Hi folks,
Sorry for the Debbie Downer opening.
I’ve been trying my hand at the Forex market for a couple of years now and don’t seem to ever develop.
I’ve worked on my knowledge off and on in this period and feel like I’m just filling up on facts without ever having recognised how to apply them.
I’ve tried looking up strategies and backtesting them (never understanding why they worked for others and not for me), I’ve tried the same with my own strategies, and nothing I try seems to work.
Don’t get the wrong idea - I’m fully aware this is due to some fault of my own.
At this point I feel like I may have been using my time learning FX poorly, and am not sure where to even start any more.
I’m really struggling in the application of the knowledge I have, and transitioning properly from “learning mode” to “demo practicing mode”
Excuse my frustration, this may appear to be more of a venting session than something more fruitful.
I’ve tried over and over again, and I’m at my wits end with how hard I’ve tried and how far I’ve (not) gotten.
Are you still trading on demo? If you are, then you are already ahead of many who are plunged straight in and are losing.
Regardless of the answer are you day trading? Probably not the best place to begin?
Do you actually enjoy the learning process or is it just a quest to make money? Answer honestly now
I think a few more details are needed before anyone can help you further
Another thing, what type of background reading or courses have you done?
Im personally of the opinion that most of the stuff focused solely on FX trading is a crock of …
More general books on trading better and are equally applicable to FX as other markets - also which markets have you been looking at, how many?
I find specialising in one or two is a better approach that trading everything in sight.
Cheers for the reply mate.
Still slugging it out with demo while I work it out.
I’ve dabbled in a few timeframes to get a feel for them, but ultimately am spending my time trading off of the daily over longer periods since as they say, it provides more reliable information - which I have found thus far.
Honestly it’s a mix of the two. I do enjoy the learning very much, though lately the frustration is seeping into my attitude towards learning too.
I’ve burnt through all of the info on the school of pipsology, and devoured a lot of the free information I could find on youtube to back it up.
I’ve worked only on the major pairs but taken a shining to GBP/USD and AUD/USD. My thoughts are that I could hopefully refine my skill-sets better on a consistent playing field.
Thanks for the well considered questions - could I ask if there are any books you think could be beneficial?
Well first off major congratulations for having not been tempted into the baptism of fire approach.
I wished I’d been as astute as you all those years ago.
I honestly think you should take your mind of systems and strategies and kick back and read some of the market wizards series - there are many good interviews with top Fx traders there.
I think daily timeframes are the best way (for now at least) and your choice in pairs seems solid.
You say you have tried many styles and strategies, so you must have a feeling of what works for you and what doesn’t?
At least as a starting point.
I can guarantee you will never make money with any method you think is either to complex, difficult or just doesn’t make sense.
This has to resonate with you - so to a certain point ignore ignore what the theory says.
I really also suggest Larry Williams Long term secrets to short term trading
Yes it’s dated abit but everything you need to know in trading is in that book, and believe me you don’t need to know that much!
Tell me more of your trading adventures so far, and maybe me or others can guide you further.
I agree 100% with @Johnscott31 Larry Williams is the best
but @ginseng you do realise that you have to jump one day, right? No matter what you read, watch, think … you’ll work it out only with real trading. Most of the people who stay on demo for too long never start real trading
Nothing wrong with demo, don’t get me wrong, I am not pushing you to go all-in or something but there is no survival and adaptation in demo mode!
Trading is hard but not impossible , strip it back to basics. The Babypip course is a good foundation / refresher. Make a small business plan that is simple and easy to follow no need to reinvent the wheel.
Then test on a demo till confident and consistent before moving to a small real money account.
Accept that loss is part of the process and dont jump from one system to the next as the mind need trained to dial down the fear and greed.
Hi I am a beginner myself, started 3 Months ago. I opened an IG demo a few weeks ago. Things are starting to come together slowly.
What actual part are you struggling with? Have you opened a demo account yet?
It seems you got a fair bit of knowledge regarding trading, as stated by John Scott you got decide were you want trading to take you ie long term trader/invester or day trader / short term if the latter you really need a lot of experience looking at charts during trading hours to succeed consistently which I feel knowledge alone is not enough
Hi @ginseng - I note @Johnscott31 has given yu some good advice - and there are a couple of points I’d like to make ;
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- You can’t just “be a trader” there are Many Types of trader and to be succesful you need to know which type suits your personality. - You can’t change your personality so you have to trade according to it.
I for example would love to be a trend trader - but I cannot mentally buy something when the price is higher than it ever has been in the past - which pushes me towards swing or contrarian styles of trading.
WHich are you ?
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- The market is NOT the same as it was yesterday - or last week or last year - it has a “personality” which changes according to the actions of those participating and their own beliefs, fears, ambitions and indeed how they trade. “news” is often used to “explain” movements but ifteh market had moved teh other way the “Experts” would simply have chosen a different “News story” - to explain it.
Thisis why you can back-test all you like and use whatever gives you the best result - and it is just as likely to Fail you when trading “the hard right edge”.
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- How many hours a day and how many Days a week have you been Studying for the “last couple of years” ?
All the best
F
Thanks everyone for the well thought out responses, there’s some information here that is really useful to me.
I am most interested in swing trading and learned that early on as smaller timeframes tended to stress me out.
My study periods tend to have gone from 2-3 months at a time with about the same amount of time as a break between the next stint.
In reflection after reading everyone’s thoughts, I may need to trial strategies for longer as I do only spend maybe 2-4 weeks before developing an opinion on it’s capabilities., and even then only if it backtests superbly.
If anything my motivation is slowly coming back for having discussed some and now I have a new book to read lol 