Someone plz help me,
I’m very new with forex and still at my first grade with pip school but I’m already going nuts with charts,bars,trends,[I]marubozu[/I](wt kinda name is dat?),etc.:rolleyes:
Some one plzz help! I’m very dumb and it seems the more I proceed with the grades the more nuts I become:( And I have to go through the whole pip school? Oh God, plzz help me!
Do you all went tru all this blah blah blah at the pip school? Damn it!
Very dumb,
slim
Slim,
I believe that the baby pips school is the best first step towards a complete forex education. Of course a complete forex education is an oxymoron, this is one of those endeavors where no one ever knows it all and everyone who actively trades learns something new every day.
Stick with the school and read it all even though some of the material is kind of bland. The writer of the school makes it as interesting as he possibly can. I constantly refer back to the wisdom of the babypips school.
Stick with it,
GBLilleyUSMC
PS. Marubozu is Japanese, like my wife, who explained to me that it has something to do with being “hage” or bald in English
Ok, buddy. Thanks for the advice. I’m sticking with the babypips school though I’m gonna need another fresh brains set aside for understanding those forex jargons…
But hell, I’m gonna stick with the school and see wt I make of it.
Any other person feel like me when begining?
Very dumb,
Slim
Forex can be extremely overwhelming when you first start learning about it. I suffered from information overload. I had read so much, tried so many different “systems” and indicators, that I literally had no idea how to proceed.
Try to take it in steps:
Get a basic overview of the Forex market (Babypips school is great for this). While you’ll learn about Moving Averages, Fibonnaci, etc., you won’t use all of it. So, just think of it as different ways to trade.
Decide what type of trader you want to be. In other words, do you want to sit at the computer and monitor your trades, do you want to get in and out quickly several times a day, or do you want to “set it and forget it”? Your choice here will determine what type of strategy you should be looking for.
Browse the Rate My Broker forum and decide which broker you are interested in trading with. Then, open a demo account with that broker so as to get familiar with their platform and practice your strategy (see #4, below).
Once you’ve determined Step 2, browse the appropriate forum(s) (Free Forex Trading Systems, Show me the money! [Daytrading], Show me the money! [Swing Trading]) and test some of the strategies there.
After becoming proficient – and profitable – with your strategy, open a small live account and begin trading with real money.
These are just basic, overall steps to make it easier to get a handle on things. Take it one step at a time and you’ll be fine.
Hi there,
Thanks for the info. So I really don’t have to make use of all the things I learn like Fabonacci and the rest of them depending on the type of trade I decide right? Well, its a little bit comforting.
Just finished my second grade and moving to the third grade:cool:
Gotta get back to class:D
Slim
I believe i am in the same boat as slim49z, i have opened a demo account with FXCM, and find it hard. People recommend to use candle sticks charts for beginners, but that just confuses me even more, i prefer line charts as you can clearly see what is happening, but you get 3 lines and i am not sure what each one is for. I can see what In2Blues is saying and will concentrate on those steps, but to be honest i dont even understand systems. I have looked at a few on this forum, especially the ones where the title says “easy to understand system”. I look at graphs of the proposed systems, and not quite sure how to apply them in the upcoming trades. I have finished babypips school, but still struggeling.
Right. Only use what you feel comfortable with.
I’ve never used FXCM, but I have used line charts. There’s usually only one line, so I don’t know what the other two would be. Are you sure it’s a line chart and not a bar chart?
As for systems, they’re nothing more than a strategy on how to trade. They may or may not contain indicators. It all depends on the individual.
When I first started learning, I found them confusing, too. There are so many different ways to trade Forex, that it really comes down to what’s comfortable for you.
Go through the steps that I mentioned in my previous post and first decide how you want to trade. Then, look for a strategy that will allow you to trade that way.
It takes time, but you’ll get there.
Well, everyone has summed it up nicely already, but something i’d like to add is to stop saying your dumb! :o
Being in the correct mindset to accept that trading is fairly complicated and will require a steep learning curve is essential. As soon as you accept that there is a lot to learn and nothing is going to just “click in” then your well on your way to actually learning the material!
Just my 1 cent.
I thought I would respond to your post because I really feel for the situation you are in. The problem with many systems on this and other forums is the lack of long term performance data. Without that you are taking on trust what someone tells you especially in your case where you admit you dont understand systems. It never ceases to amaze me how someone puts up a couple of posts with very little real data and people respond with ‘great system’, how would they know?
Since you have done babypips school why not start with the Cowabunga system. This now has a full 12 month live traded history with it and is regularly updated. As you follow the trades daily and the reasons for setting certain take profit points you will start to understand what the various elements of the system are telling you. This will give you a start in applying your theoretical knowledge to a practical situation. Cowabunga is an example of a trend following system which is profitable in its current form but which can be improved on and tailored for you own situation once you have mastered it. Dont fall into the trap of trying system after system, there is no one way of trading the market. If you use MT4 you should have enough backdata on the 15 min frame to go back to June or so. Can you spot the trade set ups on the historical data and if not why not. Moving forward (without money) can you spot the trades in real time and get performance close to that of Pipsurfer. Remember PS does not include spread or commissions so factor these in. You will find that the performance drops for last year from an R of about 130 to something around 90 (still handsome). This may drop further in live trading for many reasons but you should still be able to make it profitable.
