Hello Good day good people, Please where do i start from after graduating from the school here?? please i need a mentor who can recommend one??? thanks
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What would you like to know more about?
If you have finished the School of Pipsology and completed it properly then you should have enough theory to start putting it into practice. I am sure you can find out where you can go from here if you know what you want - stick to the areas of trading you feel most comfortable with.
school is really good for all basic knowledge and experience and after that i think demo trading is more appropriate as a next level.
generally we the newcomers always finish school level just for 1 time but its not enough , minimum should finish 2-3 times , its really good
Hi Littlebling. I recommend the five w s. What, why, who, when, where - and the sixth - how.
The first two can be thought of as your strategy. What do you want to achieve, and why.
The last four can be thought of as your plan. The plan is what you use to achieve your strategy.
Eg. strategy.
What. I want to demonstrate that I can achieve an average monthly gain on my invested assets of 3%. I will start with a demo account to make sure I do not lose any real money whilst getting some trades under my belt. I will create a journal (a log of all my trades) so that I can calculate my profit and loss for every trade, and so that I can add up all the trades every month to find out what my profit / loss is for the month. I will start with a demo account with $10,000 in it and pretend it is real money. 3% of $10,000 is $300 per month. That is my target that defines that I have succeeded.
Why. Having spent the time to do the school of pipsology, and having read hundreds of posts on this and other forums, I believe this is achievable by having a plan, sticking to the rules of the plan, back testing the plan and using a demo account so I can make mistakes without losing real money.
That’s the strategy.
The plan - I leave that to you or others but just some short words:
Who - only me - I don’t need anyone else for help - but I will ask questions of forum members to guide me
When - starting now, within the next six months. I work from home from 09:00 to 17:00. So I must either get up at 6am and do my planning and trade entries before 09:00 (or - I work variable shift work so I need to choose the time I do my planning and setups for trade entry, and another time that I check the market and enter (requires only 15 minutes)
Where - I cannot do this at work. I need to do this from home via the internet connection or I need to understand how I can do this on my mobile phone from any location. Or both - do the planning and trade setups from home, Check for trade entries on the mobile.
How
A big list here.
Choose a broker who allows use of a dummy account without putting a deposit on account.
Choose a method of communicating with the broker (laptop, tablet, smart phone).
Choose a charting package that I am comfortable using (could be broker package or other)
Market sectors? Stocks, bonds, commodities, foreign exchange, crypto-currencies?
Specialisations? (eg. Amazon, Tesla, US 10 year bond, oil, gold, silver, GBPUSD, USDEUR, Bitcoin)
My Trading Plan
How many trades per month to achieve the 3% profit target?
What timeframe am I going to trade in? Scalping, day trader, daily, weekly, monthly?
How many trades am I going to have live simultaneously?
What is my maximum money at risk for each trade as a % of my equity (eg a 1% risk per trade is $100 risk from a $10,000 equity trading pot)
What risk/reward ratio shall I aim for on each trade (what is my take-profit number as a percentage of the money I risk on each trade?) 1:1, 2:1, 3:1?
What is my expected win / loss ratio, and combined with my risk/reward ratio does it add up to a positive edge? (eg. a 55% win/loss target with a 1:1 risk/reward will make a profit, as will a 35% win/loss target with a 3:1 risk/reward.
How many indicators will I use to tell me when I should enter a trade? 1, 2, 3, more?
I hope this is enough to get started. It is a logical sequence of events that should give you a chance of being in the 5% who can make money instead of the 95% who lose money
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Ok, go get a demo account from any broker that offers it. Do not fall for their pressure to deposit money to a live account. Any broker that keep calling you to open a live account deposit money should be cut off. I can recommend to easy brokers for a demo account. They are Fxopen or Tenkofx. After demo trading for a while, you may open live account, but it has to be a micro, minimum money required is $1-$5.
Watch some youtube videos, ask someone if he wants to share his strategy with you or maybe watch some courses. School of Pipsology is okay when you want to trade and you literally don’t know what forex is, but you can’t trade based on information you read here.
I disagree. Did you read any of the trade journals?
No, but i read education from here.
Hi,
Sorry I misinterpreted what you meant. I agree you can’t trade based purely on School of Pipsology, but it gives you a very strong background in technical, fundamental and the psychology of trading. I also think there is huge value in just reading posts on the forum, as should be done on other forums (fora?). After Q2, 2020, I went 100% crypto, and though at the moment that excludes leverage, I have found many of the lessons learned here and from the school of pipsology have made my entry and exit planning so much better than they may have been without this knowledge.
It’s ok, I agree that this education helps and it is good for beggining but for trading you definitely need more. Also, I think that they could have better explained fundamental analysis but okay.
Forex trading is definitely a way to go. You can do good in the market only when you know what you are doing. Try to make profitable decisions.
Hello @littlebling,
Their suggestions are great. When you are already practicing trading, you may also open your own journal in the Trade Journals category of the forums so that others will see and help you out with your trade setups.
Pipzilla 
Find an easy strategy to trade, and trade it! I know the School mentions the Cowabunga System. Maybe try that, give it a go. Worst case, you lose every trade, but you gain experience committing to a strategy, you get more time behind the charts and time using the trading platform, and you get a chance to start journaling!
But there’s plenty of other strategies to try. Give this a look.
Free Forex Systems:
https://forums.babypips.com/c/trading-systems/free-forex-trading-systems/15
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