Hi
I am new to forex. just started reading about it. i was wondering do i need to learn each and every topic in the school of pipsology or there r things that i can just skip. do i need to learn all types of charts and graphs or just candlestick and resistance levels would do.
Already looking to cut corners?
Learn it all, you will probably need it at some point. You could skip Elliot Wave…
well…the more I read and practice, the more I realize I need to learn,I won’t skip anything,the “thing” I skip is possibly just the “thing” I need for success…so for my own due diligence I learn all I can.
You could open a demo account right away, and start playing around. Don’t even think about going Live yet, though. I suggest reading everything in BP school, because even if you never use a particular idea or indicator, it still helps to develop you “feel” for forex and what it’s all about.
If you were to cut out one think I would advice against elliot wave, on the other hand I could have cut out candle stick patterns as I dont trade with them so I could have skipped them but I learned I didnt want to use them by learning everything about them and trying to see how appling them fit into my style, and it didnt.
Unfortunaltly you probibly only need to know about half of the topics that you will learn, but by that same token you will need to learn all of the basic concepts and figure out what you would like to become an expert in. Babypips school is great for an overview but it dosn’t always answer all of your questions for that you will need to research even further if and when you decide it is required.
To be honest, I believe the best way of learning ANYTHING is by actually doing it.
So I’d suggest you try it out as you read. Open a demo account, play around. Put on a trade, close it. Analyze what happened, why you opened the trade, and why you closed it. What would you change for the next trade? Then go back and read some more. Do another trade.
Take it piece meal, read some - try it in the demo account. Did it work? No? Yes? Then read some more… you get the gist im trying to tell you.
My experience is that if you only focus on learning the teoretical knowledge in the beginning with the goal of learning EVERYTHING before trying, you’ll end up forgetting more than you actually learned when you actually start DOING it.
So again, read - apply, read more - apply more. Rince and repeat untill you start building confidence in what you are doing and getting steady results that you are comfortable with.
And no, the learning never stops. Thats the best part of this game imho 
Sure you can make steady results with only one strategy, but imagine how much more you ‘could’ make by using a supplemental strategy? Or maybe that fancy indicator you just read in the forums could supplement your own strategy? Read, test, evaluate, discard/apply.
Take it one steap at a time, learn some - try it out before learning more. Use your experience to supplement your reading skills.
Besides, half the game is psychology. The books, articles or whatnots cant teach you to deal with YOUR OWN psychology. Only experience, and (true) perhaps with some guidance from the literature, can help you deal with the psychological challenges trading will inflict on you.
Just my 2 pesos
Please understand that forex is really a 3 dimensional chess game played with real money, but is understandable by 2 armed humans by bending down and picking off the ground those little scraps of wisdom called EXPERIENCE !!!
to be honest, there are probably a lot of things that can be skipped in pip school, but since each thing depends on who you are, the direction and length of trading timeframes you desire, and your own overall intelligence, theres no help i can give on this, although SUPPORT AND RESISTANCE,TREND and those old FIBONACCI numbers along with the STOCHASTIC at 5/2/3 are the really important things with forex. (all the rest will come in time !)
All the normal advice concerning demo accounts, money management (HORRIFICALLY IMPORTANT !!!) and controlling your “gambling” nature apply and a year of using a demo, with perhaps half that time for the truly blessed, should suffice to get one into the “beginner” stage ---- add two years to reach “intermediate” and a lifetime for “expert” !
To trade, it is best for a newb to TREND TRADE the higher timeframes such as the 30, H1 or H4 or DAILY, making sure you only use a small part of your equity (even to this day I only use one half to one lot for every $10K USD in the account, so act accordingly with your equity)
The reason for using GOOD money management routines is to be able to hold your position thru the drawdowns (pullbacks) that will happen twice a day if one is using the higher timeframes and still be able to survive.
In the beginning, attempt to “make haste slowly” by setting small “take profit” points ---- as your knowledge and experience increases, you will KNOW where the price is going to the pip, but that will take some time for you, so make reasonable profit requirements and work your experience level up slowly.
IF POSSIBLE, get a mentor who has shown her/his abilities and ask for assistance — this is the hardest thing to do BUT the results are phenominal, as you are engrossed in the method and learn from someone who has been there for a good long time.
hope we see you in a year
trade well and enjoy
mp
I think that it is very important to learn everything, that way you gather a lot of information. You might say that not all the information is useful, but I strongly believe that the more you know the more tools you have in order to be a successful trader.
