what did you all do for Forex traning,
babypips school
buy one of these online courses
seminars
self taught or
books ?
Hi Forex wales,
The cheapest way to go is the baby pips school and books, but I would also recommend that you spend some money and find some good online courses / seminars. As a trader you will never stop learning, it is an ongoing process, so prepare yourself for many years of learning and studying.
Good Luck
Financial saint
Agreed. I’m doing the pips school and the books, but I’m going to find a
A course to set my on the right tracks. I’ve done some searches online -
Do you know of any?
Forex wales
the best forex education you will ever get is when you trade a live account even a very small account where each pip is a cent
all the books in the world and systems in the world won’t make you profitable, most systems dont work anyway, you have to find out for yourself what works for you and learn how to control your emotions
Watch a lot of youtube videos… I like fxbootcamp, forexdailytrades, theforexactivetrader, djenyns, informedtrades and for live action I like sgomez858 even though he does stocks.
If you are going to get a book, get “Japanese Candlestick Charting Techniques” by Steve Nison
Look at chart history and pay close attention to trendlines, support/resistance levels, and fibonacci as well as the candlestick patterns that you should learn from the book or other sources.
All that should keep you busy for about…a year at least
What an swesome reply. Woukd you believe I’ve been sat in front of the PC
Watching youtube videos.
I’ve also thought that candle stick theory was my way forward for trend indication
That’s awesome thanks
Youtube is a great place to start. Thats where I have been for the past 6 months - however i’ve found alot of the companies publishing don’t actually go into actual entries / exits. i.e. where they got in and out of the market - has anyone come across anyone who is doing videos to show this?
The users that I mentioned on YT do show where they would enter/exit.
Informed trades are probably the best selection of videos and they show the entry and exit
Points with most methods they cover
I’ve checked out the candle theory books - that guy seems to have a number of. Books out
There. Can you tell me the exact title of the book please
Thanks again
Forex wales
I have to agree with this dude. Self learning, can’t beat it.
I’ve been self teaching myself to trade for a little over a year. The big problem with self-teaching is that you need to be very disciplined (which you need to be if you’re a good trader anyway). Some people benefit more from a structured learning environment.
The problem with courses to me seems severalfold:
-
They are expensive. Most classes are over $5,000 for just a few day seminar. I say that’s money you can put in your trading account.
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The content of all these seminars you can just as easily get for free from books borrowed from your local library’s inter-library loan network, websites, and youtube videos. I really don’t think there’s any course that has something so unique and critical for success that you can’t get elsewhere for much less.
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There is absolutely no established ratings or accreditation system for trading courses. As a matter of fact you don’t even need a Series 65 or 7 license to take people’s money and teach them to be traders. There’s really no way to ascertain an instructor’s level of success, except maybe the most famous traders who have published track records. Most people go into trading education because they want to have a steady source of income. If you do the math on how much these classes cost and how many people they attract, you can see that this might even be a bigger source of wealth than trading in some cases!
I remember one guy at Trader’s Expo who was trading for three years invited me to join his webinar for free for one month, then after that its “just $300 per month”. Of course if I got my “family and friends” to join it would be $50 a person, but I don’t think that mom, dad, grandpa, and my buddy down the street are interested in all becoming traders. Just get ten suckers each month to join and you’re going to have a nice steady $3000 income. You’d think people would be smart not to buy into that, but there are…
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Trading courses don’t give you a degree or anything that the finance world cares about. You’re not going to impress anyone if you say you took X’s class on how to trade. For the money you spend on some trading seminars you can get an MBA at one of the less expensive schools, which investment wise is probably a good idea if you want to manage other people’s money or get a thorough education in how to be an analyst. Its also a 2 year education versus a 2 week seminar, though GMATs be DAMNED!
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Each trading course will only give you one perspective on approaching trading, and one set of systems that was developed by the instructor(s). That approach may or may not be suitable for you. Its a much better idea to get a wide range of opinions through books, websites, and forums, then see what suits you best. With a course, you are marrying a certain method and you have pressure to adopt it because of your investment.
Again, I have never taken a class, but from the research I’ve done, this is what I’ve been able to glean.
nice reply and thanks for the advice. I have gut feeling on the way to go. Number one is using various EMAs , im really inott he candlestick signals so im getting the japanese candlestick book by Nison. For momentum RSI , etc.
i agree, some course may through my preferred sustem right out the window.Ill just prod along with help from you guys and other places and read and practise.
If anybody can suggest another good book for trade stradergies , id appreciate it, something with the fibs and waves in
forex wales
great post.
Hi FW,
This might be an useful thread for you to go through:
http://forums.babypips.com/show-me-money-daytrading/22137-price-action-hero.html
All the best
Found this which i found quite useful:
Some great advice in this thread so far…
Though sometimes books are geared towards stocks I found getting a variety of books to be a good idea. Combining that with a real trading account gives you quick access to the school of hard knocks. No matter how small it is you’ll learn a lesson when you blow a real money account.
Some specific book ideas for beginners:
- Technical Analysis for Dummies
- Currency Trading for Dummies
- Candlestick Charting for Dummies
- Swing Trading for Dummies
I’m sure you’ll find overlap between these but the “for Dummies” books are written to be accessible to just about anyone. The swing trading book can help you get your head around the notion of using both short and long positions interchangeably based on your analysis.
I’m a very very big fan of the For Dummies books. They are well written, accessible. My favorites are Currency Trading for Dummies and Day Trading for Dummies.
Hi
Ive read the currency trading for dummies , im on the technical analysis for dummies, and ive just ordered candlesticks for dummies.
Great books
Forex wales
Forgot to mention one important PS - all of their books can be gotten for under twenty bucks if you shop for them online. That’s about as inexpensive as trading books get, when you consider so many cost like $40-70
they are pretty funny aren’t they.