first of all I hope you all excuse my poor English as it’s not my main language, second I want to post my story in case anyone care enough about strangers to endure reading it all and give some advise .
I learnt about forex 10 years ago , I studied CMT lvl 1 and 2 then I gave up this world for foolish personal reasons without even trying to find if I am successful or not in it , then about 3 months ago I Got over my reasons and I decided to follow my dream of being a day trader again . Now of course I have forgot almost everything I learnt 10 years ago so I went back to the basics and started reading about trends support/ resistance and candle sticks patterns then decided I don’t want to dig deep into indicators again like in the past ( no idea why ) , I moved on to reading very heavily about gann square of 9 , price action , supply and demand and I decided to postpone fundamental for now( but definitely will dig so dee in it before I start live trading ) , then I got a forex tester to backtest and a demo account to forward test , I started the demo account with 250$ And after 1 and half month it’s at 260$ now as for the backtesting I don’t have exact figures but it’s safe to say I blew couple accounts over couple years period , I know I shouldn’t expect much results From 3 months and hope no one give me the sarcasm of ( you are so naive ) or ( 3 months of learning isn’t something) because I understand and I was prepared from the beginning to a life of endless learning and I knew I need years to be successful, however after all I am only human and we all have emotions so I can’t help feeling I am hitting one dead end after another. For those of you who have been doing well as traders for year all I am asking is what advise would you give me ? What to read ? which skills to hone ? What to give up on ? I understand there are many different schools and everyone seem to think only theirs is the best but I am looking to be a trader who dismisses nothing and believe the fact that there is more than 1 road to success I am not looking for trading systems of of course I’d love to be able to make some money as fast as possible but what I am really looking for is to be able to make my own systems in the future .
I’ve gone through babypips courses and they are really amazing but I still Seem to need sooo much more and there is thousands of threads and topics but my biggest problem is which to choose giving the fact that most of them goes way back to so many years , I know some methods stands over the years but there is also some that doesn’t so I thought it would be helpful to get some advise specially cuz I have no mentor or even even a real life friend who trades for a living .
If you read all of this then thank you so much , I bet you are a very kind person and sorry for your troubles
Go through the babypips course again. Whether a method works now or doesnt is not important. The concept is important and what it shows. You may find the more you understand something the more helpful you find it in your current trading. For example MA crossover used to work but if you understand MAs you can look for a crossover or slant or just price being above to give you a bullish bias. This may help your trading but it came from learning an old setup.
Hi and welcome to BabyPips.
First, congratulations on deciding to join BabyPips. It is a very good resource.
Second, your English is nearly perfect, so no need to apologize for what is already more than adequate
Third, I am on my third round of learning about trading (Forex). In the late 1980s I did this for real whilst I was working in the Middle East and used to call a bank in Switzerland to buy USD with our deposited GBP. In one day we made $16K and I thought I was a genius. The next day, we lost $18K and I realized we could very easily have lost nearly $30K. Because we were trading with our life savings, I explained the newly realized real risk to my wife, and we stopped doing that very quickly. Next time was about 2010/11 and again for a very short period in 2014/15. I followed a set of rules very closely, did nearly 300 trades and could not demonstrate a real edge, so gave up with minor losses according to my plan. If there were ever a good example of sticking to a plan, three days after we decided to suspend trading and moved our funds back to our bank account, MF Global went bust and I saved a potential loss of about $5K.
Here we are third time (or fourth time?) around, and this time, since August 2019, we have not actually put on any trades. I have spent months relearning, and it will probably be another 3 months until I live trade again. But this time around, I have been able to answer all the outstanding questions from my other attempts at being a trader, and am confident now that I will succeed in finding my own edge, following advice from this forum, but also having read about eight books, some of which I thought I had read before, but either I have a total memory loss, or I did not actually read them when I bought them.
So good luck, and stick with it. I feel BabyPips is the underlying reason I feel I will succeed this time around.
Awww. No need to apologize. Your English is just fine. I think it’s super nice of you to share this with us. You were probably thinking that some people would ridicule your or something like that. But, this community has a lot of really nice people who have been through so much in forex already so I’m sure a lot of us understand your problem. There’s no shame in relearning forex. I’ve even read the school more than 3 times now. If you’re looking for a strategy that will work for you, take your time in trying them out on demo, tweaking them along the way. Good luuuck! We’ll be cheering for you.
