Maybe its just me, but I found that is was the hardest thing I ever did
And what are the main things/points that make it hard for you?
A: demo demo demo till you get good enough !
Lack of quality information / too much disinformation
Wasting time with forums and books, when I should have been doing my own reseach
Working with other traders when I should have been working alone
Not really understanding how an edge works in practice
Not really understanding what the goal was (but thinking I did)
Assuming other people could assist me
It probably took me 3-4 years to get past those things. After that, it became easier
Lack of quality information / too much disinformation
Wasting time with forums and books, when I should have been doing my own reseach
Working with other traders when I should have been working alone
Not really understanding how an edge works in practice
Not really understanding what the goal was (but thinking I did)
Assuming other people could assist me
It probably took me 3-4 years to get past those things. After that, it became easier
I agree that there is a lot of information out there and not all of it is good. It can be easy to get caught up in the forums, there are to many different approaches and opinions, it is best to find what you like and to stick with it.
However, I personally have found that a good book on trading psychology will always help out. Check out
Brett Steenbarger Trading Psychology, he has some excellent articles on his website, his books are a big help as well, IMO.
Don’t rule everything out and become disheartened by all the reply’s, just set your goals and follow them through, if you want to be a Forex trader you can be.
You just need the time and patience. Books will help you to get the right state of mind for a trading. Look for some books ontrading psychology. in the internet you really can find a lot of information but not all the books and info are useful. I can
advise you Mark Douglas. He is a leader in trading psychology and a successful trader since the 1980s.
To be honest, if your going to get demotivated going through your ‘long list’, i think your headed down the wrong path already. If you seriously want to get into trading, its a constant learning process. I have only just started myself, but i can see already quite consistently successful fulltime traders that are always out to learn and adapt their trading to new ways.
You need to be motivated to be able to make this work. I would go out on a limb here and say i don’t think there are many - if any, successfull traders who got where they were by becoming demotivated during their learning curve. If you want it bad enough, you will do whatever it takes in order to acheive your goal…
Good luck on your path…
SanJ
Oh man, you’re gonna love it if you can last. Remember this: for every decision you make and every plan that you devise, there will always be someone there to tell you it’s wrong. I went around in circles when I first started and it wasn’t until I decided to just get on with it and learn from my own mistakes that I started to become successful.
I think a great place to start would be to learn about support and resistance, I think there’s very few plans out there that don’t use this in some form. Open a demo account and just practice, get to know how to actually put trades on, set position sizes,set entry orders, trailing stops, profit limits, stop losses, calculate risk and reward, all the basic skills you need just to be able to trade. Then after a few months of that you can start to form your plan. You can then start to introduce different ideas you’ve read about here and there and use them with your current buying at support and selling at resistance method.
That’s how I would do it if I were to go back and start again. Successful traders are the ones who can last, and the only way you will last is by risking small amounts to gain larger amounts, I don’t enter any trade unless I can at least 1:2 risk:reward.
But yeah, start with school of pipsology first it’s awethum.
Thank you very much for replies, everyone!
Heres this extract from pipschool:
"Finally, you need money/capital/funds to trade. Retail brokers offer minimum account deposits as low as $25, but that doesn’t mean you should enter immediately! This is a capitalization mistake, which often leads to failure. Losses are part of the game, and you need to have enough capital to weather these losses.
So how much capital do you need? Let’s be honest here, if you’re consistent and you practice proper money management techniques, then you can probably start off with $50k to $100k in trading capital.
Read more: http://www.babypips.com/school/capitalization.html#ixzz26ipKCgV7 "
50-100k, why does the amount have to be this big?
Anyone had experience of starting new and getting on comparatively solid track with less of starting capital?
Hi Cannamellia,
Adding to the great responses already given.
I guess what you can also do is see which items overlap (from all the responses given) and probably those are the most weighty.
IMO,
-
Go through the [B]Babypips School of Pipsology[/B]
-
Pick a Babypips “Free Forex System” thread having a high rating ( e.g Forex Price Action, Inner Circle Trader, MacFIBO, etc… )
-> Going through the [B]first 5 pages of the thread[/B] is enough to tell you whether you think the system is for you or not -
While reading through the chosen thread: open demo a/c [ preferably with a broker giving 5-day NY-close charts ]
-> Let demo money be about the same as what you’d be willing to invest in live situation ( e.g don’t choose $50,000, not realistic ). Do your best to [B]treat the demo money like real money[/B].
-> Test the system from your chosen thread on the demo a/c until you have worked out the ins-and-outs of the platform and have been profitable for about 2 months (on demo)
- After at least 2 months profitable on your chosen system on demo: open a [B]tiny live account[/B].
-> Trade the tiny live amount for another few months esp for the [B]sorting of psychological issues [/B] ( thez a big difference between trading real money and demo money )
-> Afterwards, top-up your live a/c and carry on the good fight!
PS: all this while, the assumption is that you are also in contact with others using the system (e.g via the forum thread) and with the guru/mentor behind the system/thread ( private messaging / email / forum ). That will speed you up by leagues.
All the best in your trading journey 
Dudest
I agree with you , But also I would like to add to master Fibo and Fibo extensions , They really move the market .