I just spent the last two months reading through the entire school of pipsology, wow! So much information! I felt like I had enough knowledge so I opened a pretty sizeable (for me at least!) live account last week which I’ve been trading. I made a lot of money and then I lost a lot of money. Overall I ended the week with more then I had, but I realized that I feel like I have no idea what I am actually doing lol! It all made sense when I was reading through the school, but when I started doing it, it was so overwhelming.
What is the next step I should do after finishing the school? Any other learning material (books, classes, forum threads) that I should be looking at? In the meantime I guess I need to get used to how nerve wracking this is going to be lol. It seems like price action trading is the best way to approach the market so I think that is what I was trying to do this week. I tried using a few indicators, but I think next week I will try going without them.
Anyways if people have tips for me that would be great!
EDIT
Here’s my journal of trades so you can follow along! Yay!
[QUOTE=“LexiFX;590566”]I just spent the last two months reading through the entire school of pipsology, wow! So much information! I felt like I had enough knowledge so I opened a pretty sizeable (for me at least!) live account last week which I’ve been trading. I made a lot of money and then I lost a lot of money. Overall I ended the week with more then I had, but I realized that I feel like I have no idea what I am actually doing lol! It all made sense when I was reading through the school, but when I started doing it, it was so overwhelming. What is the next step I should do after finishing the school? Any other learning material (books, classes, forum threads) that I should be looking at? In the meantime I guess I need to get used to how nerve wracking this is going to be lol. It seems like price action trading is the best way to approach the market so I think that is what I was trying to do this week. I tried using a few indicators, but I think next week I will try going without them. Anyways if people have tips for me that would be great! :)[/QUOTE]
I’m pretty sure that the School of Pipsology suggests you start with a demo account… Start there. The demo account should have the same starting balance as you plan to use for your live account. After that, you should learn to trade… you seem to have skipped that part.
Hi! Thanks I did open a demo account when I first started reading through the school. So used it for about a month and a half to learn how to use the platform and place trades. I feel like a month and a half of demo was what I needed before I couldn’t take it seriously anymore and needed to use real money. TOTALLY different feel for trading when you are risking real money let me tell you lol!
[QUOTE=“LexiFX;590577”] Hi! Thanks I did open a demo account when I first started reading through the school. So used it for about a month and a half to learn how to use the platform and place trades. I feel like a month and a half of demo was what I needed before I couldn’t take it seriously anymore and needed to use real money. TOTALLY different feel for trading when you are risking real money let me tell you lol![/QUOTE]
Some people stay on demo trading for years before going to a live account, so a month and a half is very, very little time. I do understand the psychological difference between the two, but there’s a logical progression that should take place. Learn to trade properly on a demo account, and then jump into a live one to deal with the feeling of risking real money.
Learning to trade will inevitably mean that money will be lost, it’s your choice to either loose fake or real money. Both are valid I guess, but some people just don’t have the luxury of loosing real money while learning. It sounds like you have a very long way to go, but you can still learn without loosing your shirt by not rushing.
Maybe a quick review of your “Graduation Speech” is in order. Here’s just a few selected / cherry picked quotes from the 1st page of the speech.
[B]“If you’re a noob and just finished the School, you’re most likely going to be horrendously bad at trading. “
“Going straight into the markets and trading a live account would be like trying out for the NBA just right after reading “Basketball for Dummies.
You’d probably get out-smarted, out-hustled, out-muscled, and out-maneuvered. You just haven’t developed the skills or mental/physical conditioning enough to hang with the pros yet.”[/B]
Maybe re-read all of the “Grad Speech” and pay attention to it.
Noob here too. I’ve read some folks like Nano accounts when first learning to trade, since it is “real money” but it’s so inexpensive that you can’t get hurt ( only $10-$20 or so ).
I can see how you’d learn quicker since it is “real”. Everybody says Demo is different because there’s no slippage, etc. So, maybe a Nano would be a better way to start?
