I have been going through School of Pipsology, read books by Andrew Aziz, Dr Alexander Elder and the one next on my list is The Intelligent Investor. Watched YouTube Videos and Trolled The BabyPip Forums quietly.
I find trading appealing for the following reasons:
I enjoy analysing, my brain is wired this way.
I have a thing with learning… any topic. So the prospect of learning about the economic environment in general is fascinating to me.
Working with probabilities when speculating is a challenge which I enjoy.
However I am working on becoming comfortable with getting it wrong and incorrectly speculating which is more of a knock than anything else.
This is one of the main reasons I am demo trading… accepting my losses.
I’ve taken the quizzes, read the article by Dr Pipslow why New Traders give up… It makes me question my reasons for wanting to be a trader.
I just need to make sure that I don’t fall into the category of the ones that give up… and that I am able to overcome the gauntlet of Forex Trading.
Any Advice… Book Recommendations or Resources to help me with Trading would be appreciated.
For resource, there’s a education tab that you can check out.
The fact that you can accept your losses and not trying to revenge trade is a good mindset cause losses are inevitable, no one win all the time. Keep on with the demo until you have a suitable trading strategy for yourself then move onto live trading.
Hi Candice. All of your preparation and learning to date is excellent. Losses are the norm, just have a mindset in percentage terms - is a 1 -2 percent loss or win any big deal?
My advice is simple, as I’m a procrastinator, also. You cannot succeed until you ACTION what you’ve learnt.
With such your mindset and level of preparation, I think you’re very much on the right track. And if you’d ask me, I’d say that trading would be perfect for you (especially since you’re a fan of learning). I feel like with forex, there’s never really a shortage of things you’d get to learn.
If you’re looking to learn more from books, you might also want to check this list out!
I am slowly starting to understand the huge impact of Psychology. And I must say understanding this aspect of Trading has helped me in my Personal Growth as well.
Yeah 100%, it is a big impact when you can slow down and think things through instead of having emotional reactions.
Impulse spending is something a lot of people struggle with nowadays with online shopping.
I talked with a friend who had to overcome it, and what helped him was waiting a week/ only being able to order things on a certain day to give him time to reflect on if he really needed it.
If this is the case, you’ll need to practise trading using a demo account. Using this method will let you show the market’s true face. If you give it a fair shot, you’ll be able to tell if trading is right for you or not.
There is probably a few questions to ask oneself before starting ,not if it’s just fun or enjoyable.As it can be time consuming without guaranteed profits .
Hey, it’s good to be learning the basics. But they won’t work until you can use them properly in the live market. Make a few trades in the live market and see how well you can take advantage of the moving market. If your strategy seems to work, go ahead, otherwise, work on your basics again.
Main thing is that you seem to enjoy it - I don’t think you can trade well without finding it interesting and something that you want to do. So I think trading is right for you.
I can’t recommend any books cos I’ve never really read one that gives any edge - they all just seem to go through the rules of trading / meaning of indicators. You need to know this stuff to start off but it’s a bit like passing a driving test won’t necessarily make u a great driver.
It’s really just practice, practice, practice, watching charts and trying not to lose money. Then if you can figure it out, there you go. Everyone trades differently.
Hi Candece, I think you answered your question by yourself with your words, let me quote that:
I find trading appealing for the following reasons:
I enjoy analysing, my brain is wired this way.
I have a thing with learning… any topic. So the prospect of learning about the economic environment in general is fascinating to me.
Working with probabilities when speculating is a challenge which I enjoy.
So here you have it, yes trading is for you. How did I find out that I like girls? I saw em, find em appealing and then I knew, I like girls. Only yourself can answer such a question
Since you went through school of P. and read some books you should know quiet a lot about trading and sincr you are trading for a certain period of time, I’d say that you actually like trading and yes it’s for you!
Let me give you some tips too: try to practicing trading without indicators and longer timeframes like H1 or/and D1, forget H4 because one candle contains the 2 “closed” market hours of the low tokio session and if you trade European pairs or pairs containing EUR make sure you trade thoses pairs after 9:30 /10 AM (european time, don’t know where you live) because after the first 2 hours of the European market opening the price totally goes in the opposite direction. Noticed it almost over one year, analyzing Euro-Pairs before going to work, recognizing pattern and trends and just when European markets where open for 2 hours, every recognized patter or formation or trend turned out to a false trend/signal. Don’t know exactly why but also read it in a book. So I changed my time of trading, I only trade when I have nothing to do anymore so I can takr enough time to analyze thr markets better and only trading crosses cause I think they are more trendy and ain’t got all those ((USA)relevant news-spikes) and here I am now, winning trade percentage of 68% hope y’all reading this have a nice day and happy trading and keep things simple:wink:
It may help you if you can accept that losses are not really “losses” they are the cost of making profits! You cannot gain any profit without being in the market - and being in the market means there will be losses because we trade probability and not certainty.
Once you can understand that losses are our business overheads, just like any other business has overheads, then you can see that the issue is only controlling these overheads so that they are minimal and do not exceed the gross profits. In other words, managing your risk exposure is an integral part of your trade entry decision-making. You make 15$, you lose 10$, you are ahead…
Naturally, if one does not do this and blindly takes trades off the cuff then this is incorrect speculating, gambling, and will inevitably terminally fail at some stage.
What you are contemplating is a business. You are both the boss and your employee. Think like a boss, manage your investment, take pride in all your trades and work at building your own skills.
Maybe one of the first steps you need to consider, if you haven’t already, is what timeframes you are going to work with. Day trading, swing trading and position trading all have there own features and characteristics.
In addition, you need to decide whether you prefer specialising in one or two instruments or spreading your risk over a range of markets.
Suddenly, losses are not such a big issue anymore!
Thanks for the comment!
I just finished reading your story in your “interview” and I was fascinated by your “no stoploss” policy! In that scenario there are no losses as such except the ongoing unrealised losses on open positions.
I was fascinated by the number of trades you do daily and yet some of them may remain open for even months!.. Wow!
I do not disagree with you on this to the extent that markets do have a habit of retracing over the same ground over and over again. However, there are times when there is a structural change in one or other of the economies involved and price can move to a totally different range and remain there.
I also do not use SL in the usual sense of the word (although I never promote this to newcomers) but I do always place an “airbag” safety stop a long way away. This is only to limit my loss in the event of a major spike or black swan type event. Or, of course, if I happen to be incapacitated in an accident or some such unexpected event!!!
My usual exit is either through reaching target or a reversal set-up. However, I always retain the “right” to intervene and close any position if it is not going according to plan or simply remains stagnant for a prolonged period of time.
And if you’d ask me, I’d say that trading would be perfect for you (especially since you’re a fan of learning). I feel like with forex, there’s never really a shortage of things you’d get to learn. 
hope y’all reading this have a nice day and happy trading and keep things simple:wink:
