Can any experienced traders please review my plan to learn FX

Drekieyja 2017-10-31 14:26:37 UTC #8

I don’t like the bit where you pick a trading system and stick with it. I know you are trying to do the right thing, but you should try a whole ton of stuff early, when it does not matter, to help you work out what you like and don’t like.

Try scalping. Try trend following. Try trading reversals. It’s all just fake money at this stage. And once you figure out what you like and are comfortable with (which is not the same thing as successful with, btw - you are going to do all of these things very badly), then you can pick a system to focus on.

Fail faster. You learn a lot from that.

anon7386331 2017-10-31 14:40:01 UTC #9

People who chop and change their trading system all the time never become profitable.

I take your point about trying lots of different things, failing often and failing quickly, but -

Trying all these (and other) things is part of “picking your system”. It goes before selecting a system with a proven edge and sticking to it. Having done that, it’s certainly a good idea to pick a proven system and stick with it.

Drekieyja 2017-10-31 14:44:25 UTC #10

Agreed, but…

That’s not actually mentioned anywhere in his plan. Which is why I raised it. Perhaps it was implied, but since this was posted in the ‘beginner questions’ section, I thought it better not to make too many assumptions.

anon7386331 2017-10-31 14:45:35 UTC #11

Yes, I take your point. I don’t think we’re really disagreeing - I was just clarifying the “order” of doing things.

anon46398846 2017-10-31 17:12:45 UTC #12

my advice: dont even start trying to learn trading. you will only waist your time.

and completely ignore babypips school, whatever you learn there you will only learn wrong and it will take you lots of time to “unlearn” the wrong knowledge.

my advice goes even further: completely ignore anything that is presented to you online. it is usually unstructured and confusing and mostly wrong. evrything online for free will be stopping you from becomming any trader or take aside profitable.

stick to good books with reputation. structured knowledge leading you from a to b over c towards the final goal of Z. online gets you b then a bit of a then a tiny bit of Z and everything you read only confuses you. babypips school is a perfect example of that.

anon7386331 2017-10-31 17:55:57 UTC #13

I’m quite surprised you’ve made over 1,200 posts on the site, if you think its education pages are so damaging and dangerous.

TurtleTrades 2017-10-31 18:10:32 UTC #14

Thanks to everyone for their feedback and discussion. So far I’ve collated stuff to add from the feed back you’ve given me.

Open fewer positions when trading (1-2)
Place margin limits based on the leverage used
Experiment with multiple strategies before settling on one
Try to learn in a chronological fashion, rather than learning aimlessly
Learn and experiment with my broker’s platform ASAP (I’ve chosen pepperstone UK)
Place more emphasis on trader mentality, rather than strategies/techniques
Place more importance on making trades as motivation, instead of money
Be rational and logical rather than emotional

anon7386331 2017-10-31 18:15:17 UTC #15

[quote=“TurtleTrades, post:14, topic:119462”]
Open fewer positions when trading (1-2)
Place margin limits based on the leverage used
Experiment with multiple strategies before settling on one
Try to learn in a chronological fashion, rather than learning aimlessly
Learn and experiment with my broker’s platform ASAP (I’ve chosen pepperstone UK)
Place more emphasis on trader mentality, rather than strategies/techniques
Place more importance on making trades as motivation, instead of money
Be rational and logical rather than emotional[/quote]

Those look generally like very good advice, to me.

I’m not quite so sure about “Place more emphasis on trader mentality, rather than strategies/techniques”, because without having a real, objectively proved edge, you have nothing - and it doesn’t matter how good your “trader mentality” is. Most people who lose money trading forex don’t have an edge.

anon46398846 2017-10-31 18:19:17 UTC #16

babypips is NO educational side. it is a entertainment site. its like facebook or twitter. if you think you can learn anything on BP then say “good bye” to your money- if you didnt already.

