Books or Trading Course?

Beginner Questions
1

Firstly let me explain where I am in all this.

I’ve been learning on and off for around 7ish years, I am normally a fast learner but forex has me beat.

When I first started trying to learn all those years ago the internet was full of simple ways to trade like use a 50 ema and enter on a macd cross over, Tried them all haven’t found anything that works.

I have watch pretty much every other video on youtube and read loads of articles etc but nothing seems to off helped.

One thing I do believe may of happened is I have picked up some bad advice and stuck with it, or I rubbished things before I understood them.

So now I think best way for me to go is start again

Has anyone ever became successful at forex after reading some books or after doing a trading course if so can you give any information and opinions on it?

1 Like
2

No ! - There is a saying that those who repeat the same actions over and over and expect different results are … fill your own words in here !

What have you learned ? Same as I did when I lost a LOT of money betting “Marconi to recover” and went to the library and borrowed every book they had on “Investing” - ie - the people who wrote the books know "Jack S**t "

There is no “holy Grail” -

You know now what you’ve been doing wrong !

I’d guess - too late in to trade, too late out, so virtually no profit on clearly big moves, too many bets - making the spreads a big expense, wrong stop placement ? - Getting stopped out and watching a positive outcome go away without you ?

The crud you’ve been “taught” so far is just wrong.

Learn “supprt and resistance” and assume that your emotions are exactly wrong when it comes to trading ! - Sit for a few days withh a 1 minute chart and bet “Demo” just whenever you are absolutely SURE that you have to get “In / Out”" and record what happens - then learn to do the opposite !

Otherwise some do have success with “Trend following” - - research “Turtle traders”

Choose whatever timeframes and methods suit your own personality.

Hope that helps

atb

F

3

To understand market movements I advise you to study just market movements, price patterns, and price levels and pay less attention to indicators which can be confusing rather than helpful. So, when you find such courses they will help figure out price charts and become a successful trader.

4

A trading course is advisable.

5

The best place to start is with the School of Pipsology - finish the school and take the quizzes. Then you go ahead and read those recommended books such as Currency Trading for Dummies, Day Trading the Currency Market, How to Make a Living Trading Foreign Exchange and so on. Good luck and see you around. :smile:

1 Like
6

I am absolutely agree with Falstaff. Actually there is no fixed rule or guideline for sure success in forex. Everything is totally different to individuals. If someone gets success doing using leverage is not mean that it will also work for me. Starting again with same mistakes will take you back in 7 years again. Instead of starting again you have to find out what you have learnt and what are you applying.

7

The true secret to learning how not to lose money in trading, SHHHHHHH here it comes, “dont trade” this is all you need to know.

Now if you want to become a “speculator”, “thereby adding to the liquidity of the market, and hoping to profit from your position”(taken from the series 3 exam). Then Welcome.

Speculating is about our mental disposition, more than anything else. You must remember, the only thing we can control, is ourselves. We cannot control the market, the news, the breakouts/downs. We can only control ourselves.

Right now, and for 7 years the market has been exposing your personal weaknesses, my advise, clear the whiteboard, start with the BPips school. This will give you a basis for how it works. Next, if want some real life experiences, go to the VIPER Couch and read about some struggles overcome, and some not. Then read Alexander Elders "Trading For A Living’ then “Trading For A living New Edition”. In case you don’t know, Dr Elder is a board certified Psychologist who is also a trader. Now I warn you, this book is not touchy feely, so the “trigger” warning is there.

Also try to determine, long term levels and trends, then move down the fractal line and see where and when they intersect.

Butt, before you do any of this, you have to determine HOW MUCH MONEY YOU are willing to risk in this endeavor, if it is $1000.00, consider it all lost, if you cannot view it this way, you will be a fearful trader,

Then consider, if you have no money to trade you cannot trade. This will balance the attitude, “well it is only 1k after all”. And keep you ever vigilant.

One more thing, defending your capital is more important than anything else, when in doubt stay out.

So we all hope you will be productive, and remember even if this does not work out, you are not a failure, and should be grateful just to participate. As you know many folks in the world go to sleep hungry and don’t know were their next meal is coming from, so show gratitude, even if a person is not Religious, we can always show our gratitude by giving to others.

The Ever Paying Forward VIPER

8

Thanks Viper,
You are absolutely right about exposing my personal weaknesses but the starting again…
As much as I agree with you its not so easy to un-learn things.

