How do you manage to learn new trading technique?

Please share your experience with me. how did you learn new trading technique? I am using so many tools but nothing actually helps me. All what I can do is to trade with my old strategy. But at the moment the results of this strategy are negative :frowning:

Make a deposit in a live account, place trades according to the new strategy, LOSE money and learn. Make adjustments and repeat the deposit-loss-learn cycle. Since your old strategy resulted in a negative outcome just forget about it or improve it if you can’t let it go.

Yeah, mate. But your type of learning can result in such a losses. are there any other reliable ways that require less investments?

I personally prefer a keep it simple approach. There are a lot of indicators out there and unless you know exactly how each one works then you may not get what it’s really telling you and some of the information can be redundant. With 20 indicators overlapping it’s hard to filter out information from noise.

Maybe you could make a list of the indicators you use and what they tell you, then from that list pick the factors you think are most important to your trading strategy and dump the rest.

Actually TLB technique is probably the best. If you’re only trading 0.01 lots then you have a dumb attitude and need to re-valuate why you want to trade if you’re still incurring excess losses.

Maybe you’re slack and don’t want to invest your time doing the historical validation of your systems. Trading is simple boring and easy. The hard work and rewards come from what you do behind the scenes.

To get you started heres a valid strategy. Buy high sell higher. Now go do the reseach.

Kind of ‘easy’ :slight_smile: . Write it down: entry conditions, exit conditions, Entry point(s), Exit point(s), Stop(s),Limit(s). And follow the plan ‘to the letter’ for at least 21 days. If on the 22nd day you can say that you followed the system every single time - you graduated! You just learnt the new trading system, plan. Unfortunately you will not know if the system works as you expected(making money)just yet. For this you need to trade for at least 3-6 months and see it performing in both trending and ranging market.
#TradeSafely

I usually just experiment with a combination of technical indicators for trend confirmation then use inflection points (S&R, Fibonacci, pivot points) for entries and exits. Just make sure you back test your new strategy and practice it on demo first to see if it’s worth pursuing. Don’t forget to journal the results also!

I understand your problem very well. When I was just starting trading and forex was all new for me I was always confused with tons of different materials describing trading strategies. What I was doing is first I watched some educational videos on strategies, some brokers have such videos available on their websites. On my opinion, the good ones you can find on the profiforex website (here: …). I found those videos useful because they not only explain the strategy itself but if you are not very good at using MT4 yet you can also see how to apply particular indicators, manage timeframes, detect entry and exit points, etc. After watching videos and understanding the essence of the strategy I also tried to make a research in the internet what do people say about the particular strategy. And in most cases it appears to be quite contradictive. So the best way that I worked out for myself is first to learn some strategy watching videos and after that test this strategy on demo account for two weeks minimum. Please note that test on history may not give you the objective result

I will agree with thelastbear and what he is recommending to you. You just need to trade with small amount of capital so the mistakes will not cost you a lot. This means you should be focused on learning and not on profits.

What I did was getting nice Tickmill Webinars and like spent whole weekend going through them again and again. After some time I did understand everything and now I am back on track once again!

All good info. I especially agree with bear. But keep lots small until u decided if this is right for u.
What bob said is very important u need to do alot of behind the scenes work.

Learning never ends, you learn every day. In forex trading you need to learn every day. Its not a destination its a journey. Even the pros take a bite from the market time after time. So mistakes will happen, you only need to keep them tiny.

Learning is a continuous process. We learn new things every day . You can try new trading techniques on demo account it will be a good experience for you without using your own amount. When any technique is successful after many times trial do trading with it in real. You will recover your mistakes and not loose in real account.

Yes i will agree to this fact that when we are joining the business then we have to learn about how trade needs to be done and then as the time passes we will learn more things.

But that does not mean that we know everything as learning will continue :33:

I am agree with you. It’s good consideration to learn new technique in demo account first for several weeks to make sure that the technique/strategy could work well in many different condition of market before we implemented it in real account so it can prevent us to suffer big loss which can happen if we don’t understand the system well. And also, we could find out the best timing and the best setting if we have learned by doing personally in demo account. It will be more effective to apply it directly than learning in theory only.