TurtleTrades 2017-10-31 18:26:44 UTC #17

I agree with what you’ve said, I just wrote that with the assumption that I would have a strong skillset; before actually basing more emphasis on trader mentality. The reason I’d place emphasis on mentality after skill-set is because I don’t see myself opening a live account until about 6-12 months of demo trading. I’ve made this decision since I’d like to think live trading would have much bigger impact on my psyche, compared to demo trading. However I’ve planned to become profitable during demo trading, so of course an edge would be present when live trading.

anon46398846 2017-10-31 18:29:42 UTC #18

here. start with this book:

https://www.

read it 2 times minimum. while you read it look at charts and try to find examples of what is described in the book. this book will safe your account -IF- you really care to read and to learn. skip online crap. just listen to that advice. im trading since 2008 and i made and make my money with it. im not trading for a living only. im trading to make money, big money.

be glad i stumbled over your thread.

then contimue with this book:

https://www.

after you mastered the knowledge in those 2 books you should lookout for good trading psychology books. and then you can put money in your account.

just ignore online crap. if its not worth enough to be published, printed and distributed on paper then it is plain worthless.

TurtleTrades 2017-10-31 18:33:12 UTC #19

Thank you for the resources! I appreciate it. I’ve saved them and will read them whenever I have free time. I’ve started to read “the new trading for a living” by Alexander Elder too, if you’ve heard of the book; what’s your opinion of it? I’d like to avoid wasting time. Thanks again.

anon46398846 2017-10-31 18:42:44 UTC #20

i dont know i havent read it. but i dont read anything anymore since years to be honest.

the title is already so bad that i would avoid that book by a mile. any book with a title that promises you something is usually crap.

like “how to get good looking chicks in your bed” or “how to be the star of any party”.
would you buy books like that? i wouldnt.

you are beeing marketet at.

loser who cant make money trading do such books and sell them. they dont trade for living they sell for living. and whatever needs to be sold (marketing, catchy names, advertisement etc.) is usually crap.
thou it for sure is still better than online education in any form!

by the way. your name is 0robably leaned on the turtle traders from the 1980ies and 1990ies. that strategy aswell still working but needs a lot of experience, nerves and patience. so if you havent heard of it then google turtle traders pdf. theres a book of one of the turtle traders who published the strategy and the story years ago.

anon98339083 2017-10-31 18:51:41 UTC #21

It’s outstanding, and very strongly recommended.

It’s just a new, slightly updated version of one of the longest-established, classic, authority textbooks in trading (“Trading For A Living” by the same author, who’s a retired psychiatrist and has been a very successful trader for decades.)

Sometimes it’s better to get book recommendations from people who have actually read the book you’re asking about.

anon46398846 2017-10-31 18:57:42 UTC #22

i didnt recomend it or said its bad. i said “i dont know, i havent read it”. and just because you think its good it doesnt mean it truly is good or helpful. and just because i dont think its good it doesnt mean it isnt good or usefull but as i said: i dont know, i havent read it.

some people aswell think online training is awesome or bp school is great. but it isnt.

most people read books with tiles like “trade for a living” and such style titles, and easily 99% of those readers are broke and far away from beeing profitable.

anon7386331 2017-10-31 18:58:06 UTC #23

I’m sure we’re all glad about that, WestBam: the entertainment value is matched only by your modesty.

anon7386331 2017-10-31 19:21:16 UTC #25

Rather surprising, to see you contributing here, given your often stated opinion of the forum.

I’ll replace your two links, anyway, in case anyone’s curious about what you were recommending -

West Bam’s first link

And her second link.

anon46398846 2017-10-31 19:33:24 UTC #26

i aswell have good mood and generous days. sometimes. rare. very rare- but they exist.

and its pretty obvious you are very curious about my words. or what is your reason that you have saved the links in first place?

ontario 2017-10-31 19:53:16 UTC #27

It was really strange behavior from his side, lets newbie traders can benefit from his attempts to bring up valuable replies first

TurtleTrades 2017-10-31 19:55:15 UTC #28

Once again, thanks for the replies; I’ve taken them into consideration. I’ve decided to go ahead with finishing “The New Trading For A Living,” as I also saw @TradeViper comment on it, who seems to be reputable.

Not too keen on the drama, taking jabs at people doesn’t resolve any issues. I’d like to think that in an educational site, constructive criticism and correcting misinformation is more valuable than petty arguments when forming replies. If you don’t like someone’s subjective opinion or personality, just ignore them. Especially since cognitive dissonance makes changing people very hard, unless their mindset is open to new perspectives. Changing a person’s stance also relies on the critic making the person question their thought process, instead of directly attacking their stance. Anyway whatever, I’m just dragging on. Thanks again.