What should I study?

What aspects of forex trading should I concentrate of mastering?

I’ve dipped my toes in a bunch of different things but looking at what the experts think I should spend the majority of my studying time focusing on.

Money-management in general and position-sizing in particular. (Recommended source: “[I]Trade Your Way to Financial Freedom[/I]” by Van K. Tharp, available from Amazon.) Without mastering those, you can be an expert at everything else and still lose all your money.

Good luck! :slight_smile:

Ok, I got that.

I was thinking something more along the lines of S&R, price action, candle stick patterns etc…

and welcome. Lexy is an experienced trader so I would try reading the book she recommended.

Have you been through some of Babypips school already?

Dont dip your toes, you’ll only get them bitten.
Study at the free school here, do all the sections not skipping any as you may chop and change before settling on a trading style.
The money management is one of the later sections, heed what you read

Im a big believer in studying your losses and compare what you did differently from the winners. also if u r keeping a log book she what your emotions were that day. Youll be surprised what u learn.

You might wanna look at the technical analysis section of our School if you’re interested in S&R, price action, etc. It can be a lot of indicators and strategies to go through but at the end of the day, proper risk management (position sizing, stop loss setting) could be the key to long-term profitability as lexys suggested.

Study price action, there isn’t any good method that this. No indicators, no news (but you can look at some very high impact ones), not much garbage on the chart. Trade on higher time frames and you will get much better results.

I only started last week and atm I’m focusing on naked trading without indicators and understanding chart patterns, candlesticks & also S&R. Money Management would be pretty important if u have no idea what your doing, so keep your leverage low and just trade small till your win:loss ratio favours your way before changing your money management :slight_smile:

Read my last post…

Lance Beggs, Al Brooks, Bob Volmann, Kozok Flemming

Im disagree in those who recomend Van Tharp

Many sweet word but in reality you will empty you wallet better to study Flemming blog word for word is free …
This review cover some of my thought of Van Tharp

Michael James on Money: Super Trader

Before you do anything, revise some basic maths. Study percentages, and line graphs and the algebra involved in their plotting. Sounds silly but the most important part of trading is the very very basics. What the graph is measuring. After that you can study the methods.

What is the most important thing when it comes to Forex trading is to practice on demo account, I suppose. As for me demo is the only platform to test your strategies, check your skills and test any kind of indicators without even losing your money, just an education for free. Using demo with different brokers and reading some reliable Forex forums will help you better understand the market and build your own opinion regarding this business on the whole.

Study demo trading is best we should study all tools used in forex trading in demo account . Try to understand indicators, expert adviser , naked trading even what we want to do experiments. Demo will not disappoint you . Your knowledge will increase , For me it helped to right strategy of trading Now I can do trading in suitable time with reasonable risk.

Hi Egomes2107

I would like to share my opinion.
Given a same trading system. Everyone will have different results.
In martial arts for example, everyone learn from the same mentor.
However, there will still be discrepancies in each ones skill level.
Why is this so? Everyone is different in terms of aptitude.
Some are better at this and some are better at that.

From a trading perspective, everyone’s level of understanding on a particular system is also different.
Ability to execute the strategy, time constraint, mental sharpness fluctuate every moment.
Henceforth, different level of achievement for everyone, even though they are using the same trading system.

The keyword for success is
FLEXIBILITY in the execution of the entry and exit of the system.
ADAPTIVE MODIFICATION of the trading rules to suit ones need.

How to do that? There is no easy answer to that question. Its not easy to do the above.
For some people they simply have the flair to be flexible and is creative in modifying set of trading rules
to suit their needs or trading style.

Well, still there are 3 things that you can focus on
so as to achieve SUCCESS from by being FLEXIBLE in your trading.

  1. Do backtesting of a system,
    and use it until it failed to work,
    then attempt to RE-STRATEGIZE of how to use the system in another way for it to work again.
    Here is an illustration of my point 1.
    for example,
    if the arrow tells you to buy, you buy.
    if the arrow tells you to sell, you sell. if it works , Good for you.
    When it fails! just do the opposite. That’s what i mean by being flexible.

  2. Ask for 2nd opinion, there many experienced trader around and are more than happy to give their 2 cents worth of opinion.

  3. Try to teach another person, sometime you can get to gain a higher level of understanding of a system by teaching others.

Happy trading and many green pips ahead…
Bushidoleaf

Trading is about the Operator and his psyche. System? Probably any sane system one could turn profitable with sensible money/size/risk management habits .
And I mean any.So the advise to focus on size/risk and money is the best one you can get.
Write down your strengths and weaknesses regarding trading or anything else you can think of, rank them and start working on the weaknesses and the ways to enforce strengths. WinWin.
Over time you will become a better trader and a better man :slight_smile:
Punish weakness severely :)!
Incentivize the strengths.

and #TradeSafely

Ever watch Paint dry?

It builds patience.

Great Post,

The most important thing in Forex, is [B]ADAPTIVE MODIFICATION [/B] to the system or strat. Ive been saying this for years.

The reason why Experts crash sooner or later, is the lack of adaptation to current conditions, and unable to make quick adjustments on the fly.

But also, its the same in manual trading. Range and trend are flip on a dime confluences in the price.

Personally, I think that trading is about two general categories of skills. To trade well, one must be able to if not conquer, then at least reasonably control their performance with these two skills in mind.

  1. Being able to analyze the market and determine direction from a starting point to an ending point.
  2. Being able to execute trades, manage risk, control ones own fear and greed (I know - cliche’)

People are different internally and it affects how we internalize the market. Some people are great at following directions, and need those directions for what they are doing to make sense. Other people need to internalize an understanding of the market based on an understanding (or perceived understanding) of what the market is doing.

I trade by looking at price and trying to figure out where the liquidity is. This makes sense and works for me. Different people like different things, whether its MA system driven, Harmonics, SD. As a former accountant, I tend to be fairly good at number one above, but fairly poor at number two. I think if you can be picky about entries, and get to where you don’t spend that much time taking heat (trades in the negative), trading becomes more relaxing, but it takes time and discipline.

I would never recommend buying anything from Trade Empowered as education goes, but I do think that Jason Stapleton and Akil Stokes have helpful free videos on Youtube. I like Chris Capre, and think he is a good guy. I bought one of his courses and although I don’t trade with his systems, I’d say check him out. There is the world of Sam Seiden, and I think it’s a good world to know (via his free stuff.) I don’t like spending money on things you can get for free, but if someone wants to be a forex trader, and does not have a trading background, I’d recommend buying Forex Tester 2. I bought it and its helped me. I’m trading full time and am making consistent pips. The best teaching resource I know of is the work of ICT. All of his videos are totally free. I won’t post his website, but if you use a search engine, and search for The Inner Circle Trader, you will find his website, where he has several FREE courses, or if you look on youtube.

Jason Stapleton and Akil Stokes are entertaining. They explain things well, and whats funny is, they talk exactly alike, lol…

I dont follow anything they explain, but just the watching value is good, because you might pick something up that might help you. They are easy to understand and they lay it out pretty well for the beginners.

You can go and visit this website: stockcharts.com and there you can learn anything you need about S&R, price action, candle sticks, chart patterns etc.