Is there someone who can walk me through this forum and show me how to best use it?
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Hi, welcome
Go here first and start reading the School of Pipsology.
https://www.babypips.com/learn
I recommend you do not spend more than an hour at once on here. Too much concentrated internet reading without understanding too many terms you may not be familiar with can make it sound really complicated. You will quickly come to understand the terms by using a search engine for every new term you use. Personally, in Forex and beyond it, I use either my phone “recorder” function, or write down the term for future discovery, then create a record of that. Could be free text in Microsoft OneNote, in an Excel spreadsheet - easy to list them alphabetically. Since I write or record a lot, that can become laborious, but I’m happy with that. I have about 600 pages of OneNote topics from work to a number of hobbies and I love saving the links to information sources I have read. The 600 pages are in about 20 books, each book covering a major subject of interest. My largest “book” is Crypto with about 40 chapters, the smallest chapter being one or two URL links, and the largest chapter being over 10 pages (like BTC, ETH or XRP). For serious amounts of moolah, I don’t like investing without a strategy and a plan, so the information keeps growing.
Second, go to the magnifying glass next to your avatar at the top right of the screen and search for words you don’t know about. Let’s say you don’t know what Elliott Wave Theory is. Go to the magnifying glass (search topics, posts, users, categories) and you will find over 50 posts that refer to that subject. For every hour of School of Pipsology, try to spend at least 15 minutes searching for past posts on a topic you want to know more about.
Try some random searches or look out for new posts. I spend about a quarter of my internet study time looking for semi-random topics. I do tend to have more interests than most, but it is amazing how many times one topic will have deeper meaning than you previously understood.
For example, most of my life has been spent in the oil and gas industry, so I am particularly interested in any new developments in engineering (or step change improvements) that could impact our future world up to 25 years in the future. I then look for correlation to price action in related companies that may be impacted. Then I invest - could be for 25 years, 5 years, one month. Depends on the correlation, its strength and its near term impact on the target investment. Extreme examples exist in crypto, where it is possible to see a currency double or half in a day.
I have the same view on trading currency pairs, although I have never managed to succeed long term with high leverage. So I modify my expectations and use lower and lower leverage as I get older (and as my trading funds increase).
If you stay on here for a year, your knowledge of risk management, analysis of reward / risk ratio will improve dramatically.
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As Mond mentioned BabyPips School is the best place to start your learning process! Actually, this forum is so popular & old one! So, you can use the search box to find out any specific topic or issue!
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Thanks for the advice. Maybe, if you ever have a few minutes free, we can walk through this forum step by step. Or, maybe it’s just a matter of me getting use to using it. I have started with the Baby pip school. Everything was very very easy and understandable but then I got confused and stopped when I got to the chapter called “Support and Resistance”. Specifically, where they said to trade the break. Buy when the price breaks through resistance. Sell, when the price breaks through support. That doesn’t seem right. Once the price breaks through resistance it seems like I would want to sell bc I know it’s going back down. And once it goes through support it seems like I would want to buy bc I know it’s going to start going up real real soon. That’s a question I would like to pose to the forum. What’s your take on that? I know you’re way more experience than me.
Thanks for the advice. Maybe, if you ever have a few minutes free, we can walk through this forum step by step. Or, maybe it’s just a matter of me getting use to using it. I have started with the Baby pip school. Everything was very very easy and understandable but then I got confused and stopped when I got to the chapter called “Support and Resistance”. Specifically, where they said to trade the break. Buy when the price breaks through resistance. Sell, when the price breaks through support. That doesn’t seem right. Once the price breaks through resistance it seems like I would want to sell bc I know it’s going back down. And once it goes through support it seems like I would want to buy bc I know it’s going to start going up real real soon. That’s a question I would like to pose to the forum. What’s your take on that? I know you’re way more experience than me.
Please don/'t take this the wrong way but successful people have a trait of going find out for themselves and to reduce the reliance on others showing them the way. You will never develop your original critical analysis if someone else is always there to show you how. You become a somewhat less successful version of the one showing you the way. You must strive to find your own way. Most people struggle with that and become the victim of the mass media guys who say “just pay me and I will show you how it all works and you will get rich really quickly”. It sounds really convincing, but it’s the fastest way to lose money. If they were that good, why are they wasting their time convincing others to follow their lead?
Come back to me in a month if you think you still need guidance, but its 99% sure that you will not need guidance if you follow the advice I have already given you.
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