How to learn

Beginner Questions
1

Dear folks,

my name is Mauro, italian, and being an ol’ time newbie, I am still trying to figure out how to learn and maximize my learning curve.

That is, of course, I am talking about the Holy Grail for traders : learn well and find a profitable system.

In the past few years, I’ve always tried to learn “by the books”, including the beautiful “School of Pipsology” of this marvellous site, the only site I feel quite safe from scammers.

Studied the fancy Cowabunga, and tested it over and over on demo accounts. Sometimes won, sometimes lost…and that’s what’s is all about, ain’t it?

However, never had the guts to open a live account, I am kinda feeling I need to step ahead, but how?
Don’t feel confident enough to go live…I need something to “click” in my mind and skills. I need a mentor!

The net is fully of scams and “Holy Grail” courses, and I can quite honestly smell their awful scent from miles (sorry, clicks) away.

So, if ever ANYBODY has something educated to say…if ever there is a story out there, where somebody did work things out by him/herself, or if ever there is a serious and professional school (preferably online) that doesn’t smell like a farm by-product…please tell me.

I know there is lots of information in this site, but I have no time to surf it all…I live on a sailing boat, in the Caribbean…and you can figure out how hard it is (talking about surfing the net…not my life :slight_smile: ).

So, forgive me guys, but I am just screaming out my frustrations in this jungle of “smoke sellers”.

Happy trading to all of you,
Mauro

2

I just can share some my experience, I also demo for some time, read the book and babypips school also. But same like you,same time win, same time loss. But at last, I found out I totally not serious with demo. So I start open the live account,(min account), then I start become serious and feel more real when loss money. I suggest you open mini account if you found out you not really serious with demo account. That is only my personal advise.

3

Sono esattamente nella tua condizione. Sto cercando corsi, training, mentoring di un certo livello ma trovo unicamente fuffa. Magari teniamoci in contatto, il primo che trova qualcosa di decente si fa vivo :slight_smile: :slight_smile:

Ciao!

4

The only way you will ever learn how to trade is by losing real money in a live account. You can view it as the price you pay for your education. Humans learn through mistakes and as you trade and fail you should be able to learn; if not then eventually you will stop trying and leave the market.

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5

Hello Mauro,

There are people whom I know they are profitable in demo trading but when they went live they’re losing badly.

The main reason for this is due to the interference of emotion. You should master somehow managing your emotion if you can’t you may consider automating your system.

I suggest to start live trading soonest possible. You can open even $50 live trading account just to test the water. I know some brokers allow penny account as well.

6

Seems you are in a total confusion. I would suggest you to learn money management first it’s like a foundation of any trading strategy any trading success you can see. Taking 1:500 leverage from your broker you’re risking to lose your deposit in 500 times more than the trader that don’t use leverage. You can be accurate in price prediction for example have 60 percents of accuracy, but keeping those losing trades more than you need to understand they’re losing will lead losses to overlap profits. Indicating profitable trades and maximizing profits from them, indicating losing trades and cutting them asap I’d call main thing you need to learn about.
Feel free to ask more questions.

7

You are absolutely right about my confusion, that is why I wish I could find a good mentor (or school) to scratch as much confusion out of my mind and heart.

To all: I do agree with going live ASAP…will try to think about, and already found a good broker (at least, with good reputation). I thank you for the advises, for I feel you guys have a good attitude with newbies, and that’s what makes a good community.

@emanvill : Bello sapere che non siamo soli nella nostra confusione :slight_smile: Ma sará meglio continuare in inglese: chi ci ospita deve poter leggere e capire tutto. So, let’s go back to english.

8

The only way to learn is to make mistakes, and ask questions.

There is no one true answer, only multiple ways of reaching the destination. If you are too afraid to fail (even in demo), you will never have the guts to go all the way with this.

Find the dedication to put time and effort into this, otherwise the seeds you try to grow will become weak and you will have next to no chance at succeeding.

There is only so much “reading” you can do. You can’t learn how to build a rocket just by reading manuals and never grabbing a wrench.

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9

Dont waste money on a mentor or guru. Invest in yourself open micro and you will learn from the school of hard knocks.

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10

That’s a very good one, mate

11

The thing is (anybody correct me if I am wrong) that if you “play” with a micro you end up missing the tastier opportunities because your positions could never take the initial counter-momentum. That’s what I’ve learnt from playing demo, at least. I started simulating the account I would open live (same money) and tried to apply few techniques. I could only open a 0.01 mini lot and the big gains were just 1 or 2 euros , of course.

