I have a full-time job that is a bit “restrictive” to learn the maximum per day about forex trading.
Anyway, tt has been a couple of weeks that I spend almost 5 to 6 hours a day to learn forex trading (mainly from Babypips & Investopedia). I wish I could spend more hours because I am so passionate about this and I am willing to literally do whatever it takes (and spend years of learning and practise) to become someday a real trader.
My ultimate goal is to be able to implement an automated trading system using MetaTrader4/5 (or maybe MetaTrader10 by the time I finish :17:), so as a software engineer, I first need to understand the business, the functionalities, then imagining a strategy (that will be tested of course), and implementing it in MT4/5.
So, programming is the last thing to do.
My struggle is the following : I want to optimize my time. I don’t lack motivation. I want to do this, but I want to do it the right way. So, given the fact that I work on this part-time, my efforts should hit the top. For that, I think I need to make my learning curve continuous. So, my question for you, dear “babies” (:p) is : How to be optimal when learning Forex Trading ? (and a fortioro MT4 ?) I have downloaded many books about candlesticks, charts and indicators. But I guess what I need is just an efficient methodology. I don’t want to read many books and then forget 80% of the content. Can you please guide me ? Adivse me ? I lack of the HOW-TO. So please, could you give me any information that you judge may be useful to my confusion ?
Spend a few months studying at the free school on here, taking all the quizzes as you go along.
You’ll have a clearer idea when you finish the school than you’ll ever have by reading investipedia.
Take the time, its worth the effort
youre looking for a shortcut. like everyone in the beginning. im deeply sorry, : doesnt exist. go through all the books you can find and aswell the 80% crap youll forget afterwards anyway. only then you can know whats importantand what isnt.
They’re [B]all[/B] right, the three guys just above! ^^^
I saw your post hours ago, didn’t know how to reply, wanted to say what [I]all three[/I] of them have said and didn’t know what form of words to use. Anyway, I agree with “all the above”, and I wish you good luck - but don’t look for shortcuts: it’s when people look for shortcuts (sometimes naively imagining that all they need to do to become profitable is “copy something that just ‘works’,”) that they end up joining the 95% failure-rate instead of the 5% success-rate outcomes, among aspiring traders.
Like the others who have replied, there are no shortcuts in trading. It’s simply a matter of spending time studying and building screen experience. A couple weeks is too little time to make out much of anything. Your passion and drive is commendable, but some patience in the mixture is going to help you stay sane. If you have a full-time job that limits you on how long you have to study and trade, take that into account; it will take even longer.
As for your ultimate goal of building an automated trading system, forget about it for now. Your main priority should be to understand the market, build a solid foundation, and become a profitable manual trader first. Find and soak up as much information as you can find on forex and trading. If you’re forgetting 80% of what you’ve read, then you’re just wasting your time.
In order to be successful at automated trading, you need to be a successful manual trader first. Algorithmic trading is an entirely different beast and takes just as long (if not longer) to understand than learning to trade altogether. The fact that you have already planned out you will be using MT4/5 for your automated system is hasty. MT4/5 is complete garbage when it comes to serious automated trading, and you will soon find that out for yourself as a software engineer. Almost all full-time algo traders will have built their own software suite for development, analysis, and deployment of trading models.
This quote sums it up well, “The more you learn, the less you know”.
So, to answer your question. Spend as much time as have available going through Babypips school (2-3 times if you can), and reading anything you can find on forex or trading in general. Start practice trading on a small real money account as soon as you are done the Babypips school the first time. Like any business, there are no shortcuts.
Definitely! Take it from me, I have read dozens of books, went through Babypips school etc… Tried many methods. I have found one thing about Forex that I believe to be true. FX charts have a life of there own. Basically fundamentals. Though technical analysis plays a big role, I believe Fundamentals play an even bigger role. If you will notice when one of a pair is weak such as Eur/Usd etc… lets say Eur, and it is moving sideways then all of a sudden an economic event shows a strong percentage, maybe an increase of 3 percent or even less, then it moves up 30 pips or more all in one 5 minute candle or less. Then it hits resistance and you see the bull and bear candles battling it out trying to decide which way to go. Your at a high price with lots of volume. Your right in there with the bulls and the bears, what should you do? That tells you something about FX. I have found myself coming back to Babypips periodically and reading the Blogs. I have found them helpful in many ways. As far as my trading, still working on it!
