Help a Noob make the right decision!

Beginner Questions
5

Don’t pay money for any system. They will all potentially make a profit but the basic ways to make money are free. Pick up some education as to how forex works, rather than training in a specific strategy.

Pick an easy one that suits your life-style and makes some rational sense. Run it for a hundred trades with tiny capital risk only on each. Log everything. By the 100th trade you will know why the system works, how it works and what it can’t do and why. Then pick a better one or modify this one: either way you’ll know what you need. But this is where you need to plan really well before you put significant money in.

Throughout, watch as many other people’s trades as you can find.

Then run another 100 tiny trades to test your Mark II system. Hopefully you’re now on the way.

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6

Wara FPA recommended the winners Edge along with investopedia I was just wondering if that would be a good starting ground. I have been taking the baby pips course and im up to grade 1 yay! I wish I had more time to devote but as a single father with joint custody of a 5 and 6 year old and working 4x10 hr days I don’t always have time. But I’m trying to put in atleast a half hr a night and as many hrs as I can on Mondays. I live in Toronto I will not be able to trade the new York market or London, so that leaves me with Sydney and Tokyo, except for Sundays and Mondays. Im leaning towards wanting to do shorter time frames day trading and scalping. I am not greedy or need to be rich over night, I would be happy to grow my 10 k account by 10 pips a day and would be disciplined enough to stop when I hit my goals or walk away on a bad day. I already have a decent job that provides for me and my family, but I do work an extremely physical job that I would rather not have to do in my 40s and 50s if that is possible.

Thanks for all the advice and kind suggestions friends.

7

Very good decision for taking educational course first. Because most of the people who wanted to do forex start their trading career without any educational support. As a result they won’t be able to get forex success. But I think instead of instead of warrior trading course you should take some other trading course. Because FPA is good for broker review but not more than that. By learning and practicing more in demo session you will understand what will exactly right for you. Don’t depend on others system.

8

Completing the Babypips course will be a good starting ground.

After that, Investopedia will help. Winners Edge possibly but less so.

First point: those are the markets that are hopeless for forex scalping.

Second point: scalping and retail forex trading are mutually exclusive anyway, for several reasons, but the main one is that the person you think of as your “broker” (and the Babypips course unfortunately refers to that way) is actually your counterparty and would be the party being scalped. Nobody minds you scalping the market, but with a retail forex broker you’re not in “the market”: you’re only in “their market”. Which is why it doesn’t work. (But at your times of day, forget it anyway, even with a genuine broker, if you have that kind of capital.)

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9

Thanks for the advice and knowledge ethan and Lucas, that’s to bad to hear in regards to scalping on those time frames. Also Lucas I thought scalping is no issue with an ECN broker? Thanks I’ve been studying baby pips, and I’ve also paid for a course that cost me $497 USD so about 650 cad. It’s decent material from what I see, but for a total beginner I think some of the explanations lack depth, which has been a bit of a let down, I fully thought paying for a course would have walked me through the very basics to the most advanced topics step by step. However as I said some of the explanations are vague and lack depth. I jumped the gun and did not do proper research before paying for something that here at baby pips I seem to be getting for free.

10

STOP spending money NOW !

You live in Canada - Read and understand this and any oter info you can get before starting again !

https://forums.babypips.com/t/canada-now-the-worst-place-to-be-forex-trader-kiss-overseas-broker-goodbye/46610

11

Hello dear, it’s only 2months! So, I think Babypips School is the best way to start with! I have no idea about the paid services but I much say, BabyPips School is one of the best places to learn Forex trading with the details.

12

Since, you are a new trader please don’t play with your real money! Just focus on your learning process, not on your result! I think, Forex Forums are much workable than paid courses, so be active on forum with your questions and problems!

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13

Unfortunately many people believe that. (It’s usually because they don’t understand how the retail forex market works and have a deeply mistaken impression of what “ECN” really means.)

It isn’t true, at all.

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14

ok fair enough falstaff, I did jump the gun , i wont lie i got drawn in by the crazy flashy youtube videos , and was drawn to the 24/5 market , which i did not have when i was considering day trading stocks.

So are you telling me to stop spending money and forget Forex or what exactly are you suggesting I stop doing ?

15

Hi kyzerbun,

Sorry if I was unclear. The fact is that the Canadian Govt have severely restricted your options regarding trading as far as opportunity goes. The thread I linked to goes into some detail, but as I am uk and not affected, I don’t know the facts in any great measure.

You have started as a good many do, full of optimism and enthusiasm, but as I understand it, they have restricted what brokers you can use and what leverage you can employ very severely. So much so that my brief glance at the thread I posted the link to make it practically impossible for Canadian residents to join in the “fun” - basically their reasoning is that they don’t want you to lose all your money too quickly.

