It is my pleaure to share what I have know and helping other traders on their trading journey. First of all I do humbly aware that I still have much to learn on my trading journey and find myself a life long learner. Generally, i learn about trading basically starting from the basic of forex which i do believe babypips had already covered in its learn about forex section. Then I would learn about technical analysis and try spotting them on the live charts at the same time, so it’s more of a deliberate practice.
Then after knowing about technical analysis, I get my hands on fundamental analysis so I study about economic data and what creates bias for a currency pair because of how fundamentals can serve as a driver for currency expectation and could lead to some nice trend. Then I would also picked up on sentiment analysis to get a general feel of the market on whether the market is risk-on or risk off and from the sentiment itself can also helps in creating bias for currency, for example a risk on sentiment would be bullish for high risk currency like the GBP against the JPY which is a safe haven currency.
I do not take any course actually, and for YouTube videos I really like karen foo as her videos explain about technical, fundamental, and sentiment analysis, which for me is good balance as I’m not that fond of content about flipping accounts or solely focus on technical analysis. Regarding books I can recommend trading wizard and trading in the zone which is quite famous in the trading industry.
Lastly, my thoughts for all those who are in this trading journey together is that, regarding strategy, focus on one thing that you fond of the most maybe it is chart pattern, or indicator, or even as a simple support and resistance and then try to trade based on the strategy that you have developed and journaling them to see what you did right, what you did wrong, and how can I improve. By doing so it is like having a personal mentor that help you get better in trading.
Also when surfing through the internet, I personally advise to avoid intention in flipping accounts like from $100 to $1 Million, because that sort of returns are somewhat unrealistic and unsustainable, and if you look at the industry like Warren Buffet hedge fund they have like 20% annual return and that is a good return. So try to aim for that kind of return as it does help you control risk and to not put unnecessary pressure on yourself which can be negative for your trading psychology. A good but also extreme example for me it is like flipping a coin and if you are right then you double your life expectancy but if you are wrong you would immediately die, if that the case, would you flip the coin? knowing that maybe you have your family, career, or even enjoy life in general. For me I would not flip the coin. So try to take this slow and treat this trading journey as it is like your personal PHD so you can enjoy trading and stay in the game for the long run.
And one last thing I want to mention is that, when we are still in the learning phase of trading, try to start with a small account size to limit your cost of learning. Because as we develop our approach to trading we will come across trials and errors and losses are a part of trading. But if you start small and once you have reach profitable state, to recover your cost of learning would be much easier unlike if you start big and lose a lot of many and once you reach profitable state, you would still have to recover your cost of learning. So it’s more like a student debt, where the less student debt you have, the quicker you can reap the fruit of your labor.