You have to read some books and do some trading (preferably on a demo account), but unlike most traders you should focus on higher time frame charts like Daily and Weekly (maybe even H4 if your time allows) as they are slow moving and you need less time to analyze.
ICT is a hoaxer, that’s the truth… lots will probably argue with me but that’s because they haven’t watched his material critically/completely enough to spot the holes and inconsistencies. That’s not to say he doesn’t say a lot of things that make sense, but he offers NOTHING that isn’t already in the babypips school. He’s a scumbag with a screw loose almost as bad as the SUPER scumbags selling systems that don’t work in the long run… only instead of stealing your money he’s going to steal the faith you have in yourself as you watch his fake trades win while your real ones lose and come to believe you’ll never “get” it. Want his “secret”? Trade with the trend, enter on pullbacks, use fibonacci to set your entry and exit targets… that’s really all he offers in hours and hours and hours of material… time I wish I had back.
There is no such thing as automated trading… even using algos that place and close trades without your input is completely discretionary because none of them will be profitable in all market conditions and it’s up to you to decide when to use them.
I’m at least a year and a half in since I discovered forex, but it’s taken me this long to figure some things out, discover a trading style I can use with discipline (strict rules based), go live, and string together two profitable months . I’m very happy about where I’m at and I’d be surprised if many success stories go much faster (I don’t work and I find trading interesting enough that it occupies at least half my waking hour must days). Having said that, I know I’m just beginning because now I face the same question algo traders do, my rules are working now but I know they won’t always how do I decide when to modify or abandon them? How will I recognize a time in the future when it will be safe to use them again?
Some things I believe confidently at this point…
1 No one who’s highly successful at trading has ANY motivation to teach strangers how they trade, period, and if they did it wouldn’t work for you anyway.
2 You must “invent” your system in order for it to work for you, that doesn’t mean it has to be wholly original but there had better be a lot of your ideas in it or you’ll never trust it enough to stick with it.
3 Most people on trading forums are unsuccessful or marginally successful traders (see #1) be very very careful how much negative feedback you take in from them, MANY of them are only here to convince themselves and others it can’t be done.
4 If you don’t find trading pretty interesting when there’s no money on the table then your time might be better spent figuring out how to get paid for doing something you DO find extremely interesting even when no one’s paying you to do it.
Everyone expereinced their firt with forex trading. I usually thought that reading lot and lot of books can give me a better insight with forex. But as you mentioned, I almost forgot all of them. I thought that you shoulf practice after each indicator or method that you just read, to make sure that you can understand throughly and remember all of them. The first time I read about candlesticks, they are confusing and I cannot boost myself to learn all of them by heart. Yet, I use them day by day, and then I just realize that I can recognize the special japanese candles without reading any books. So practice is the key. ALong with practice, you still read books and then you can beat forex. You can also use some tracking-level program to help track your trading level. After 1-2 week, I have traded many pairs, and then after such time, I would use the tracking tool to see whether my skill is improved or not
First off, Im not going to Put ICT on the Ol Mighty Chair and raise it above my head yet, but You know what, Ive learned more in the last month then I have in 6 years from following ICT.
He is a Hoaxer because he took your time? Pretty sure he didnt MAKE you watch 200 hours of boring redundant material. You were looking for a direction, and just like money, YOU choose to invest your time.
Im not sure why everyone is so hard on the dude. Who cares that he blows account after account, ITS HIS MONEY, or demo, who cares…
But he still comes back, he still trys to find angles, but most of all, he shares his findings.
Everyone is mad because they didnt get direct entries and exits, or the silver spoon feeding them the information needed to successfully gain profits.
There is so much more stuff that the closed eyes and ears dont see or hear. There are hiden bits and peices that make it all come together.
What he forces you to do, is pay more attention to the obvious. But its not obvious to the blind and def looking for a free ride in the most shark infested career you could even associate yourself with.
Screws loose, we all have a few in some form or fashion, no? The dude doesnt like to lose, and I relate, because I dont either.
I havent used indicators in a month, and Im at the top of my game since.
Everything is in pieces, scattered about from video to video. He did it like that on purpose. Like His silence videos, there is reasoning about them.
