I was told in other online forums and facebook groups that all courses on babypips.com are basics to forex Trading.
Is it true?
I’m new to trading.
Start with the basics because it will be simple learning. And for many people that’s all they will need to trade with consistent profits.
Thank you for replying…
What about advanced courses? Because I’m done with the basics. I’m now practicing what I learned.
I don’t know if babypips.com have the advance courses.
What do you mean by advanced courses? What do you count as being advanced material?
The basics are very important!
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I think you’re looking at this as if it were an academic subject - in which the more you know the better your skills.
This is not the case in trading. If you’ve got basic skills and are trading, have a look at your profit levels. Try to see or post here to find out how they could be better. Definitely do this before buying any training.
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Thank you.
Someone wants to confuse me that’s why I asked.
I think some people in other trading forums want to confuse me. They said all the courses in babypips.com are basics. Moreover, basics of forex trading is a solid foundation.
I kept asking myself what are the advance courses but could not get the answer. I searched the internet but got the same courses on babypips.com. Some asked me to pay for mentorship.
So, babypips.com covers everything. Is left for me to develop my skills, right?
Looks like someone is trying to scam you. You can get all your training from babypips. Forget advanced and basic, just do the course then give demo trading a shot.
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What do you need to become a good trader and can you find these things here on Babypips?
Let’s start from what you need to learn to become a profitable trader:
- Basics
- Trading Strategy
- Psychology behind trading
I think that these 3 points are necessary.
BASICS
There is no doubt that Babypips is a great website to complete step 1 and learn everything you need to know about basics. Step 1 is absolutely necessary to proceed to step 2.
Let me give you an example from a conversation that I had a few weeks ago.
A trader sent me an email, asking me for a feedback about a trading system he bought and the possibility to make a living out of it in the future.
The system is a Martingale, risking 10 pips per trade. I don’t want to go off topic and give my opinion about Martingale systems, but just want to show you how this trader was completely misunderstanding the rules of trading due to lack of knowledge about fundamentals of Forex Trading.
The idea was to start with $10,000, with a first position of $10, doubling your trading size every time you lose a trade. This should be pretty much the plan:
- $10
- $20
- $40
- $80
- $160
- $320
- $640
- $1280
- $2560
- $5120
He also added:
- The programmer guaranteed that he back-tested the system for the past 20 years and there was no case of 10 losses in a row;
- In case of a 10th attempt, I might need a bit more than $10,000, so I will add the rest with a deposit.
Can you see something wrong about this? I’m not talking about the strategy or the words of the programmer. Can you see what it’s wrong with this view of the system and why the trader seriously needs to understand basic concepts first, before trying out any trading strategy/system? If you can’t see it, it means that you also should spend more time studying concepts like margin and leverage, because these are the two main problems here.
Due to margin issues, many brokers would not even allow you to open a 10th trade here. Some of them, would also stop you during the 9th trade (margin call).
Leverage is also an issue here. Risking about $5000 in 10 pips, means that you need to open a position for 50 lots, which means that you have to open a position for a total of $5,000,000. Having $5,000 left in your account, it means that you need a leverage of 1000:1 to open such a position. With standard American leverage of 50:1, you would be stopped at the 6th attempt. With ESMA rules in Europe and a leverage of 30:1, you would be stopped even earlier. Of course, you can choose an offshore broker and get a leverage of 1000:1, but you need to know this before you start running the system and lose a lot of money.
Trading Strategy
After getting a solid foundation, you need a strategy to be profitable in Forex Trading. I started to learn on Babypips more than 10 years ago, so not sure if something changed meanwhile. Someone will correct me if I’m wrong. Babypips is great if you want to learn about single topics. You want to learn about candlestick patterns? You can do it here. You want to learn about indicators? You can find a lot of them in the school. You want to learn about chart patterns? Sure, Babypips covers that. You want to know how to build your own strategy? I would say that Babypips’ school is not the best place, maybe the Forum is more helpful.
You may think: “ok, but I know everything about candlesticks, I know how to use the RSI and the MACD, I have studied 4 different types of moving average, I have learnt about Bollinger Bands… how is it possible that I lose against the market?”. You will win and you will lose sometimes, the problem is that you won’t be able to sustain your profits in the long period and you won’t be able to analyze what you are doing and to improve your results. You don’t have a strategy, you rely sometimes on a candlestick pattern, sometimes you use the MACD, sometimes both, but you are not following solid rules because you have knowledge but you don’t have a strategy.
Psychology behind trading
Let’s say that you finally master the basics and you also found a great strategy that you have back-tested for years and forward-tested for a while with your demo account. It’s almost done! Almost because there is one last obstacle: yourself.
Forex Trading is mainly a psychological game and any trader who has been in the game for at least a few months, knows what I’m talking about.
When things are going great, you feel like the new master of trading, you feel like a genius. When things are not going as planned, you won’t have the same confidence. I’m talking about negative periods that last for over a month. I’m talking about missed wins for one fractional pip, ending up as losses. I’m talking about that sudden news on the Brexit that executed your stop loss and triggered your stop entry order 30 pips far from the price you set. Can you handle this remaining calm? Are you absolutely sure that you are not going to revenge trade, over-trade or increase the size of your trades?
My honest point of view is that Babypips is great to learn the basics. It is ok to try to develop a trading strategy. I also recognize all the effort and work about the psychology behind trading. You can find many many articles here that can help you, but I think that, for step 3, only experience, natural predisposition to trading and a huge amount of work on yourself and your mindset can really help you to become a good trader.
PS: someone may argue that you also need money, because Forex Trading is a percentage game. Here we are talking about how to become a profitable trader, not how to become a millionaire 
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Thank you for enlighten me.
I’m grateful for that.
Thank you for clarifying me on this issue.
I now understand. Your explanation is well understood. I should have known all of this earlier. Great insight.
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I guess this is already clear now. 
Haha. But yeah, nothing wrong with starting with the basics. 
I guess to “advance,” that’s when you need to demo trade too, and find a strategy that works for you. NO NEED TO PAY FOR ANY COURSES. Haha. (But if you really want that, then, okay I guess. 
)
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Once you are done with all basics then you can start demo trading or even can start live trading with a small amount rest everything you will learn with experience, avoid paying anything in the name of advanced courses.
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its a very good summary , thanks for your nice post. got more new information.
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Good point! Thanks for sharing this. 
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Wow that’s pretty neat. And you’re a full-time trader now? 
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hat’s a great guide
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Thanks… Help me with the strategy.
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