Babypips I learned a long time ago is a good starting point but its far from the finishing point. The only thing that I would struggle with that’s covered in BP is the Gartleys section.
Everything else I could ease a test but fail when I put my money where my mouth is.

Capitol wise I have £5K I set aside years ago and still have it, Its already a written off expense, Im not sure if your aware but its hard to get a Scot to part with their money so its locked up safely waiting
( Did you know copper wire was invented by two Scotsmen fighting over a penny)

I remember reading something from Dr Elder a long time ago, This is a example of what I meant when I said "[quote=“MissPIPa, post:1, topic:124066”] So thank you for the recommendations Ill have a look and see if I can find them.

I think the big problem I think some of us newbies have is a lot of things we read online are garbage and are no use so it becomes very hard to find those rare golden nuggets of useful info where as if there is a few books that have worked for others then it may make it easier on us, That is if they exist.

Once again thank you Viper your response has been very helpful

9

let her trade bro , i think she’s going to make it huuuge
you can trading and still be profitable really butt its need time and passion do you have it
and i think the book and videos are just basic requirement dont mimic them just think it to yourself , being a good trader it comes from your thoughts , each product and instrument in trading is works differently for everyone needs

10

Yeah, most of internet filled with mediocre stuff. 5000 is more than enough to pay for something that works…but what works for someone may not work for you. So perhaps might be best to do some experiments on your own like I did to find something that works- at least until you find that course.

You might have to take what worked “best” out of your past strategies and try to improve on them. When I did this, I started earning 40% on average each year on my Live Account. This was good, but I am now finalizing how to earn 20%-40% per month with a more aggressive approach - again after lots of experimenting this year on my Demo Account.

After several courses and a few years of Day Trading using Indicators, I decided I wanted to Swing Trade using Candlesticks instead of Indicators and wanted to trade on the Daily and 4 Hour where things are more stable. I did not want to trade everyday or even every week. Just a few times per month that could provide strong gains.

  1. First thing I did was to look at the charts and find the Candlestick Signals that provided the Pip moves that I wanted.

So for example, I wanted to capture 200 Pips per trade and so I looked at when the EURO USD moved by 200 Pips for the week and then looked at the combination of Candles that led to that move. I then compared it to over 30 other examples of 200 Pip moves on the EURO USD and other pairs.

This allowed me to create that 40% per year strategy. However, this year, the goal was to find the Candles that provided 50-70 Pips per trade, using the same research/comparison approach.

  1. I then had to identify the relationship between the Daily and 4H to ensure that I traded when they were in sync with each other, since the Daily is the one that controls the 4H.

For example, do both charts have to have Bullish Signals at the same time to justify trading Long or are there exceptions? What are these exceptions?

  1. What are the best/strongest Stop Loss Areas. I looked at

Support and Resistance Areas/Lines

Candlestick Formations

Trend Lines

I looked at when these worked and why and when they did not work. When they worked, how many Pips did I need to use and is this too large for me based on my Risk Per Trade% Limit.

This approach of trial and error/iterations continued for other important aspects as well until the right combination of “ingredients” were found.

I believe the reason most courses let traders down is that the people who sell them did not do this type of in dpeth trial and error - they did just enough to make their strategies attractive enough to be sold. We then have to take what they did and build on it to find something that actually works.

Good luck

Duane
DRFXTRADING

11

Hey there,

Please read this as I think this might help you: I know how you feel, I also have studied thousands of hours and read every possible book on trading, and didn’t get where I wanted because of my unrealistic expectations. After that, I set out to really become a professional trader, with a realistic expectation of a 2 - 8% monthly return. I bought a couple courses (which had saved me hundreds or even thousands of study) and now I’m doing better. I bought two courses from two verified hedge fund managers and these courses might help you. I’m telling you this because, as always, I’m looking to widen my understanding of the markets, and I came across another great mentor who offers a great course. If you want the names and you are interested, send me a message (as I don’t want to seem to be promoting anything here) and we can even exchange courses (the one I’ve purchased) and I can also share my trading experience if it helps :slight_smile:

12

There is no need to buy any books or do any courses. There are many online resources from where you can learn about forex trading. You can also do demo account trading and gain experience which has no alternative. You just need to be determined. Anything is possible in life.