Now, Like I said, Ive been following him for a month, and he is freakin rockin the charts. Like today for instance, How many here knew EURGBP was going to hit .77473 ( my exact line marker), actual was .77475 today? THAT was the target!!! It went right to it.
I knew there was hidden agendas in the market place, and after knowing WHy, WHEN, and HOW, they would react at certain times and prices, it allllllll opens the flood gates for me.
You say some stuff makes sense, but burn him still? Not asking for a dam dime in return, but still, throw rocks…
There are Forex gurus afloat everywhere… Wheather they are mentors, or signals serives, they are nothing but BS. How you going to charge $196 a month, BUT ONLY CLEAR 6% FREAKIN A YEAR?
Then you have Reza. A know fraud, Thief, and BSer, But milky all these people for $95 a month?? Opps, let me fix that, its not $95 a month anymore, HE FREAKIN RAISED IT.!!! Because he added more Sht to his collection of " Wool Bails" …
WHY, On Earth, Are the people doing this??? Why do People Pour thier dang money into these HOAXERS.???
Why, Because, they are weak. Looking for that Silver Spoon to fill their desires of success.
ICT has no agenda, He doesnt care if you listen to his videos, He doesnt care if you Favorite his tweets, or email him. He does it to fulfill his ego driven desire, TO BE THE BEST IN FOREX.
Its the challenge, its his High, SO who gives a dang Wheelers, You were looking for direction, It didnt work for You, it is what it is.
There is sooooooooooo much to learn, He lays it alll out, easy to follow, not easy to understand and learn over night.
Ive had to build my personal dictionary for ICTs stuff. lol…
Ive went thru the videos, Made chart notes, Printed them and laminated them… I have a stack of Laminated ICTS Lesson to look thru for learning them. I have an Entire Notebook dedicated for each Modular series.
Treat it like a Business, Learn it like a Career, No one to blame, But yourself at that point.
There is NOONE in the business, that is going to give you the Holy Grail, and there is one, or a few.
It just doesnt work like that in this 5 Trillion a day Business…
I got my 10% today, How did you do?
Im 500% better today, then I was In March.
THESE PEOPLE ARE THE DANG HOAXERS, THESE PEOPLE ARE THE FRAUDS, JUST TAKING PEOPLES MONEY.
All right calm down love, you’ll burst a blood vessel if you’re not careful. LOL
You certainly fit well with his personality type anyway….highly emotional, excitable & over-the-top.
lol, Just get fired up with excitement, because I know his teachings work if you look from the outside in and Im going to stick up for my people. His rants are freakin hilarious tho, I have to say…
With that said, He is still Missing in action. Its been a week since he has been on the twitter. Hopefully he didnt get silenced. Because he was about to release a new series and dropped off the face of the earth since.
If he didnt release any more info from what he already did, Im truly grateful for his efforts to date. He has given enough to be successful.
Look, I wasnt looking to ruffle feathers, but to Call out someone doing free stuff, contract free, a scumbag or a Hoaxer isnt right…
I dont know if he swindled or took money from anyone before, but I havent heard of it thus yet. He might be a lair, a sinicle as$h*&e, arragnat, whatever, none of that matters to me. What matters is price going where His teaching taught me, and Why they go there, THATS IT…
At the end of the day, its about making that money, for all of us. Except the scammers and book writers of course.
If someone had the grail, why would they write a book or sell the algo? You wouldnt find it on Ebay, thats for dang sure. You wouldnt find it under Mentors Tab on Ask.com, Maybe bid on it while at the ritual of Skulls and Bones, but your not going to find it laying around, or spouted outta someones mouth, for mere millioniths of pennies of its worth.
And, lets finish this up by saying this… It doenst matter what system you use, if you dont use it correctly, systematically, and patiently, it wont work in the long run.
Price-Where is it going-were you right or wrong?- Next,
Read my post again and ask yourself if I sound like the kind of guy looking for exact entries and exits… closed eyes and ears indeed.
You’re right, no one forced me… I guess that makes it time well spent then huh?
ICT is a fraud, period, he’s in it for the sycophants, it does something for his ego to have you following him, he has a screw loose.
If you’re up 500% since March the crash is just around the corner and that’s a fact. But for the record, todays return was 8% for me and I didn’t need a guru to get it… we can meet again in 5 years and see who’s better off ok?