First of all I have the same feelings and I bet all of us have had such at one piont of trading learning. I focused on trading psychology a lot, but also try to find as many strategies that I check later on on my demo account. Most of them don’t work for me, but I found 2 that look promising and are simple in my opinion. I found a site called: forex-strategies-reveald.com and found some inspiration there too. So far I have noticed that patience is also key to everything. So I take things easy and try to learn, but also don’t stress out too much.

I know there are some apparently interesting things there, but I’d advise you to back-test and forward-test very carefully indeed any strategies listed on that particular site, before thinking about using them. They’re all completely untested and unproven: they’re simply “submitted by readers” and published on the site, with absolutely no approval-process, quality control or even discussions about their possible validity (not even of the kind you might see in a forum).

I’m “just saying”. :wink:

Thank you for your opinion about that site! Much appreciated. I chose 2 strategies that " spoke" to me. Still testing them.

[B][I][U]Disclaimer: I am a newbie (not a noob already, but not a beginning trader yet, something like that).[/U][/I][/B]

There’s only one correct answer to this question and I am very surprised not to see it in this thread.

  1. Write up the general rules of your trading strategy in Excel with tps, sls, adds ins/outs, locks strategies, signals + reactions to signals, filters to ignore particular signals.
  2. Upload all the indicators to the mt4, look through the history and make 30 “imaginary” deals based on the signals, write up in the journal the results that you get.
  3. Get a large monitor. Buy Forex Tester 2.
  4. Open mt4 to your left. Open Forex Tester 2 to your right.
  5. Press F12 to scroll to next bar in mt4, get the first signal. Go to Forex Tester and press space to the get to the bar in question.
  6. Enter the deal based on the signal (add in/add out, lock/unlock 100% of the deas or a lower percentage of the deals), exit the deal, write up the deal performance in the trading journal.
  7. Get 100 deals, performance results. Decide whether it’s a viable option to go on with using this strategy.
  8. Get a cent account*, do a number of deals** within a required period of time***.
  9. Prep up the final stats on the trading system.
  10. Post the final performance results here and ask other traders for constructive criticism.
  11. Continue adjusting the strategy.
  • – this is the right answer to the question, where you say that you want to test the system, but don’t want to lose the money. The person who said “go live” was completely wrong. You should never go live with the system without a high level of confidence in it. The cent account (you deposit 100USD, where every cent is deemed to represent 1USD, which means that you have virtually deposited 10,000USD) is available with almost all brokers.

** and *** – I guess that the number should be high enough. I trade H1, only EU, I use only swings and very large MAs (like 300). Please find an example of a series of deals below:

[please find link # 1 below in the next post by me]

This particular series of deals took me about 2 hours to complete. This period includes about 15 days. I trade H1, so it’s OK.

If you trade M5 scalping with indies, then the period may be 5 days, but the amount of time may be either much less or higher. I mean it shouldn’t be just clicking and scrolling out the graph, coz you need to have adequate time for decision-making, even if it’s just m1.

I use sound and e-mail alerts. So, when I trade live, I would just get a sound alert every 10 pips, go to the screen, see what’s going on and go back to what I’ve been doing (I am a freelance translator and work from home).

However, the number of deals (upon the completion of which you say that now your confident in your ts) for my swinging and somebody else’s scalping should be the same, I guess. So it can actually take me 1 year to polish the strategy on the cent account, cos I trade h1, however a scalper might need only 1 month of live trading. I would open about 100 deals with the stats in place, she would do the same number of deals.

P.S.

  1. you need to follow MM
    2.1) you need to have the right kind of psychological attitude (something like this:

Case 1, wrong trader mentality: my friend Dima asked me for 1,000 USD. I said OK, then I gave him the money, coz we are friends. I fully expect that he will return me the money. He’s unemployed and has very little money, but I guess that he will get a job in a couple of months and get me my money back in 1 year. It’s OK, coz we are friends and he’s helped me a lot.

Case 2, bad trader mentality: you friend asks you for the money. You ask him whether he’s got a job. He says he’s unemployed. You refuse to extend a credit to the potential customer, coz Russia’s in crisis and you generally do not credit the unemployed individuals. You continue to advertize your company and look for other potential borrowers.

2.1) Try these two things: whenever you lose a deal, burn 100USD lol))) So that you disengage from the emotions.

