How Not to Be a Stupid Trader?

#1

Yo, everyone! You know, I’m still a complete noobster in the field of trading. My trading “nindo” (ninja way) can be called “the moron’s Forex path.”

I started my “trading dive” about 2 months ago. However, I skived. I was doing everything but studying. Any attempt to start a learning process ended with surfing social media, playing PC games, chatting with friends, etc.

The one thing I have understood is that I hate reading. Then I gave up on everything and decided to show everyone who’s the boss. Do or die. Let it all go to hell!!! I wanted to start trading here and now instead of stuffing my head with nonsense.

So, I decided to open a live account… Yeah… Without backtesting… Without using a demo account… Even without a clear trading plan or knowledge of FX fundamentals… As a result, I threw a shitton of money there… I actually lost my entire capital. lol

Then I wanted to try some paid FX courses. I paid about 500$… and the “mentor” sent me a link to his book…

Yeah… I have purchased the course without reading reviews… I was all obsessed with the idea of earning huuuge dough… only to fall on my face harder understanding I was such a donkey.

I wanna put an end to my way of being a total trading loser… I feel myself emotionally drained… I want to do smth right.

Where should I go? What should I do? What is the easiest way to become a pro?

2 Likes
#2

Start with a simple objective strategy which you can learn to use in a demo account. Must have simple comprehensible rules which you absolutely must follow, especially re risk management.

In real money trading try to do nothing more than grow your account by whatever percentage your strategy will support. The target is to trade the strategy perfectly, not make X dollars or XX percent.

1 Like
#3

Sorry to hear about what happened to you @forexbid1. It’s really important for beginners to start with a demo account so that you don’t lose any money while you’re still in the process of learning. I know it’s too late for that now. But the next time you try again, I hope you learned your lesson and trade demo first.

How was the book? Did you learn anything from it? If not, then you can go to the education section here to familiarize yourself with all the foundation knowledge you will need to start trading.

All the best.

1 Like
#4

Start with Pipsology. If you don’t like reading, do a little at a time.

1 Like
#5

Have you tried to read babypips pip school course or FPA military school guide. I think it should be good introduction. Then you can proceed to more complicated stuff like J Hull Futures and Financial Derivatives. It involves some math but it should be good training for your brain because it teaches you basic concepts of markets like interest rates and no arbitrage conditions.

1 Like
#6

Totally relate - the moron’s forex path - love it.

However, you mention something quite telling - you hate reading books.

Hmm - I doubt there was ever one person who ever got anywhere exceptional in life without being a ferocious reader of books.

Don’t you want to get somewhere exceptional? I know I do, and I guess most on this forum do too.

Top CEOs can read 10 books a month - likely the same goes for top traders.

There is no better way than instilling all the world’s knowledge than by the reading of books - that is a fact that has not changed, and even in this social media youtube gamified culture of ours is not likely to change anytime soon.

My suggestion is you learn to love reading books - it won’t only help you in your trading, but in every other area of your life as well.

If you don’t know how to learn to love reading books… well I bet there is a book on it. Lol

3 Likes
#8

Learn to manage yourself. You need to know yourself inside out, how to control your emotions which will occur most trades. You can’t stop their signals - don’t try - just find ways to handle them

Easier said than done. However if you want to achieve anything worthwhile in life you need to put your nose to the grindstone and treat FX trading as a business venture.

Focus on the process, and the rewards will take care of themselves.

1 Like
#9

There is such a book, How I learned to love Reading, lol

3 Likes
#12

Better than never! Sarcasm aside, it would be ideal to take a book and start reading.

1 Like
#13

Read “Trading in the Zone” by Mark Douglas… Then watch his four YouTube videos “Trading like a professional trader”
You’ll be good to go… Thank me two years from now. Don’t be in a hurry to lose money again by not taking these steps.

1 Like
#14

Do not follow solely to the market news, analyze the trend and then move.

1 Like
#15

For me the question is “How to be a stupid trader at low cost” :slight_smile:
I don’t know anyone who would be profitable in trading/investments without “stupid trading” phase.
Regardless the education, learning, skills, psychological profile - I believe you need to make your mistakes. Of course, there are some thing you will learn on others mistakes, but there is a fair share of stupidity to take on your account :slight_smile:

3 Likes
#17

Hello @Forexbid1, sorry for your loss, but in my opinion, you should first start with your fundamentals. If you do not like reading, you can watch videos about forex trading on YouTube. Practice and patience are most important. Open a demo account and learn how to trade on this, don’t risk your real money. All the best

#18

The most stupid people on earth are the ones that ask a question and awnser the question for themselves. and then they expect us to repeat the awnser, yes you should backtest, trade demo account, have a trading plan and get knowledge of FX.

Its like the stupid part of his brain asks a question, and the smart part gives a good anwser, but the stupid part doenst like the anwser (thats a lot of work man, test ■■■■ for myself!!!) and goes and try to get a answer here on BP that he likes more.

So “how not to be stupid trader”?
Well maybe start listening to the part of your brain that has some intelligence in it.

1 Like