Hi, for the record I am over 70 years old and had my fingers burnt trading currency some 5 years ago. I was green, paid dollars 6000 to a “guru” then went head first into live trading. Lost 2000 in quick time and crawled back into my corner.
Now I have emerged and trying to create a programme of learning without shelling out bucks. So far I’ve watched free vids from 2 mentors both of which ended by asking sums of 5-6000 for their tuition and methods.
I’ve also watched several videos on youtube, found them interesting but not enough to risk money.
I am about to begin the Babypips school and I’ve got a demo account fixed up. The problem with demo accounts is that the broker will want some sort of financial commitment after a period of time. ie, open a live account. If I do that I will be tempted to start live trading before my time just like 5 years ago.
Well, that’s me. It would be nice to get some of my money back but, for the time being, this will be a learning experience only. If anyone out there can suggest trading methods for me to practice I would be grateful (Provided you aren’t a “guru” wanting to raid my pension!)
Sorry to hear you lost money…but we all learn the hard way. Here’s free videos showing how I trade profitably. www.youtube.com/petefaders
Small, slow and steady gains over time is the name of the game.
Be mindful of roll charges.
If you can’t leave a position open over night without worrying- you’re doing something wrong (over-leveraged, weak strategy).
Learn how to read price action as it relates to order flow (look up Chris Capre’s material).
And, IMO, most importantly- read up as much as you can about the psychological aspects of trading and risk management. Yes, I can tell you how to swing a baseball bat to hit a ball, that’s black and white. Trading isn’t black and white.
“Learning capital” is expected to be lost. Just don’t compound it.
Can you read, Pete? Get out of here. Your free content is just a plug for your $145 a month membership.
Please ignore this clown, lincdales. Glad you learned your lesson about self-proclaimed “gurus.” There’s a handful of other ones on this site (the huge price action threads) but they are easily identified and avoided. What are you hoping to accomplish through FX trading?
It’s not a plug. People tell me all the time that those videos changed their trading for the better. There’s hours of free content. Free. Prove to me it doesn’t work. I trade live with members of this forum. I can ask them to post if you want to push this further. You have no idea who you’re talking to.
Welcome to babypips.
You’re doing the right thing working through pipschool, open a demo with one of the bigger brokers who are registered in your own country (I use fxcm). They should give a demo account without you commiting.
I use price action as it leaves charts nice a tidy, I also use a simple system I found on here called 3 ducks.
Good luck
[QUOTE=“petefader;676676”] It’s not a plug. People tell me all the time that those videos changed their trading for the better. There’s hours of free content. Free. Prove to me it doesn’t work. I trade live with members of this forum. I can ask them to post if you want to push this further. You have no idea who you’re talking to.[/QUOTE]
All it takes is a myfxbook to prove that it does work. A verified track record would do wonders for your sales if you had one, and would be pretty easily produceable.
[QUOTE=“lincdales;676639”]Hi, for the record I am over 70 years old and had my fingers burnt trading currency some 5 years ago. I was green, paid dollars 6000 to a “guru” then went head first into live trading. Lost 2000 in quick time and crawled back into my corner. Now I have emerged and trying to create a programme of learning without shelling out bucks. So far I’ve watched free vids from 2 mentors both of which ended by asking sums of 5-6000 for their tuition and methods. I’ve also watched several videos on youtube, found them interesting but not enough to risk money. I am about to begin the Babypips school and I’ve got a demo account fixed up. The problem with demo accounts is that the broker will want some sort of financial commitment after a period of time. ie, open a live account. If I do that I will be tempted to start live trading before my time just like 5 years ago. Well, that’s me. It would be nice to get some of my money back but, for the time being, this will be a learning experience only. If anyone out there can suggest trading methods for me to practice I would be grateful (Provided you aren’t a “guru” wanting to raid my pension!)[/QUOTE]
Trading profitably can be achieved by using basic support and resistance lines while using proper risk management. This can be GREATLY enhanced by learning the basic macro economic themes that move the market, and watching these for actionable trade ideas that are confluent with the support and resistance lines seen in your charts.
