this advise changed my mind set about losing trades and STOPLOSS and i wanted to share you guys , trading is a game of probabilities and what make it different from gambling is the tool of “statistics” , so it is based on probabilities and statistics , dont listen to those who say it is gambling , dont try to find " holy strategy of trading " , there is not , in my opinion all strategies work , first learn about money / risk management and then find sutiable strategy and time frame that fits to your psychology , backtest it in demo account until you personalise it in your favor , then repeat it like a machine without any emotion involved , it is not a 1 day 1 million job , it will take lots of time since the 95% of road to becoming a profitable trader is “EXPERIENCE” , one more thing , in trading you have 5 results
big profit
small profit
break even
small loss
big loss
eliminate the 5th one by using proper SL and position size calculation and you will be successful
Hello fam. have really understood the basics of forex trading, with the help of babypips, am looking to enroll in a mentorship program. pls i need advice on how to go about this process, is it a nice move or is babypips enough ?
well i signed up to babypips yesterday i found the environment very friendly , i dont know which mentorship program you want to start but in my opinion mentorship programs is just 5% of the process , you will know the tools indicators charts candlesticks and strategies (which you wont use many of them) i’ve been looking in articles in babypips and i see that people here are kindly helping eachother and thats nice , i think you start looking babypips and youtube as start point , if you see you dont understand anything then better go with a mentorship , i think even babypips have special mentorship classes that you can buy/join , before you start anything i want to tell you that all you learn is just 5% , the 95% is the experience and psychology related and time you spend for screening, testing and understanding market behavior , i watched youtube alot , many are good and some give wrong information , some of them use wierd words and try to show trading hard and complicated but it is not that hard since it is probability based , learn about candle sticks , support and resistance , supply demand areas (or orderblocks) and understand why they are being created , what makes price move up and down , read about liquidity and stop hunts , time sessions of different markets and their overlaps ,look for shortened words of trading and their meaning (for example : TF = time frame , FVG = fair value gap …) read about imbalances and also the news impact on market (babypips has a news calendar which is very useful to know about when news will be released and how they will impact the market) my advise to you do not trade on news times , what ever you study just go deep and find the reason why it is happening , also you MUST read about : stoploss , position sizing (money management) - risk management (R/R ratio)
there are many articles that you gotta go through , dont worry you dont have to memorize them all since they are repeating patterns and you will get used to them , all these articles have free tutorials on net but if you want to learn faster you can go to a mentorship program , you can look out in this website and if you cant find just create a topic and ask about it , admins will help you
if you had any other question i will be pleased to answer you
well i signed up to babypips yesterday i found the environment very friendly , i dont know which mentorship program you want to start but in my opinion mentorship programs is just 5% of the process , you will know the tools indicators charts candlesticks and strategies (which you wont use many of them) i’ve been looking in articles in babypips and i see that people here are kindly helping eachother and thats nice , i think you start looking babypips and youtube as start point , if you see you dont understand anything then better go with a mentorship , i think even babypips have special mentorship classes that you can buy/join , before you start anything i want to tell you that all you learn is just 5% , the 95% is the experience and psychology related and time you spend for screening, testing and understanding market behavior , i watched youtube alot , many are good and some give wrong information , some of them use wierd words and try to show trading hard and complicated but it is not that hard since it is probability based , learn about candle sticks , support and resistance , supply demand areas (or orderblocks) and understand why they are being created , what makes price move up and down , read about liquidity and stop hunts , time sessions of different markets and their overlaps ,look for shortened words of trading and their meaning (for example : TF = time frame , FVG = fair value gap …) read about imbalances and also the news impact on market (babypips has a news calendar which is very useful to know about when news will be released and how they will impact the market) my advise to you do not trade on news times , what ever you study just go deep and find the reason why it is happening , also you MUST read about : stoploss , position sizing (money management) - risk management (R/R ratio, trailing stop loss , breaking even)
there are many articles that you gotta read about , there are all free on net but if you want to learn faster you can go to a mentorship program , you can look out in this website and if you cant find just create a topic and ask about it , admins will help you
if you had any other question i will be pleased to answer you
Hello there,
The School of Pipsology is the best place to learn about what trading is, rather than how to trade. It will provide you with all the necessary information about trading, but not the specifics of executing trades in the market. For practical experience in trading execution, I recommend practicing on a demo account.
i found the environment very friendly , i dont know which mentorship program you want to start but in my opinion mentorship programs is just 5% of the process , you will know the tools indicators charts candlesticks and strategies (which you wont use many of them) i’ve been looking in articles in babypips and i see that people here are kindly helping eachother and thats nice , i think you start looking babypips and youtube as start point , if you see you dont understand anything then better go with a mentorship , i think even babypips have special mentorship classes that you can buy/join , before you start anything i want to tell you that all you learn is just 5% , the 95% is the experience and psychology related and time you spend for screening, testing and understanding market behavior , i watched youtube alot , many are good and some give wrong information , some of them use wierd words and try to show trading hard and complicated but it is not that hard since it is probability based , learn about candle sticks , support and resistance , supply demand areas (or orderblocks) and understand why they are being created , what makes price move up and down , read about liquidity and stop hunts , time sessions of different markets and their overlaps ,look for shortened words of trading and their meaning (for example : TF = time frame , FVG = fair value gap …) read about imbalances and also the news impact on market (babypips has a news calendar which is very useful to know about when news will be released and how they will impact the market) my advise to you do not trade on news times , what ever you study just go deep and find the reason why it is happening , also you MUST read about : stoploss , position sizing (money management) - risk management (R/R ratio)