Hi guys, I am quite a bit late to the financial markets and have no formal education for this but have seen charts with macd and rsi and have traded a bit over past year based on intuition or guesses in crypto markets without much gain or loss.
While initially, I was able to hang in and trade without gaining or losing much in the account balance and grew confident. Recently I started losing my account balance as I scaled up on size in forex. I realized that just trading on intuition will get my account blown. Even if I have a higher number of profitable trades, unprofitable ones take most of the gains away.
What would be the best way forward to learn and become competent in trading forex and other instruments? Will baby pip school and system’s post be enough? Which books or resources are best for learning a systematic approach?
Is it possible at my age with just free resources from babypips resources and books online or is there a better way to learn online to become a professional trader?
I thought it would be best to ask for advice from senior members before just randomly reading resources and topics.
I’m not a senior member, but any one can learn and trade at any age. Free education from babypips is good enough. but you must learn and practice for atleast two years before you trade on live. As stated in babypips, practice on only ONE pair throughout on Candle stick charts of different timeframes. And also practice with minimum balance (ex.200$). Further basic tools like moving averages, bollinger bands and fibonacci are enough to practice.
Find the simplest strategy you can and demo it until you see it eyes closed and have run all possible permutations. It should be simple enough to learn and understand within 2 days, demo until consistently successful within 1 month. Trade tiny positions another 2 months. Throughout this your aims are to learn what makes a successful strategy and how to protect your capital.
Of course you can. I think the best way to trade is through candlestick and patterns, no indicators required. If you check out my profile you can find some threads I had created for these topics. Also look up Thomas Bulkowski and Peter Brandt. First, for a good base you should go through the babypips school. On top of that you should start practice trading what you are reading.
Keep learning and trading what you are learning until you start to feel it click and are generating returns. If you are hungry for more there are a number of books about classic candlestick and classic chart pattern trading that may be worth while to read.
I will be straightforward with you, there is a lot to learn and master. Trading successfully is probably one of the most difficult things a person can do, but it is also one of the most rewarding.
It depends on you, financial markets are not that complicated but they are a bit different from what we usually know (i just mean it is a different world).
Some people can learn and understand all type of analysis (fundamental, tehnical, sentiment) in just few years, some need 10-20 years, some will never understand it.
Perfectly possible to start trading profitably at any age.
It can take quite a while to figure out what sort of trader you are though. It’s a lot of trial and error, finding different techniques and indicators learning about them and then most of the time realising they’re not for you.
Babypips school is great for learning the basics. I’d also go through the books that are recommended by the BP team though for more detailed looks into matters.
Plus a few from Van Tharp about expectancy and position sizing and such.
Then start building trading plans and make them work!
Don’t think that just because you’ve reached a certain age, that you can’t learn anything anymore. I say start with the school here + the books they recommend.
I also echo what he said about day trading - definitely don’t start with that!
I’ve also seen people here start with trading journals. That helps a lot with accountability also.
Almost no new traders move successfully into trading via day-trading, it just chops them up. Sure, it suits some people really well, and there are successful day-traders in every market. But its certain ruin for 95% of the new guys.
Anyone can learn forex at any age as long as you are willing to dedicate yourself to it and get into it with the idea of enjoying the profession rather than getting rich overnight. I wish I was 30 when I had started but at 50, I will still take it. It has taken me 6 yrs to finally get consistently profitable and I still enjoy it with child like curiosity.
Trading with no plan is definitely a lesson on how to blow an account. FX trading requires very strict money management and discipline. My live trading follows very strict rules for trade entry. Every trade requires 5 elements if any of the requirements is missing I do not take the trade. I also use A.I. trading software to manage one of my FX trading accounts. Let me be clear this is not a mirror trader or robot. The software is controlled by me. In other words I set the parameters. Good Luck in 2019…remember you are never too old to learn.
Age is not a requirement when it comes to trading. Desire, A trading plan (strategy), Patience, and a good mentor would accelerate your learning curve.
Hi renrea…I didn’t start till mid 50’s so no worries…just depends on your tenacity to learn and apply it…I would suggest going to https://nononsenseforex.com and get the facts on trading forex & not got through all the meaningless stuff that will just be a drain on your time & money…hope it helps!
Age is no issue at all I believe.I began to study and learn at 40 yrs , in august 2017.(Now consistently BREAKEVEN) I do think that when starting later in life, one must try to cut a few corners, pay for a good mentor, or take some paid classes, to learn faster.
Find out quickly how you intend to trade, which style that suits you, and what timeframe - then find a mentor who teaches this style and timeframe - or good trusted paid course.
I also wish I had started earlier in life, but what a great journey this is - and I truely enjoy everything about trading and also investing, although frustrating many times.
Good luck , and keep at it !
Age shouldn’t come into and if anything could maybe help with any impatience and rash decision making that youth could bring. I’m only about 5 months into this journey and turned 41 in September. Only advice I can offer is read, read and read some more, complete the babypips school of pipsology and start developing and back testing and demo testing strategies, I’m only getting to that stage myself and still haven’t placed a trade yet. Good luck!
A year ago, I began to study the forex market, for 6-8 hours a day, every day. I myself did not expect this to be so exciting. What helps in learning? Books, youtube, traider’s telegram chat, acquaintance with a trader with 20 years of experience.
Tools: myfxbook, tradingview, mt4 indicators from market + custom made.
I have never traded on a demo account, only a real account. On a demo account, it’s not scary to lose $ 10, 100, 1000 a day, but on a real account you will worry not to lose even $ 1.
U’re not alone, I’m 33 and graduated in biology but now venture into forex trading. I learn from the example of Obama became president at 47 while Trump became president at 70 ! It’s never too late, I also came back to refresh with newer version of Babypips & remember, TRADING JOURNALS !
I know many people who are more than 40 and trying to learn trading. There is no age limit for forex business. I also started forex with no financial background and forex mentor even then too learn it with my own efforts. There are many option s for learning on internet . One can do forex trading at any age of life if he has a passion to do it.