Hi Glenn! Glad to see someone near my level it sounds lol I’m using a “mini” account where a standard mini lot size is $10,000. I definitely feel like using real money makes me take everything more seriously, and as I said I think I am a fast learner I think it has been a reasonable time frame for me to switch to real money. Definitely whatever an individual feels comfortable with, I’m sure it varies and that some people need a year and a half of demo.
[QUOTE=“GlennR;590592”]Noob here too. I’ve read some folks like Nano accounts when first learning to trade, since it is “real money” but it’s so inexpensive that you can’t get hurt ( only $10-$20 or so ). I can see how you’d learn quicker since it is “real”. Everybody says Demo is different because there’s no slippage, etc. So, maybe a Nano would be a better way to start?[/QUOTE]
I personally don’t see the difference between a nano and a demo… If it does not hurt, it’s like trading on a demo. Until you trade serious money (whatever that is for each individual trader), you are just practice trading. There are lots of fallacies floating around that end up distorting reality. What do you think brokers rather you do? Trade on a demo or a nano? I don’t believe that nano accounts will not help you learn quicker than demo accounts.
Also, the slippage theory is absolutely false in most cases… trust me, if slippage is the only thing you have to deal with as you go live with a profitable trading plan, you are going to be alright.
In theory, it’s quite simple guys. Develop a profitable trading plan on a demo and take it live.
[QUOTE=“LexiFX;590593”]Hi Glenn! Glad to see someone near my level it sounds lol I’m using a “mini” account where a standard mini lot size is $10,000. I definitely feel like using real money makes me take everything more seriously, and as I said I think I am a fast learner I think it has been a reasonable time frame for me to switch to real money. Definitely whatever an individual feels comfortable with, I’m sure it varies and that some people need a year and a half of demo.[/QUOTE]
Sorry, I completely disagree… You don’t even have a trading plan. Maybe price action, maybe naked, maybe some indicators. But hey, go for it and learn the hard way.
It always puts a smile on my face to see how noobs come on here asking for advice and then just ignoring the advice given to them. It happens all the time.
I am not asking for your advice or opinion on whether or not I feel comfortable with trading a live account. That is a personally decision. I ended my first week of live trading with $100 profit. Hopefully next week I’ll have even more, but if I don’t that it part of the learning process.
I asked you if you had resources, threads, books that you’d find helpful. Instead your are choosing to focus on something that is a non-issue.
I am looking for tips on trading… Anything BUT your opinion on my personal decision to trade with live money. If you aren’t going to respect that is ask that you stop posting to the thread.
[QUOTE=“LexiFX;590600”] Wow. Are you always this rude? I am not asking for your advice or opinion on whether or not I feel comfortable with trading a live account. That is a personally decision. I ended my first week of live trading with $100 profit. Hopefully next week I’ll have even more, but if I don’t that it part of the learning process. I asked you if you had resources, threads, books that you’d find helpful. Instead your are choosing to focus on something that is a non-issue. I am looking for tips on trading… Anything BUT your opinion on my personal decision to trade with live money. If you aren’t going to respect that is ask that you stop posting to the thread. Thanks :)[/QUOTE]
LOL… Thanks for the laugh.
Re-read the title of your thread, that’s what I replied to. If your little feelings were hurt by being told the honest truth what you should be doing after finishing the school of pipsology, then that’s too bad… I’m not here to sugar coat my posts just in case someone’s feelings might get hurt.
I told you from the start, you can loose real or fake money… It’s your choice, and it’s legit. Also, I’m not the only one here that will call you out. Give it a couple of days for the weekend to pass. It’s clear to anyone that has a bit of trading experience, that you should NOT be trading real money.
My user name answers your question, if not I’m sure you can figure it out… You being such a quick learner.
Peace out… It was a pleasure wasting time with you.