@tradeforex077 Thank you , this thread is very helpful I have checked it and I did read few of the books listed in there , and definitely will read a lot more of the recommendations there .
@Mondeoman , stories of people like you who knows what not giving up Really means and always regroup and plan again and again is a huge part of my motivation really, thank you so much for sharing that with me
@ria_rose thank you for your kind words , babypips school was very helpful to me in many ways yes I am already working on couple strategies on demo right now and I am trying to tweak them , I just kinda feel I need more in my knowledge arsenal , And I can’t really decide which topic to read more about aside from the ones mentioned above so that’s why I thought a piece of advise from people who been trading for a living on what to read or avoid would help . I’ve been reading for an average 6 to 8 hours daily for the last 3 month And did a lot of reading on babypips so I know the holy grail doesn’t exist as I said I am aiming to develop my own strategies and keep upgrading/ changing them for the next 20 years or so
Hi Mo,
Thank you for your kind words. When I went to the Greg Secker course in London nearly 10 years ago now, he said that 80% of attendees who had paid over £2K to attend will never open a trading account and put on a trade because it is “too much like hard work”. I have a running joke with my younger brother, and since about ten years ago when we tried to count all the get rich quick schemes we had done either separately or together, we vowed to never do another one. So I started to call my “research” Get Rick Slow Schemes - GRS for short. The current scheme is GRS15 and combines some last lessons from GRS10, GRS12 and GRS14. These are the ones I started to log since a decade ago. I can’t imagine how many I did before 10 years ago, but the long standing ones are that we still own a small trading company in Dubai (I mean goods trading), our properties flow some cash (never enough) and we managed to hold onto some gold. So all in all, I should not laugh too much about the GRS schemes, but I do find it funny that I am still compelled to seek alternative ways to spend my time. I do say that I still don’t know what I want to do when I grow up, and that is the truth. I have just started a new contract, working with a team I worked with for all of 2019. An absolute joy to work with, and they pay me as well, So life could not be more healthy, really.
Stick around here and you will learn a huge amount of stuff to do with Forex, and some other none-Forex stuff as well.
hello mondeoman , i really wish you all the best with your GRS15 , that post was another example of your resilience and determination and thank you again for sharing , by the way i am living in UAE as well as your trading company but in different emirate as of now ( Abu Dhabi ) , babypips is even a greater help than i had imagined to be honest , as you said for forex and none-forex related there is not a day pass by that i don’t learn something different and i am really loving that .
Our company is registered in JAFZ (Jebel Ali Free Zone) which used to be only about 20km long and now I understand it stretches half way from Dubai to Abu Dhabi. Long time since we visited the Emirates and I miss that. First time was in 1989 when there was only the World Trade Centre and the three blocks of WTC apartments. How things change in a generation!
Oh you can’t imagine how quickly things changes here , you definitely have to visit to see with your own eyes but one thing haven’t changed which is that you have to visit during the winter peak otherwise you won’t survive the heat
Ha ha, I worked in Syria and have been outside in the desert (cross country oil pipeline) at 50 deg C. I went for a smoke in the local guard’s wooden hut with a local air conditioner - the branch of a bush with a hose pipe at the top cascading water through the bush that lowered the temperature about 20 degrees. We were on holidays a while ago in Sharm El Sheik (Egypt) and one day hit 47 degrees. I like it hot!
, I know I shouldn’t expect much results From 3 months and hope no one give me the sarcasm of ( you are so naive ) or ( 3 months of learning isn’t something) because I understand and I was prepared from the beginning to a life of endless learning and I knew I need years to be successful, however after all I am only human and we all have emotions so I can’t help feeling I am hitting one dead end after another. For those of you who have been doing well as traders for year all I am asking is what advise would you give me ? What to read ? which skills to hone ? What to give up on ? I understand there are many different schools and everyone seem to think only theirs is the best but I am looking to be a trader who dismisses nothing and believe the fact that there is more than 1 road to success I am not looking for trading systems of of course I’d love to be able to make some money as fast as possible but what I am really looking for is to be able to make my own systems in the future .
I think it’s super nice of you to share this with us. 
We’ll be cheering for you. 
, babypips is even a greater help than i had imagined to be honest , as you said for forex and none-forex related there is not a day pass by that i don’t learn something different and i am really loving that .