I hope no one will mind if I offer a dissenting opinion. Feel free to call me a curmudgeon or a spoilsport.
Since I began my forex journey years ago I have begun to realize that almost all the ‘information’ offered in the BP school is either, unhelpful, inaccurate, or outright misleading. BP teaches you to trade the way brokers like you to trade. So that you can lose, but not too fast. A good milking cow.
Here is a short list of things that don’t offer you an edge, (remember this is just my opinion) but are taught in the Pipsology:
-S&R levels (they work until they don’t)
-Fibonacci levels (same)
- popular chart indicators
- chart patterns
- price patterns
- Elliott Wave
- Sentiment (and the COT report -sorry)
BP will tell you things like EJ will rise during market confident periods and fall during uncertainty but if that were true its chart would be similar to the DJIA or S&P500 and it isn’t - don’t take my word for it, check it out. BP will tell you that there is a correlation between the price of oil and CAD, and the price of gold, and the AUD, and while that’s often true, it’s also often untrue as it was during the period of Sept. 2017-June 2018 when USDCAD rose with the price of oil. update: I just noticed BP has added a chapter saying the relationship between USD and oil is changing. Good for you, Babypips! Time to overhaul the entire course though.
There is a place for MA and pivots, but not the way BP practices.
BP will teach you to put your stops above resistance and below support (don’t!). After Pipsology you will have a simplistic definition of a trend. You will never risk more than 1-2% on any trade, which if you think about it, if you have an edge, would expose you to unnecessary risk by forcing you to over-trade. BP will tell you that currency pairs are unique and you need to get a ‘feel’ for each one. Nonsense. Every moment in the market is unique. You can’t get a feel for any pair. BP will teach you that there is a lot of correlation in spot FX, but I don’t believe there is nearly as much as they claim especially above daily charts.
You don’t have to take my word for it though, especially if you are profitably trading the BP way already. However if you find yourself struggling after a while you’ll have to start doing some independent research or even come up with some original methods. BP is good to learn how beginner retail traders are expected to trade, but in my opinion you have to go deeper.
update: I just noticed this new lesson in the school and I think it’s the best one out of all of them. If you only read one thing on Pipsology, make it this.