As a beginner in trading I’m often curious how others learn to succeed in the market. What resources besides babypips and tradimo have to offer, did you use to learn to become trader?
I often hear and read about how websites that offer training are usually 99 percent scams, and make their money off of people buying into the “get rich fast scheme.”
I’m not here to get rich fast; I’m here to learn. I do not plan to become a full-time day trader; I’m a college student currently focusing on getting my degree, but I want to start investing for my future. I plan to do part time trading after I graduate college, and start a career.
In five main ways (of which, unfortunately, only the first four are duplicable by most people) …
By reading well-recommended, well-established, mainstream, orthodox trading textbooks, published by well-recommended, well-established, mainstream, orthodox publishers (i.e. “peer-reviewed” and “quality controlled”) and avoiding internet “information”;
By getting in thousands of hours of screen-time [B][U]after[/U][/B] understanding all the basics of probability and statistics that any trader has to learn, to become profitable (so that my first 3 years’ experience was genuinely 3 years’ experience rather than the same one month’s experience repeated 36 times over);
By not trading with real money until I’d proven, repeatedly and exhaustively and exhaustingly, on demo accounts, that I could avoid [B][U]all five[/U][/B] of the classic mistakes of aspiring traders;
By remaining aware, at all times, that in a field of endeavour with a huge turnover of participants very few of whom ever achieve profitability, most of the readily available “information”, and [U]especially[/U] the apparent consensuses of opinion, are always [I]far[/I] more likely to be misguided than helpful;
By having expert tuition available (from a successful family member in the trade).
One thing’s for sure: it isn’t quick or easy. I don’t even agree with the people who say “Anyone can do it” (some people have a really deep-seated blind spot with anything mathematical, and they probably “just can’t”). But - by many people - it [I][U]can[/U][/I] be done. Good luck!
Great you already one step closer to have trading mentality.
First you must understand that trading is just one of many types of business.
To be able to survive in your own business, you must understand really well about your business from the bottom to the top.
In computer trading, the first step you must have a lot knowledge of forex jargon and theory.
than you must know how to interpret supply and demand through chart.
to do this you must have knowledge and spend months or years watching chart. and get used to it.
after you understand how the market move, you will absoulutely coming up with certain strategy that convenience for you.
and if you able to make profit time to time than you already become a trader.
I learn from online sites where knowledge is started from basics, babypips forum support me a lot in learning of forex. I learn lot of things from forum posts as well as school of pipsology . Then I did demo to learn how trades are actually made in forex market.
My experience learning forex is only using internet as learning place, reading article forex on site own language, and ever trying investing in hyip and start from forum paid to post I am finding information if forex also as one way to making money, then I am seeking more information related forex and using demo account to learn directly with the market
Have you tried trading through demo accounts? That should the ideal place to learn if you’re a newbie. And of course, watch the market to catch the nuances in movements, watching videos and doing a bit of reading up of prescribed textbooks.
Not yet, Jacksmith. I’m trying to get the basics down by completing pipsology school and tradimo. Before I decided to use my demo account I have previously open with FXCM.
Both are necessary to learn. Experimentation and testing of new strategies is part of the learning process and more often than not it’s not worth the risk to do so on a live account.
His teachings seems to speak to me the most and very easy to understand. I started learning forex about 7 months ago. I went live a few weeks ago, opened up a very small account and so far it’s up 10%. Won’t be making any serious money any time soon but I must admit, I’m really loving this market and I’m excited to see where my forex journey will take me a year from now.
Good start already you made even still few month learning now already have eager to making forex as your business that very potential as source income, and will good you can maintain performance and making income for long lifetime.
I never thought I’d say this but I’m actually more concerned and focused on learning now than I did when I first started where my main objective is to just make money FAST while disregarding the learning process.
One can never disregard the learning process. Forex trading is like any skill - it needs to be honed and trained before it can be utilized successfully.
I’m just looking through his website atm and thought i’d search his name on babypips! I do like all the info and insight he has on there for free! Actually shows examples of trading plans and the like rather than saying “you just need a trading plan” Will have to check out the youtube side of it.
When I was a beginner I lost so much money in my first month of trading with real money (7.5k to be exact) I traded with demo money for a year before using real money and thought I was ready to try… Boy was I wrong… Different emotions! When using real money that you worked hard for you have all these different emotions coming through that I never experienced using demo account. I kept doubting myself, buying or selling to late on moves that were plain obvious trends I should of avoided, everything that you’re not suppose to do I did… BUT!!! BUT… It was a learning guide for myself. I had to learn how to control my emotions, be VERY patient and stop doubting myself so much. I got more into technical analysis rather than relying on indicators which I find worked really well for me. 10yrs later and I’m kicking goals!! :59: