is a international data base where professional traders are registered. I have searched for them and they are not on the database funnily enough.
You can’t tell me you need to spend $599 to learn price action. Come on, with sites like Babypips, investopedia etc why would you even bother. They’re strategy returns 51% thats 4.13% or close to each month. You could probably flip heads or tails and have a better outcome.
Final word, these two a renowned for creating profiles and backing themselves up anonymously lol Any second now…Come on I know you’re there Amy and Lewis lol
Eurhm, but the financial institutional traders don’t trade like we do. They don’t care a lot about scalping or short-term price action. Hence, the retail traders may actually be even better in technical analysis than a lot of insitutional traders.
Financial institutionals, or at least head funds, prefer to work with traders with limited trading experience as they need to execute a trading strategy not to make one up themselves.
Ofcourse there are genius financial institutional traders but in my opinion it is mostly about how strong your nerves are for institutions like big banks.
So if there is a retail trader that has a proven track record of consistent profits I’d gladly pay $599 for learning their trade strategies (if I was interested in it).
With regards to that 90/90/90 rule, this still leaves 10% of traders who do make profits. I also think that 90% of the insitutional freshmen will also fail to be a profitable trader on their own. This has been proven in the 90s where a lot of professional option traders failed as the markets weren’t always bullish as they were used to and a lot of them failed when they started trading their own money as they were lacking the emotional management that kicks in when you earn your living by trading.
But I do agree, I am not impressed by Amy and that guy.
I read a lot of the post here and came up with my own $500.00 plan to sale, and earn dumb money. As I sit at my old dell computer with FXCM trade station on and my dog ask to go for a walk, I go long. When he just lays there I go short. If he start to bark I increase my spread both stop and limits. When he moves to another room I stop bidding for the day. Now with my cat when she jumps on my desk I increase my amt from 10k to 25k. When she wants to go outside I lower my amt. When Both my dog and cat are watching me quietly I jump to a 100 stop and 400 limit on all my pairs. With the right marketing I should make $5,000.00 to add to my trading account per year. Any buyers out there.
My system is better and only $499! I go long when the temperature is Higher in the city of the current market session than the average temperature of all the market sessions cities and I go short when the temperature is lower!
She has a new site now: 