I know, I know…I do not speak the lingo, forgive me guys. But the thing is that I still suspect that you need a “consistent” account in order to trade for a living, ain’t it ?

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12

Hi Mauro,

I was in the same boat as you and had previously paid for various training, robots etc. that didn’t bring results. The thing is that you can learn all of that stuff but unless you can learn discipline and money management none of it will work. It only comes with experience and practice …

The best online training I found was with Options Tekkers. The training itself is basic stuff that you can find for free on the internet but they give you access to a members area where they upload daily trade ideas which I found really useful.

Hope that helps and good luck with it!

13

Thank you very much indeed !
That is what I do apreciate : practical advices (do this and that).
Will check them out.

Safe trading to you, mate.

17

My advice is this. Learn how to read price. By this I mean learn hot to interpret and understand the meaning of each candlestick. Do not use any indicators. Use simple support and resistance. Understand that markets move in cycles: from very low movement and explosive moment. Understand that the markets is always changing and learn how to adapt from long to short time frames. Understand that there are times when you need to wait for the right opportunity. Having patience and understanding yourself is what it takes to become a great trader. Sorry to say, but trading is gambling, but has a higher value of probability factor. Gamblers work with the same understand that you risk money to make more money. You can start by learning in a practise account how to use the trading platform. After that open a real account and put in $500 USD. Treat your $500 USD like it is 500,000 USD. I’ve did demo for years and it never help my trading because you will always want to cheat using a demo account. If you use real money you will not cheat and have emotions. This makes the trading more real. Risk only 0.5%-1% per trade. Give yourself a limit on how much you are willing to loose everyday. A good rule is not to loose more than 5% a month. I self taught myself trading and it took me 8 years to finally understand that trading can be made very simple. I just read price action. It is like reading music now. I can understand each candlestick now. Sometimes you don’t need to make high risk to reward trades. Sometimes you can look for quick profits too. Be nimble in your trading and learn to be patient. You don’t have to be smart, you just need to have a high EQ. Hope that helps.

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18

Open a real accout with few money, like 200-500 USD, and start trade micro-lots, but first create a system according to what you learned, then go and do it!, you need to feel what is trading with real money.

19

Look up Apiary Fund. Small start up company in UTAH. You do not have to pay their fee’s but their material is awesome. Ask them if they charge for a demo acct with them. I like them. been watching them for a while and working with them I trust them. Check them out. Definitley not a scam so test them out FOR YOURSELF. Alot skepticism at first but call them up and check them out. (Its always good to catch a fund comapany like this early, cause they are making themselves affordable and building a great group of traders.)

20

My advice to you is this.

Do not touch any EA, robot or indicator. You DO NOT need them.

Study price action mate and study it hard. Forex can easily be over-complicated but in reality the actual act of trading is simple. Emotions kill accounts.
Use key levels and watch how price reacts to these, you do not need a mentor to study this. However I would recommend two books:

  1. Japanese Candlestick Charting Techniques: a Contemporary Guide to the Ancient Investment Techniques of the Far East (NISON)

  2. Trading in the Zone (Douglas)

Sit on your boat and read these books cover to cover. Keep one eye on the charts but no need to trade just now. Narrow your strategy to rejection of key levels and trade the reversals. Not easy at first but if you are really commited you will get there.

21

There are many ways to learn but the best way is to go through Demo account and practice what you have learned theoretically.

22

To profit in trading, you must make recognize the markets. To recognize the markets, you must first know and recognize yourself. The first step of gaining self-awareness is ensuring that your risk tolerance and capital allocation to forex and trading are not excessive or lacking. This means that you must carefully study and analyze your own financial goals in engaging forex trading.

23

The only way you will ever be a real trader is when you accept the fact that real account is not a money making machine but an investment. It will be your first step into sailing the forex ocean and fishing the right pips out and yes; it does poses horrors of destroying your account if you make wrong moves without a strong money management plan, isn’t it the same with any business BTW?

and as to your no internet problem, read books; my recommendation for you would be try learning elliot wave and trade long term, search across a books by Robert R. Prechter on Elliott Wave Trading, that should be a good starting point for you.

And demo demo demo till you have developed a strong money management skill, without it you might become an excellent forecaster but you will not become a successful trader.

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