Graduated from Masters in Financial Administration back in 2014 and my graduation paper was on Forex and a strategy I worked around the harmonic patterns. From Colombia, exchange rates are usually high and my professional career never took off as i expected, so having “risk free” money was always a problem, that is why the time studying markets. Been on pennystocks, Crypto, Binary Options, algo trading and all with very bad results.
I’m here doing the whole education program Babypips offers and with a resetted mindset, just wish to start from scratch and get it right this time. Have a lot of experience on what not to do, anyone who finds it possibly helpful, i’d be glad to learn together from your experience.
12 years of unprofitable trading here. You are not alone and you are in the right place. Got interested to you when you used this term:
Because I was in your shoes around 1 year ago.
Having years of trading experience (losing ones), I thought I was somewhere next to a god. But truly, it all actually starts when I was forced to reset my mindset.
I thought I knew everything, instead, reading chapter one in the school of pipsology really blew my mind. I know NOTHING.
That is also when I realized the true meaning of half glass full and half glass empty.
Always be the other half of empty glass.
That way, you will always have room for yourself to improve, improve and improve.
Congratulations for not wasting your time anymore.
Join and meet me in this thread The 10K gamble only after you have graduated the school of pipsology. (I will know if you are lying, so save your efforts.)
I think it’s a good start what you have done here. Just putting it out there. “Have a lot of experience on what not to do” if you never tried and failed, then you haven’t learned anything.
When it comes to losses:
I see my losses as an expense, as a payment for my education. And the teacher was the markets.
What works for me is having smaller goals. It just happens to be so that I trade best with “smaller” deposits.
At least it’s been that way. I recently, last month started a new challenge with “only” 1000$. I used to trade this amount in Binary Options too and that worked best back then (I ditched BO after all the regulation and my broker ditched BO to CFD’s) so I left BO for FX and found a ECN broker instead of trading with those shady BO brokers. I’m going to give the challenge some more time before I post about it, so I don’t create another one of those dead threads lol
I strongly recommend you start a trading journal in the forums. Start by talking about your approach, goals etc and this way I think, when you put yourself “out there” you may feel that you have to obey your own rules. You can’t post that you use this strategy with this or that rule then abandon it in your next post so this way it can keep you in check. Perhaps you’ve tried this too… if you haven’t, give it a try!
Wow, awesome!!
I’ve felt frustrated for a long time, and as you said, right now just finished japanese candlesticks and the school of pipsology is incredible, just bookmarked you!! will be there hopefully sooner than later, right now in quarantine, working from home, will be able to focus on graduating! See you soon!
Thanks for the kind words, and you’re totally right, i tried once in the past on other blogs and years ago when i sucked even more than today, but people were very bad on my ideas and just bashed on them. Stopped doing that for a long time, but thinking on what you said, it is totally true how accountable you feel when you put your ideas out there. Will start to do that once i start my demo practice after going through the whole school of pipsology. Thanks again!
Hi guys,
I am now profitable and have been for over 1 year. 6 years unprofitable before this.
The key to turning it around was simple. 1) Forget forex education of any kind. Anything you are being taught is also being taught by thousands of other educators to millions of other traders, and it puts you firmly in the 95% losing bracket. The banks know where you are placing your trades! 2) Do your own research. Trawl the internet for indicators, put them on your charts and backtest them, try different ones and backtest those. When you have a group of indicators that look promising, forward test them (demo account only) for weeks or months until you are confident it has an edge. 3) start small, and stick to the system you have built.
Just finished school of pipsology, got to admit lot’s of things were actually new, and lot´s of points of view i never took in account.
A couple of weeks ago, you extended your hand to join you in the 10k gamble, wish to join you and follow through all the knowledge i can to help me develop my trading system.
Thanks again !
“First problem for all of us, men and women, is not to learn but to unlearn.”
Neil Strauss
“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”
Alvin Toffler
Howdy Tripple333,
I wish you the best of luck on your trading journey. I am brand new to trading. Brand brand new. But I do have some relate-able skills from playing poker for a living. My current goal is putting together what needs to go into my trading journal (I made a post about this) and then it will be putting together a trading plan. Followed by experimenting with trading systems. I have yet to make an actual trade. I still need to learn MT4 and get it set up so it’s a little more efficient for me.
I shared those quotes above as it seems you have experience with trading (although it seems negative BUT I believe you will turn it around!). When I taught poker, one big hurdle for me was learning that I was teaching guys with a lot of bad habits (they didn’t know they were bad let alone know they were doing them). It was easier to teach a complete noob than an experienced (knew the rules of the game) long term losing player (had winning sessions but negative net returns). But after I learned that hurdle existed it really helped with my teaching. So the only knowledge I can offer (BECAUSE I’M BRAND NEW lol) is to try your best to keep an open mind and find a good mentor/group that you can run your questions/ideas through. Side note: Pipcrawler’s Favorite Trading Books https://forums.babypips.com/t/pipcrawlers-favorite-trading-books-updated/17008 states to read Enhancing Trader Performance if you lack a mentor or coach
Wow!
You’re a very fast learner. Took me one whole year to complete the school. Hope you’re persistent.
Or maybe because I simply tried and failed every method I found in the school one by one before continuing in each chapter.
Good for you bro, now for the next challenge, brace yourself and go through the forum from the beginning of it one by one.
It should take you no more than a few months if you are at my speed.
Just hope you would take your time understanding everything, stop and chill for a moment if you ever feel confused at any point. Don’t overwhelm yourself.
Thanks!!!, will check out pip crawlers books, he actually gets mentioned a lot in different lessons in the education program.
Will be now looking into threads, lot’s of help in this community it’s very motivating. I am very dedicated and yeah lot’s of negative experiences, anything you wish to share or ask let me know, hope any of my previous thought processes give you any aid.
Best Regards!
Thanks Farhan,
Yeah I actually took my time, but looking at the program, it actually explained basic ins and outs on MT4 almost at the end, so I took all the theory and points of view that actually changed my own, and bookmark lots of “cheat sheets” to go back and check once I start trying out ideas.
I’ve started to look into "The_Baller’s ichimoku chikou span trading ideas, and reading what others say in the forum.
Will be checking out also some of the “Trading Systems” on that forum, based on my personality test, having some “blown accounts” experience from the past, the idea focus for my system sounds like the way to go too.
Thanks Farhan!,
