Hello to all forum participants., hope you guys are having a great day!
I am new to trading and looking forward to learning as much as possible. Would appreciate any advice on how best to learn, any words of wisdom, learning /study materials, videos etc. I am making my way through pipsology at the moment, so glad to be able to join this forum.
Good luck to everyone in trading.
A good start, and welcome aboard. I suggest you use this great education site to learn how to not lose money, which should be the Holy Grail of every traders dreams. Rome wan’t built in a day, so best of luck
Thanks Steve, agreed, its kind of daunting when stats show 90% of traders lose, just wonder if there was survey done of those losing, just what kind of prep had they done?
To be honest, it is extremely difficult for us retail traders to make consistent profits long term because the majority are amatures. The nearest I would get to is sometimes I get my lunch paid for a few days.
I would suggest you look this up - tradertom.com
While he has stopped trading live for the benefit of many followers while he writes his new book, he makes his profits by scalping indices when the London and NY sessions begin for an hour each day.
He does this at no cost, but his disclaimer is that it is not a signal service, you are there entirely at your own responsibility.
As for prep, it is my opinion that only trend traders have the best chance of being successful long term.
Welcome!
Start here
Don’t worry about the 90% number, it’s not current. The actual losing percentage of currently active traders who have so far made a loss varies between brokers but is regularly reported as 70-80%.
This is largely because they trade on very short time-frames which inherently limits their winning totals per trade, but also because, with small accounts, they feel compelled to seek high returns per trade compared to the amount they risk. This leads them into being long when price is falling and short when it is rising, as they hope for a sudden and significant reversal.
Making it a rule to not do what most traders do will help you.
Hey Tommor, much appreciated, its reassuring to know that it is possible. Yes there is something to be said for not following the crowd. Im intent on learning to do this the right way so that I have more gains than losses
In my opinion, the first thing to learn is how banks work, this way you can get an idea on how they are likely to move the markets. Most of the time, they cause spikes so retail traders get stopped out, but knowing this can give you a much better shot at success.
Hi News Trade Pro, interesting that you say that, can you share what you have done to put yourself at an advantage here? Much appreciated, Regards.
Hello and welcome! Good luck with the School of Pipsology! We’ll be looking forward to your progress.
Hello and welcome!
Take your time learning. There’s a lot to absorb, so don’t hesitate to ask questions as they come up. In addition to School of Pipsology, you can also watch educational videos YouTube or read books about trading. It’s a long journey and you’re on the right path. Good luck!
Welcome Blackbirdsr71! My recommendation would be to educate yourself first, but also try to start immersing yourself in the trading process as fast as possible.
I am not talking about depositing real money, just make a demo and trade on it to get the feeling of the platform, orders, trading volume and so on.
This way you’ll kill two birds with one stone.
Best of luck!
Thanks Chimmyfx, appreciate the advice
Hi Lovan, yes intend to demo trade for a while. Regards