I’ve completed the babypips school of pips (twice, because you never remember much the first time around), and I read everywhere that you’ll (and should) always be learning on the forex market.
Question is, how?
Read up on other systems, learn how it works and when/why it’s profitable, see if you can apply it to your system (or use it wholesale)?
Become a FOREX addict reading freshpips.com all day and having a small little window in the corner streaming bloomberg the whole day? haha
Older traders, care to share your story?
(also, i seem to notice that the more experienced traders trade larger timeframes, is it a get-better-at-fundamental thing? or a patience thing?)
I am also a newbie trader that was doing horribly until I found the School of Pipsology and then the Cowabunga System. I also read through the School of Pips numerous times and still had NO clue what to do next. I then started reading the Forums (still do everyday) and came across the system that I use daily… the Cowabunga System by PipSurfer. Read the system and practice it seriously. When I follow it strictly, it works. Yes, I still deviate from it sometimes and usually it hammers me pretty hard. I have practiced this system on many different currency pairs and it works. You WILL have losses. But, if you set a Stop Loss order and a Limit Order for profit you will most likely have many more wins than losses. It has worked for me.
BE PATIENT. You must learn to relax… especially when you have that order on. And also, don’t think that you have to trade everyday. If you try to force something, chances are good that you will lose. BE PATIENT. Relax, but be ready and not afraid to jump in… Just, BE PATIENT.
I have tried the cowabunga system, NickB’s method and several others, I’ve managed to derive my own system which works fine; i am just wondering what the ‘everlasting pursuit of increasing forex knowledge’ is. ie, these systems only work when the market is right. how do the experienced traders learn to deal with and adapt to most (if not all) market situations?
do they continually search for and try new systems? or do they look at their indicators and see if something flags up?
Reading the babypips school is just a portion of
the amount of knowledge you will need to trade forex.
When you have found a system which gains x amount
of pips/day/week/month consistantly you then throw all
the spare money you have available at it, until you either
have enough to retire or you become bored with lying
on the beach all day trading forex.
It all depends upon your need to succeed, you will need a
certain amount of fundamental knowledge, if only enough to
keep away from news times.
The continuing learning is understanding other systems and indicators. And being in contact with others who trade. Learning for each other. We are the ones who can help one another.
Something that you can always be improving is your “trader’s intuition”. This simply comes from experiencing the market movements in real time and making decisions based on them. If you aren’t bogged down with indicators, you will start to get a feel for how the market is moving and what price levels it might have trouble getting through.
The distinct advantage of a system is the discipline inherent in that type of trading. You are giving up the opportunity to learn from price action patterns for that discipline however. In my opinion, the best traders have the rock solid discipline and money managment of a system trader, yet are free to engage the market as it is in reality, and not through the biased filter of some indicator system.
Don’t forget you are competing for profitable FX contracts when you trade, and if you aren’t taking into consideration what the other players in this market are thinking and planning on doing, you are truly missing out!
I’ve gone a similar route as you…trying different systems, trying combinations of systems, this indicator, that indicator…etc…and not really feeling satisfied and not recognizing when the market condition changed until too late and given back most if not all profits I had made.
What I found that really does work & is satisfying in any market situation is all in the 301 Moved Permanently thread (start from 1st page). It doesn’t mean you’ll never lose, but once you start to “see” it you’ll have very few