I was a noob back in the early-2000’s. I took almost a decade off after a serious accident. When I returned about 3 months ago I began trading a demo account to get re-acquainted with the market and comfortable with the amounts, risk, etc. that I want to trade as well as to validate and refine my trading strategies and habits. It took me 3 days to breeze through the School of Pipsology as a review and pass the quizzes which showed me the areas where I’m weak and need to review. I am currently writing out my detailed trade plan and getting my trading journal in order. Those tasks should be complete next weekend and I may begin live trading sometime in the next 2 weeks.
I am a very aggressive trader that hates waiting for anything (patience shortage), however, I possess a great deal of self-discipline and realize that jumping in too quickly to live trading will only cost me. I treat my demo account like it is real money. If I lose in the demo, I have to win back the money instead of just starting over with a new balance. If I were brand new, I would demo trade for at least a year so I experience the full round of the seasons, learn to trade thoroughly, develop a feel for the market and create my own trading system. I certainly would want to have at least 3 months straight that I was profitable in the demo before making the leap to a live account. Even once I’m trading live I will still test any changes I make to my system in the demo account for at least a month prior to going live with the changes.
When I first began I thought demo accounts were strictly for noobs and got into live trading very quickly where I promptly lost “real” money. My opinion has changed dramatically over the years and I view demo accounts as tools that I will always use. I will also review the School of Pipsology courses once or twice a year as well as taking others to continue learning. These are all lessons I learned from the School of Hard Knocks which isn’t the funnest place to learn, but the lessons do stay with you.
Despite what everyone says here I think that you should trade live with money that you’re sure and comfortable to lose…I don’t see a problem in that On the other hand if you do make some, why not, it’s cool
Anyway there are some books that I’ve prepared to read after I’ve finished with the school:
New Concepts in Technical Trading Systems, J. Welles Wilder, Jr.
Technical Analysis of The Financial Markets ,John Murphy
Japanese Candlestick Charting Techniques, 2nd Edition, Steve Nison
R.N. Elliott’s Masterworks The Definitive Collection
And I see that everyone is mentioning some Price action strategies so will check out a thread there about price actions by Chris Capre
I like to do things the old fashioned bad method of losing money first and realizing from first hand what is bad and what not… My limit is around 500$ live so that’s it…already lost 100$ (lasted two months with that, one mistake though and a stupid one, not calculated), so moving on…
There is nothing wrong trading live right away…as long as the money for trading live is not from their student loan, credit cards, payday loan , money to pay rent, car payment, or even a loan from his/her drunk uncle Larry, etc…
Words of wisdom always comes from experience… The naive/ inexperience and young once cannot see it… Just yet…
Hi guys, its very rare I venture into other unestablished threads like this… But the blood attracted me.
Okay Lexi, heres the deal. Of course, you CAN trade with live money, at this stage though its basically gambling because by your own admission, you said you didnt know what you are doing. If thats the case, you will eventually get wiped out clean.
You asked for support on what next… Check out 2ndskiesforex.com and check out the thread “Understanding Price Action by Chris Capre”
If you’re serious about being a professional trader, read every page on that thread. Furthermore, read every article on his website and every video he has ever made, all the free content should take you half a year at a minimum. Also join 1 of his courses, you get access to an incredible community you just wont get here + learn profitable methods and trader psychology and a LOT more.
I dont want to be a salesman… But you asked for help, and if you’re serious, what I just said is all you need to do.
Thank you for the list of books. That is the stuff I’m looking for. I think you and I have the same idea towards trading with live money. I need some sort of benefit for doing everything right (profit), and some sort of hand smack when I do something wrong (loss). Otherwise I just can’t take it seriously. I mean seriously, I don’t know of anyone that could take a demo account seriously for a year and a half lol. I’m using about $5k right now, but definitely being careful with leverage and risk. Hopefully we both can make some solid profits this year!
The recommendation is greatly appreciated! Of course I want to be a professional trader lol. Just making a consistent profit every week would be good enough for me actually lol. I’ll check out his thread and see for myself. I definitely am gravitating towards price action trading so we may be on to something!
Are you a professional trader? Lol you don’t have to answer but just curious
On the other hand if you do make some, why not, it’s cool 