That burden falls to you mate, not me.
If you’re willing to step up, how about a verified track record from you, or at least someone who claims to be using your method?
PLEASE don’t rain on my parade. I’ve seen so many of these arguments on various forums. Anyone with useful advice is most welcome
[QUOTE=“lincdales;676693”] PLEASE don’t rain on my parade. I’ve seen so many of these arguments on various forums. Anyone with useful advice is most welcome[/QUOTE]
Both paragraphs were useful advice.
http://www.myfxbook.com/members/Banker/4-quarters/1100451
Here’s myfxbook of my trading using basic support and resistance lines combined with macro economic awareness. I’ve got a thread you can find under my profile where I discuss a bit more about the trading philosophy used. At the end of the day it really is just up to sticking with trading long enough to gain the experience for yourself to figure the market out.
Apologies, my comment was directed at the developing dispute between Jolly Rodger and Petefader, not you
There’s no dispute developing. I answered your request for a free trading method that works and was called a clown. So, back to the point. I hope you get a chance to check it out and see how it works for you. I don’t want a dime from your pension lol. Best of luck in your trading! 
P.S. I’m not interested, Jolly.
Because you’re clever enough to design your free material such that:
A) You appear profitable by cherry-picking charts.
B) Anyone following along with your free material will feel like they’re really close to profitability, and tempted to buy your subscription to get that extra “kick” they need. Of course, you just lead them on as long as possible, making them think that their aha moment is just around the corner so you can keep milking them for cash.
Of course you aren’t. Neither was Johnathon Fox, Chris Capre, or any of the other marketeers on this forum who claim they can teach you to be profitable for a small fee.
If you actually had a verified track record of profitable trading, it would increase your subscriptions by at least tenfold at no negative benefit to you. It makes no sense not to. But you won’t put up, because you can’t.
You and I both know that you aren’t a profitable trader.
Ok enough of crashing this thread. Contact Petefader on Skype, I’ll add you to the chat. You can talk to people in there that trade with me live. Then you’ll believe trading profitably is possible and maybe you’ll get there too. It’s a party in there. Were all making money. Come see. I do not want to argue. I’ll look for your request.
Read John Person on Forex.
It is one of the best on the Market.
[QUOTE=“Jolly Roger;676943”] Because you’re clever enough to design your free material such that: A) You appear profitable by cherry-picking charts. B) Anyone following along with your free material will feel like they’re really close to profitability, and tempted to buy your subscription to get that extra “kick” they need. Of course, you just lead them on as long as possible, making them think that their aha moment is just around the corner so you can keep milking them for cash. Of course you aren’t. Neither was Johnathon Fox, Chris Capre, or any of the other marketeers on this forum who claim they can teach you to be profitable for a small fee. If you actually had a verified track record of profitable trading, it would increase your subscriptions by at least tenfold at no negative benefit to you. It makes no sense not to. But you won’t put up, because you can’t. You and I both know that you aren’t a profitable trader.[/QUOTE]
The thing is… Even when gurus do post a myfxbook and that myfxbook is blown up in a matter of a few months then quickly removed… It still does not dissuade a mass of stupid people from rabidly following. There was a certain guru here awhile ago that did just that, and still has a rabid fan base willing to play blind to the facts.
Let the marketers and gurus do their thing. Overall it’s a positive for the real traders as it injects a flood of stupid money into the market as the rabid followers eagerly throw money into misguided and flawed trading concepts they think are going to make them the wolf of Wall Street.
You can join us on Skype too.
I do the impossible. That’s what I do.
[QUOTE=“petefader;676963”] You can join us on Skype too. I do the impossible. That’s what’s I do.[/QUOTE]
You keep doing you
Good advice.