By all means, do your learning and learn how to trade, but most importantly, find out what you are allowed to do and what the “Leverage” rules mean in terms of whether it is worth your while to make the effort whilst living in Canada.

Sorry to be vague, but all I know is contained in the thread I showed and I didn’t want you to spend a lot of money on “Courses” and the like which could potentially be a complete waste of time for you.

I don’t know whether there is anything you can do about the regulations or not, that is why I suggest you make the effort to learn about brokerage accounts you can access and as I said, whether it is worth your time and money to try to trade at all from Canada.

Sorry if I am the bearer of bad news, and I sincerely hope it IS worth your time, but I don’t know.

All the best F

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16

Hey thanks I did read the thread, and I’ve tried to find more info on google but only found pieces of the article you showed me. Fx brokers in Canada still seem to be showing leverage rates of up to 400 to 1, :confused: man all this stuff is so confusing for someone just trying to start out.

I do have a demo account with fxcm and a Rep called me and he told me how do to regulations in Canada I would need to start with at least a $5000 balance, but I was driving at the time and couldn’t talk in further detail

17

Actually some paid courses are really supportive to ensure advance level trading technique but beginners cannot learn from here anything. The knowledge they need to know for surviving as a newcomer is much available in Forums communities. That’s why they should not focus on any paid course.

18

Honestly speaking I don’t believe at any paid course. There is nobody who can learn you Forex trading . you have to learn by yourself. That’s all.

19

Not agree 100%. So many experience and professional traders are available who can learn you Forex accurately but their demands too much high to admit especially for the beginners. But I agree with your point first of all we have to learn Fx by owns effort. Otherwise the better result will not come at all in spite of having experience guide.

20

If any newcomers focus on preschool level with demo or micro account practicing. I think it would be better than having a paid Forex Mentor. Please don’t take it personally. Its according

21

By the way anyone used chris Capres Paid course?

22

Hi mate. Let me address your post, Point by Point… ok

LET ME SHOW YOU THE RIGHT DECISION

if you discovered FX around 2 Months ago
You have 1 job… LEARN… That’s it.
now… the post could end here, but let me clarify a few other things

courses that sound dicky, like this one, when they make an attempt to use a cool name Usually are useless .
Warrior Trading… huh LOL

in the future
things like Warrior Trading
Alien Technology
Unlimited Earning Potentional
SHOULD JUST BE AVOIDED ALLTOGETHER

you see, the Psychology behind this is
if a person is stupid enough to believe it,
they are stupid enough to get scammed
hence why they pick these keywords

Your decision when you come across these things should be… AVOID THEM.[quote=“kyzerbun, post:1, topic:122936”]
I was drawn in by all these youtube videos with people talking about turning $ 50 to 30 k in two months . I recently got back paid about 14k and having had around that amount in the past realized how quickly one could blow throw a few thousands dollars on nonsense, so this time around i would like to use this unexpected money to begin my forex trading journey .
[/quote]

You have been sucked in mate
MY ADVICE… PUT THAT MONEY ASIDE FOR NOW, UNLESS YOU WANT TO LOSE IT… SERIOUSLY [DO NOT IGNORE THIS WARNING] OK

You don’t go from being a 2 month Newbie to making $30k a Month
if that is not common sense to you, then you need to keep learning

TO BEGIN YOUR FOREX JOURNEY…
YOU DO NOT NEED MONEY

Open a Demo
Register with Baby Pips
and Start learning

again… THE NAMES…

Let’s compare them
The WINNERS EDGE vs Baby Pips Free Educational Resource

which one sounds more wanky
i would say the Winners Edge hehe
ENOUGH SAID ON THAT

now. side note
You might say “hang on martin, you can’t just tell if a course is shit based on its’ name”

and i would respond
"Actually. TO A LARGE DEGREE, YOU CAN. at least in forex,"

you see, the reason behind it is
when someone says
THE WINNERS EDGE
WARRIOR TRADING
UNLIMITED EARNING POTENTIAL

what it does is… IT INSPIRES CONFIDENCE AND POSITIVITY IN YOU

it’s emotional manipuluation
they are giving you words that YOU WILL ASSOCIATE POSITIVE FEELINGS WITH , AND WITH RESPECT TO THEIR PRODUCT

because
You want to be a WARRIOR
you want to be A WINNER
you want to have UNLIMITED THINGS

that’s why phone companise have UNLIMITED DATA DOWNLOAD.
UNLIMITED TALK TIME
UNLIMITED PLANS

