I was wondering if it would be wise to take some college courses like micro/macroeconomics to get a better understanding on the fundamental trading. If it is not necessary to take courses on the subject, how would someone with little experience on the fundamental side of trading get a better grasp of the idea and use that knowledge to strengthen their strategy?
Or as a side note, has anyone been successful trading only using indicators? By successful I don’t mean becoming a millionaire, I just mean making a net positive profit.
99% of indicators are useless.
learn follow:
Find out R/S.
Catch breakout…
Catch price action.for example pin-bar…
Don’t chase and waiting for pullback.
waiting for signal.
trading time for the UK session.
Only takes trades of 3:1 Reward to Risk ratio or greater.
Move stoploss
Some I can think of off the top of my head are Investment Analysis, Financial Markets and Institutions, maybe just a general Finance course. Although I think micro and macroeconomics should be good enough?
Not going to school for trading. I’m going to school for something else but was wondering if there would be any good classes to help me with Forex. I’m primarily interested in swing and day trading. I have been thinking about taking just some general finances courses at the very least to help me with risk management.
That’s a good question and I ask myself that a lot haha. I’m going back after a 2 year break. My new major is Mechanical Engineering, but I’m also taking classes for woodworking and creative writing. The dream is to use Forex to make the minimum amount required for a living, and make some extra money with woodworking and/or writing(that’s the minimum, it would be nice to make more). Because of the very low chance I can make good money on woodworking/writing alone, if trading Forex doesn’t work for me, I’ll continue working towards a degree and take a desk job in engineering.
Always brightens my day to see people like you who have many interests in life and are pursuing it! I like that you keep a lot of your options open too. At least you have backups!
Well to me it’s best to keep realistic expectations while leaving room for your dream, instead of going 100% at your dream with the chance of failing and resenting the dream.
That does make sense. Use the technical indicators only to find a good entry point, but don’t rely on them 100% through the whole trade. I was planning on using technical analysis to trade at least at first just because it seems confusing switching scope when trading. Good thing I don’t have a live account yet.
I highly doubt there is such thing like that, and that is for good, let it be some “closed” knowledge. Except probably some fundamental things like already mentioned here about those, but not more and that’s it. You really need to check it all out and good to go. Going to university and than trading Forex sounds crazy at least for me.
An actually good question on Babypips!
Yes there are - you should take all the intro statistics courses you can get your hands on, and if they’re too challenging finish Khan academy up to the university level - just finish all the math up to calculus, although I’d be surprised if you make use of it in your trading, it’s not impossible.
Then you should take anything to do with finance and econometrics that you can follow using your current math abilities.
Lastly, if you don’t already, learn how to code so you can produce your own indicators, your own data scrapers, etc.
Luckily we live in an amazing time when everyone can learn this online and often for free or close to it.
Non-college courses I recommend include Kirill’s courses on Udemy.
ps. I just read your comment about using Forex as a part-time income. This is a bad idea. There are no profitable dilettante traders. Learning how to trade profitably is a more than full-time occupation. Learning how to lose can be done with minutes a day.
There a many good college courses that will help you understand forex to a far better level some courses are expsensive but if you have that kinda money then go for it.
For the people who do not have the money to pay for a course in forex, find a profitable trader and stick to him, ask them questions and dedicate your self to mastering his strategy even if it takes you a long time it’s worth it!
I can name a few traders that are killing it one of which uses similar trading strategy to @bannyChen :
Christopher Derrick (uses a very basic yet profitable strategy)
No need to spend that much, save the money to fund your account, follow austinsilver on Instagram and Twitter he does a lot of free training and his paid services are reasonable also…
College education entirely for trading is a waste of time and resources. Success in trading is a matter of smartness, which doesn’t need any formal eductaion. But that doesnt mean that you shouldn’t learn if you have the opportunity to do so. Trading discipline is in the mind, and that’s what will help you with risk management
You can go for courses that deal with statistics and chart analysis or finances if you need help with money management. However, in my opinion, forex education that is available free of charge online and especially on Baby Pips are more than enough to make you a successful trader. Technical and fundamental analysis may be a bit tricky but risk management is entirely a matter of trading discipline which no college education will instill in you
Hello!
I attend a business management course, in which I study micro and macroeconomy.
Honestly, it matters little to the knowledge and development of forex strategies. These are overly global concepts and often not very applicable to the current corporate world. They are also too based on the concept of “ceteris paribus”.
There is lots of free information on the internet that serves better than a course in economics.
Hope I’ve answered your question.
