Hi guys,
I am looking for some help as I seem to be stuck in a rut. I am a beginner with some advanced knowledge of forex trading, but I want to progress with learning e.g. strategies, candlesticks etc. Where is the best place to get educated? I know most of you will probably say this website which is fine and I will take that on board, but I’m just putting this out there as many other people are probably struggling to find their next steps?
Thanks friends.
It depends on what kind of trader you are or what you want to be.
Do you want to swing trade or scalp or position trade. What timeframe you want to trade. What instrument do you want to trade, ie: Futures Options Stocks, OTC Stocks, Forex. Not all courses cover all bases. There are courses that are specific to what kind of trading you want to do.
Once you decide then I am sure there are people on this site who can direct you to a good course.
Cheers
Blackduck
Hi Blackduck, thanks for your prompt reply.
First of all, I am looking to be an intraday trader and I am looking to trade Forex and also Indices (mainly the big ones).
I mainly want to trade the 1h and 4h timeframes, maybe lower depending on how the analysis looks.
Do you have any advice yourself regarding this?
Kind regards.
Hi, I dont get this. How can you have ‘advanced knowledge of forex trading’ but also asking to learn about candlesticks. This is more beginner material. Anyway.
I’d recommend doing the babypips course and then reading books on what you want to learn more about. Otherwise read general trading books and you’ll get a rough idea about everything and then you can focus more on what interests you.
I think you are already in the best place to learn advanced techniques of Forex trading. BabyPips Education section is the best to learn trading.
Hi Harry
Welcome to the community. I take it you have done the babypips course and are now looking to day trade.
You will find that there are a number of contributors that will tell you that all you need is this course and then a lot of practise. But I respectfully disagree with that assumption.
I personally day trade both scalping and swing trading using nothing more than price action. I find that most indicators are nothing more than distractions on the charts. I have had several mentors who have given me a broad range of ways to trade the market to which I am eternally greatful for, as I believe, you cannot have too much knowledge.
There are several courses that I can recommend. Some expensive some not so expensive. If you want to day trade especially the indices such as the Dow and the S&P500 then I can highly recommend Al Brooks. He is, in my opinion, the best price action trader out there. However he can be hard to understand. His course is not that expensive and it is very comprehensive and a plus is he has a live trading room. Whilst the course is not that expensive the room cost is a little expensive.
If you want a mechanical system then either Trader Dale or Day Trading Forex Live are two couses that are very good and are not that expensive.
I have studied these courses and found them to be very useful and good value for money. And a disclaimer is that I am not paid to endorse these sites.
Just a word of caution if you are going to trade the big indices than I hope you have plenty of capital.
Hope this helps
Cheers
Blackduck
Can you elaborate on being “stuck in a rut”?
What are you struggling specifically?
Give us more detail on how you’re currently trading and why you think it’s not working.
It’s hard to diagnose if you can’t explain your problems with clarity.
First off all thanks Blackduck for your advice on the different cojursesthat you know which are good, so I will take a look at these.
In response to ‘Cryptopotamus’, with being “stuck in a rut” I mean my losses are bigger than my winners because of emotions, so emotions for me a some what of a struggle if I’m being completely honest. So emotions is a big issue for me on which I need to focus and get my mindset in the right place.
I know that my technical analysis is working and my win rate is higher than my loss rate but like I say, my losses are bigger than my winners because there is an issue with trust etc.
Hope you can help.
Thanks.
Just out of interest. If these are good courses with mechanical systems why do you then trade price action? Are the returns not so good with the above 2 courses?
A very valid question and the truth is that I studied these courses in the early part of my trading career. However I still find that what I have been taught by them to be very relevant and useful in my trading today.
Both of these traders are price action traders but they use mechanical entries to take trades around major support and resistance levels. They rely on a certain type of price action to form around those support and resistance levels and if they don’t appear they will not take the trade. It is a little more complicated than what I have described and you would have to do the course to fully appreciate their style of trading. These sites are good for traders who as yet cannot read the charts as they allow only trades to be taken once all the rules are met. One problem is that if you are not on the computer at the right time it is easy to miss the trade.
I have life time membership to these sites and so I always look at what they are saying and plot their levels on my charts. However I am much more experienced now and I can see many more trades just using price action.
I have been taught many styles including Elliott Wave, Fibonacci, and Wyckoff and as a result I can look at charts using many different ways which can help me to confirm entries and exits as well as risk reward and probability. As they say knowledge is power.
Hope that helps
Cheers
Blackduck
There is no theory or education in a strict sense, you learn common trading patterns, indicators, principles of trading analysis and start to experiment with them using their different variations and trying to make lessons from mistakes. It is a process of trials and errors.
So just how successful are you as a trader and what type of trader are you??
Blackduck
I agree on this. Babypips has covered almost everything; so definitely a good place to learn and expand your knowledge.
look at market structure really helped me after i was done with babypips.
You are already in the right place. Just try to analyze all the topics of the forum and take the information into account in the next bidding attempts!
Focus on these problems. Find ways to solve each. Apply the solutions ruthlessly. Make money.