Plus, why would you like to skip some of the steps at the learning process, I don’t understand:confused:
We can tell it would be better study a lot, read the more, but at the end it�s a decision of each one. It�s your money. To be short, try as the others say a demo version first, you know one maybe in tradeview or if you already have one you know training is very important. Have you notice the EURUSD is going up right now?
There is really no end to learning. But the best way to really understand about how forex works is to jump in and start learning by doing it. If you have gone through babypips you most likely got more than enough information to help you out. The things to look lout for is money management and of course you’ll want to know more about the psychology of trading as well.
EXPERIENCE and then more experience is the overriding key to success — FOREX is the most trending of markets there is, and one simply has to lock onto the timeframe trend you wish to play, place your trade and sit back !
Right now you havent a clue as to WHAT YOU DONT KNOW, and it will take time for you to start seeing the patterns and trends of the market, and when you can place 6 to 8 (with emphasis on the latter number) winning trades on your demo you are ready to start using real money (REAL money opens up a whole new psychological experience over DEMO money, but you will be more ready for THAT problem once you reach that success point !)
DO NOT BE IN A BIG HURRY TO LOSE ALL YOUR MONEY – because 95% of NEWBS do just that, and i laugh at the number of newbs ready to step over the broken and bloody bodies to throw THEIR money away !
You will need to learn money management as the PRIME DIRECTIVE, followed by the rules, which experience will then teach you which ones you follow and which ones you ignore.
IF YOURE LOOKING TO GET RICH QUICK, simply remember the counter side of that foolish desire — YOU CAN GET POOR EVEN QUICKER !
SKIP any part of your schooling and enter the market BEFORE you are good enough to know what you do and you may as well simply throw your money down a big hole, although giving it to a charity would at least give you a tax deduction !
The market is a bloody game, populated by the best traders in the world and if you think you can just pop in there and become a millionaire, you either need a lobotomy or the biggest rabbits foot in the world.
Trust me laddie, they will take your money in a NY minute, and you wont even understand what you did wrong !
hope to see you around in a year
mp
Maybe 95% of newbies lose the money when they jump in and we all need to be prepared for that psychologically and monetarily. This is a game even if you live of it and the money is obviously important, but it�s not only about knowledge also positive attitude. I�m completely sure if you put an order and think you�re gonna lose that will happen.
Hi there wannabedavid, I just read your post and I agree with you about the noob stuff, I’m one of them. However, I think that having a positive or a negative mental attitude when doing a trade will only affect the analytical aspect of itself. I mean the fact that you are depressed will not make you lose money just because. Of course that if you make the wrong analysis you’re going to placed the order on a wrong time and you’ll lose money, which can be considered as a consequence. But the markets movement, as I see it, has nothing to do with your attitude.
Try with your demo all the times you need, at the end you will trust in your own knowledge and be responsible for profits and losses, that�s attitude
Might sounds strange, but this is an effective way. One should watch numerous videos, tutorial, and lessons. And there are plenty of available on internet. This can give you particular details for Forex. One should also carry a good forex guide always with him or her. This helps for quick references, when you are trading. However, one on one communication with an experience is also a good idea.
In my experience reading books won�t give you any profit. You have to practice a lot. You have to make all the mistakes you can and when you feel really comfortable you should keep practicing a bit more. If you built a good strategy you should prove it with somebody else point of view, that is with somebody else trading way.
If you go through the school it actually says that the successful Forex traders never stop reading, learning about this industry. The trading platform is one cold hearted %@%^#, I would never open a live account unless you have a good grasp of what its all about. Take it from me, I opened an account way to fast and lost some cash, but now on the rebound after buying WWS. Good Luck
hey I�m new here I�m interested in learning forex with you guys hopefully I�ll be able to help you later on bye
Welcome Jwaterss, good luck with Forex.
I agreed with you. A good trader cannot stop reading but what I mean is that reading is worthless if you don�t practice what you read. You can read as much as you can but that won�t help you to improve your trading. Opening a demo account would give you the basis to develop your own strategy. Even if you already have a live account I think you should practice your new ideas in a demo account.