Also, some folks have been saying that it’s cool to put a pack of fake money on the table, just for fun)))

Also, a good example is to print out the best deals that you’ve made and pin them on the walls. Before you go to trading, you can drink your coffee and watch through the best deals and 'get in the zone", as you will be reliving the successful strategies all the time and they will be gradually written down into your subcoscious, coz it’s all about the subconscious, right? I mean, the basic decision-making is just about have the right of neurons connecting in the right patterns again and again and again. If you look at these pictures, you would be able to “firm up” those chains, you know. Such an exercise is very different from trading, as you are getting lots and lots of information signals, when you trade, so even if you have won, it’s very difficult to say what were the ingredients of the victory. If you use a couple of signals, it can be mind-boggling, imho, coz you will be building hundreds and hundres of chains in your brain. Then when you have to make a decision next time, all of those will be activated and you will get the “signals over-load”, where your in stupor, coz of the information overload.

I wouldn’t post or focus on bad deals at all for some time. I have been teaching English for some time. This is a very good example on how refocusing from mistakes can really make a difference:

I had a student. She was 38. Very cool and outgoing accounting lady.

We had private lessons. At the first lesson I asked her about her objectives. She said that she was having lessons with a very good teacher for several years, focusing on grammar, phonetics, vocabulary, writing, listening.

I patiently listened to her for about 3 minutes. When she finished and started to feel that I was kinda “cold”, I sighed and asked her “Irina, why aren’t you speaking English?”)))

After that I just told her – look, this is our first lesson, let’s do some reading, ok, why don’t you read this article from voanews for 10 minutes, while I am gonna have a coffe, ok?

She read and then she (suprise! I deceived her!) neede to started speaking out about the article. Boy, was it hard for her. Every time, she would make a mistake, she would look at me, waiting for me to correct her. Every time, she had a problem, she would ask me questions in Russian. I would just say – well, I kinda get what you mean you know, so why don’t you go on, you know!!!

So, after lesson 8 she was speaking pretty well almost about anything and was kinda surprised that she could actually do that))) During those first lessons, I was generally looking through the glass walls at the cute accountant next door and trying not to fall asleep.

That’s how you build neuron chains. She was actually referring to me among her colleagues as to the teacher who does nothing. They said – what’s the _____? That’s a scam. After 1 month they had talks with their foreign partners, where she was present. The next week her colleagues started to ask me, whether I was available for the lessons, as they wanted to switch away from another tutor.

Boy, did she make errors. She was saying something like that at the first lesson "I thinks you we might, oh, need, oh, can have a lessons, oh, lesson, tomorrow, on yesterday, oh tomorrow, yes, tomorrow, yes-yes-yes, Ok, I mean, OK? How the heck she got to good and coherent speech in 8 lessons (with lots of intermediate-level mistakes) I don’t know, but she did! If I tried to correct her “I thinks”, I thinks that would have been the end of the progress she might have had.

2.3) So, there should be no emotions, greed, hopes, moving sls coz the price MUST go back up, looking for external advice from gurus on the forums, watching endless webinars… Basically, forex is driven by stupidity and marketmakers. Marketmakers are also “stupid”, coz they would not be able to manage their activities, if their activites were too clever. So, in the nutshell, all the indicators and strategies can be described in a couple of words (e.g. fibs, RSI, etc.) – as the general intro, then you go forex tester and futher on along the list.

But, the majority of “coaches” do the followig thing:

  1. They post some of the free webinars

  2. They have the paid membership section

One you have gone through the free webinars, you might purchase the membership from them. You have to understand that the point is like that: the longer you struggle with a bunch of indicators, the longer you need “coaching”, the longer you need to watch more and more webinars, browse through threads on forums, ask questions like that: “my indicator 1 shows level XXX, my indicator 2 shows level XXX, my indicator 3 goes down, my indicator 4 goes up, my indicator 5 goes down. I wonder what’s my move?” and get no coherent answers – in which case you just might ask for a paid consultation from that guru.
Now, you have 5 indicators – thus have you have 5 variables. How many variations can you get from different relations “in the moment” of those 5 indicators? And, take into account the fact that you need to do it “in the moment”, if you scalp. Like the bugs bunny, you know)))

refer to the vid (10:30) for a good illustation by Russ)

[please find link #2 below in the next post by me]

P.S.

I can show you in skype by the screen share how I use Forex Tester. It’s very easy and, at the same, nourising to the neuron chains)))

Link #1:

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