this is basic marketing and baiting by using word association

it’s like NIKE… JUST DO IT
or… THE BURGERS ARE BETTER AT HUNGRY JACKS

what has baby pips pitched ?
Free Resources… hehe wow

AS FOR FINDING A MENTOR
ok… let’s go down this road

I am an experienced trader
i can offer you a course and i’ll charge you $15,000 for the course,
the course will take 3 years to complete after which you will know how to trade successfully

on top of the course amount, i will require you to do the following

  1. Start your own live account with $3,000 min
  2. You must follow every instruction i give you
  3. You must not trade live until i tell you are ready

the $15,000 will have to be paid upfront

are there any guarantees…
well… yes and no

it’s actually more of a YES
but, LEGALLY it’s a no, because a person would be crazy to say there are guarantee’s when they do not know the students psychology and determination

so… Mentoring Course 3 Years, $15,000

WILL YOU ACCEPT ?

The Answer is NO, right ?

and you know what
(and i am saying this as honestly as i can tell, as if i was your friend, ok)

I wouldn’t start the course with you
because

a) Let’s say you actually came up with the money.
well, You’d be pestering me all the time hehe… that’s a fact

b) you’d get itchy… when can i start live, when can i start live

and look at the math behind it, from my point of view
$15,000 to focus on your for 3 years… HELL NO

so… the truth of it, My friend is this

here is what i have learned after 7 years of trading and having lost around $20,000 to learn and having made all the money back and having become financially free

  1. You are probably not going to find a mentor that will teach you correctly.
    if you find one, be very suspicious

i mean, think about this
(my offer was hypothetical, but it is what i probably would charge) and to be honest it’s pretty reasonable , because you could easily make that money back

now. Greg Secker ( i know from personal experience) Charges $5,500 … GET THIS
FOR 2 WEEKS WORTH OF MENTORING, then… You are literally on your own
you must use his software platform which will cost you around $300 per month
if you fail to pay it, you are out of the program

and if that wasn’t enough, you need to get a min $5,000 trading account to do the course

so my course is $15,000 and greg’s is $5,500

but the difference is this
Greg will screw you out of your $5,500
i will actually ensure that a person makes their money back and then some.
(now, again, TO BE CLEAR, I AM NOT OFFERING A MENTORSHIP HERE, i’m just converying and idea to you)

Truth be told, its not worth it for me to mentor you.

but You’re a newbie, and you need to make decisions, so i’m trying to open your eyes a bit

You won’t find a mentor, so don’t bother looking
if you want to do something, TALK TO A FINANCIAL ADVISOR
ask them how much it costs to teach you bit by bit

THEN, YOU WILL UNDERSTAND WHY YOU WON’T FIND A PROPER MENTOR

a Financial planner will charge you around $5,000 to make a financial plan for you in a few hours
he may charge you around $400 per hour if you want to learn investing
it’s cheaper to do a course hehe

Mate, HERE IS SOME FREE ADVICE

Step 1. go through all the stuff in baby pips school… ok

Step 2. go to Newbie island and listen to the newbie’s giving their opinion (As if they are experts)
Learn from this and take it as a sign of WHAT NOT TO DO
it’s funny how quickly newbies seem to become experts hehe

Step 3. Pick a broker and open a Demo Account

Step 4. Pick 1 instrument and get to know it

Step 5. NEVER EVER MOVE TO LIVE TRADING UNLESS ALL THESE THINGS HAPPEN

  • You must be able to show a profit

  • You must have traded for a min of 6 months

  • your trades must be approx the same size, either in terms of % or $
    you can’t trade small, small, then one big one, then small
    Scalping doesnt count, YOU MUST SHOW CONSISTANT TRADING HISTORY

  • You must be able to open your Detailed Report and see a GRADUAL UPWARD CURVE OF PROFIT, NOT SPIKES (this is the decider as to whether you did it correctly or not)

  • so… basically you must show consistant profit for a consistant period of trading consistantly for a min of 6 months

IF YOU CAN DO THAT GENUINELY ,
You are ready to try live trading

if you can’t
Keep practicing until you can

if you mess with this rule, you will lose your money.
i’ve seen it happen a lot

also, forget about trading robots
Forget about Trusting other people

Learn it for yourself

now… if you couldn’t be bothered investing a few years of training into this
then… MATE… HONESTLY… TRADING IS NOT FOR YOU

in which case you may as well talk to someone about a managed fund or a term deposit

does that help at all

Stop looking for the magic pill… ok
Learn how to create a system that keeps you safe and allows you trade profitably
simple as that

25

I know him but didn’t get admission , because his demand is too high, right now may be almost $1000.

26

Thank you for your information. By the way , you know about his education ? some Forex articles he published about money management is really different than others. That’s why I am thinking. But charge too much.