Set yourself a realistic learning period for practical skill assimilation especially the need to deal with your own psychology. Whilst some can do this more quickly than others 1-3 YEARS, yes YEARS wouldnt be unusual. If you survive that long you will begin to realise that the market goes through markedly different phases some of them not at all suited for a trend following model. You should concentrate initially on 1 pair but as your confidence grows if your favoured pair is not trending but another is you should be able to adapt your system for an alternative pair or timeframe. Later still you will become adept at looking at other approaches say for when the market is ranging. Set realistic goals for your returns. Share markets have historically returned around 5% above inflation per year, those only old enough to have seen markets since the early 1980s may not be aware of this. Because of the higher input and risk you would want to do better than this to make it worthwhile but forget the idea of making 10% a week, this wont happen.
I am in the medical profession. I spent 5 yrs at Medical School, then a further 7 years of training to become a specialist. I have been a consultant for nearly 20 years and am still learning, why would trading be any different?
Most of all you must enjoy this and have a belief in yourself. If not there are other ways of securing your financial future through property, shares, pension plans and the like. Indeed I would argue that trading should just be one small part of your overall plan. It may seem paradoxical but I wouldnt try trading if you really need the money. The added psychological pressure is overwhelming
In the MACD contrarian thread I set out what I would consider a minimum amount of testing before putting real money on the line and you will see this has been live traded since May with all trades recorded and currently showing a 24% return year to date (without compounding). Not as good as PS but then the time requirement is absolutely minimal
Dont let what I or anyone else says put you off. Just be aware that this is a highly competitive business, it is difficult and stressful in the early days (like any profession) but if you are one of the people who can stand the trials and tribulations of the learning curve then the rewards (not just monetary) can be spectacular
Good luck!
Thanks for your informative input. I am looking into swing trading at the moment due to my day to day job. First i found out what forex is was 6 months ago, and only recently decided to dedicated my free time to it. Its got nothing to do with me wanting to earn big bux, but i sure do want to make it work and earn me money. tonymand recommends to consentrate on one pair, but is it possible for a swing trader. Sometimes the currency you want to trade shows no movement at all while others are all over the place and lures you in with big price movements. As i have mentioned before, i have allready started trading with a demo account, but just to get used to the trading platform. At present i just trade with hope, buy and hope to sell with profit, when the value of currency goes up by 20 pips i am allready eager to sell, knowing that my daily loss is much greater. I also see everyone saying not to hope for big returns, ie 10-50% a year. If you are trading with 10k, 50% is only 5k a year and hardly anything to get excited about.
If you are trading with 10k, 50% is only 5k a year and hardly anything to get excited about.
I would have to disagree with this statement. If I could reliably get 50% per year on my money, I would be extremely excited. It isn’t the first, second, or even tenth year that is exciting, but after that the movement becomes very, very large. Double your money in less than 2 years? Yes Please!
I understand your frustrations on the learning process.Believe me it is totally natural.I went through the same thing.Listen to what in2blues and tonymand are saying.This is one reason why so many fail I feel.They think it is going to be a much easier trip than it really is.Stick with it and you will succed!!!
I have decided to treat my study of Forex like I am getting a college degree. I will give it four years if i have to. It has made learning less stressful. If my my head starts spinning I take a couple of weeks off like spring break. Just take one chapter at a time and enjoy the ride.
I agree bizbad,
I still get frustrated in this stuff.But I keep telling myself,do people become docters and lawyers over night?No they don’t.So like you said give it a break here and there.I found myself studying as soon as I got home from work till I went to bed.I also have free time at work,about 4 hours a day I spent that whole time reading also.I still find myself getting overloaded,but have learned to step away when I get frustrated.Your brain needs room to breath!
This is great advice your getting here, take heed of it and utilize it…forget all the sappy infomercials you might’ve seen up until now, this IS the real world of trading…and trust me, it will get more fustrating as your brain works frantically making sense of all this new information your taking in.
Set up a game plan and stick to it religously. Have goals and what you want to accomplish each week. EX. learn price formations - then price combonations - then price patterns - total time: 1 month
and then move on to whatever else you feel you may want to use like fibonacchi (took me 2 months to grasp this concept), money management, risk managment, risk aversion, etc
oh yea, and I can totally relate with you on the pipschool thing. My only advice to you is to go through it anyways and just take one day at a time lol. It seems like to much and may bore you at first, but hopefully it gets more intresting for you as you have several “ah-ha” moments.
Try to have fun with this b/c believe me - it IS ALL worth it
bottom line is : This **** Ain’t Easy Baby
Your having fun right 
In my opinion if you don’t enjoy what your doing than your probably just going to eventually give in and take that “go for it all” mentality which will cause you to fail miserably in Forex. If you hate your job it makes it hard to get out of bed. Ever since I started trading forex I actually get depressed when Friday comes around since the market closes (go figure) :). In time you will hopefully look at Forex like a big piggy bank that you can take $$$ out of whenever you choose once you gain enough experience!
When I first when through the school 3 or 4 years ago I was extremely excited about such a great oppourtunity. Yes it was extremely overwheming but in time it just becomes second nature.
Good Luck to you!!
Topgun
Still getting information overload at the pip school. But I have learned no to rush things.
I’m just taking it one at a time and will always step out whenever I feel over loaded.
The Fibonacci mathematics is already making me go dizzy… Damn it!
Thank you all for all your contributions.
And Good luck to everybody,
Slim