I'm finally done with the School! :)))

Beginner Questions
16

@ria_rose
Since you are a beginner. let me show you something (if you have not already seen it)
this is just a very convenient example of HOW YOUR ACCOUNT CAN GET BLOWN OUT as a beginner

and how the market doesn’t care about your positive thinking.

Everything in forex is fine for the most part, UNTIL SOMETHING LIKE THIS HAPPENS

this is the EUR USD H4 (4 Hour Chart)

2018-01-18 01_28_49-516100_ Pepperstone-Edge05 - EURUSD,H4.png1103×619 18.9 KB

ignore the dotted lines

the RED LINE is at 1.2318
the YELLOW LINE is the current price… IT DOESN’T MATTER in this example
the GREEN LINE is at 1.2034
the BLUE LINE is at 1.1928

NOW HERE IS YOUR SCENARIO…

YOU ARE AT THE FIRST RED “V”
You’ve done your analysis and you figured
Price has risen up, it’s not stopped
you are getting lower lows and lower highs after a range period
it then pops up again a little then ranges and down again

so. YOU THINK… SELL

well CONSIDER THIS
from the BLUE LINE to the RED LINE THERE ARE …390 PIPS
Now… if you got in at THE GREEN LINE at THE SECOND RED “V”
and you were selling

You’d now be broke or saying the F word as loud as you can many many times over hehe

THIS IS THE SCENARIO YOU NEED TO PREPARE FOR… ok
you should always assume that THIS COULD HAPPEN ANYTIME

And if you do this, you will never get caught off guard

do some research on EUR USD you’ll see things like
“Many people got caught off guard this week with the EUR USD” etc etc

now… i wonder why that is… huh

this is clearly and oversimplified example
but THE POINT WAS… Understand this can happen anytime (this is proof)

and PREPARE FOR IT

so… HOMEWORK
go away and work out how… if you were SELLING at the green line at the red V
HOW WOULD YOU MANAGE YOUR RISK ON THIS TRADE ?
or how would you have managed it

remember, AS ITS HAPPENING,… YOU DO NOT KNOW HOW FAR IT WILL GO UP
keep that in mind

17

Congratulations! How many weeks it took to complete?

1 Like
18

Yeah of course, positive mindset is required on every business, included on forex business, if we believe hence will we get, keep forward to continue learning with practicing, forex business still become my way to making money online till now

1 Like
19

Okay. Wow. I’m being put to the test right away. :sweat: I’m still trying to get this so please bear with me. :sweat:

First of all, if I were to see this chart, I would immediately notice the Double Top so I’d expect a trend reversal there-- putting my entry right below the neckline and my stop just just above it (in case my eyes deceive me and it’s not really a double top). My target profit would be about the same height as the formation so I think I’d win some pips there. I’d close the position.

Then, I might open another position and SELL at 1.2304 because of the big bearish candle. But, I’d put my stop 50 pips away from my position because I don’t think I could afford to lose more than that lol. If there’s anything BabyPips has told me, it’s to make sure that I decide where to place my stops even before I calculate my position size.

Again, if I’m wrong and if I’d drown in debt after my decisions for this theoretical trade (I’m hoping I won’t lol), then, I’d just be more determined to learn more about what I should have done. :smiley: :smiley:

20

Thank you so much, @Peter_Siddle! :smiley:
I think it took me about 4 weeks to finish everything. But that’s also because I love rereading parts over and over again.

How about you? :smiley: How long did it take you to finish the school?

@bearish, thank you so much for the inspiring words! :smiley: I really hope you’re right. I hope I get to the point where I actually make money from forex. Huhu.

21

Thank you very much for your replay! For me, I was around 2 months!

22

I see! :slight_smile: So which one was your favorite course? :smiley:

23

Sounds Good ria, it would be great if you go through the school minimum 2-3 times. It’s really better to acquire pin point knowledge from here that is generally not possible to finish just by means of 1 time. Good luck

1 Like
24

Sure @PeterBorren! I’m actually going through the school again. :smiley: In fact, I have certain lessons I bookmarked since I can’t remember all the information there. Huhu.

Thank you so much for the tips! :slight_smile:

25

Definitely, BabyPips School! Although I used few paid courses in my early stage of trading.

26

Haha! Me too! :slight_smile: (Actually I was lucky that my uncle recommended this site to me very early on.)

Interesting. How did those go? I’m thinking whether it would be worth it to enroll in those paid courses. :slight_smile:

27

They are (paid courses) very active on the online marketing! But, I am not happy on their services at all! BabyPips School is much better!

1 Like
28

Oh okay! :slight_smile: For now, I would probably continue rereading things I do not understand. And maybe I could just look some of them up on Youtube! :smiley: Haha.

Thanks Peter!

1 Like
29

Congrats, but never forget the rule that trading is a dynamic profession and any financial market is subject to frequent changes.So please have the mind set to acquire new knowledge and skills and adapt yourself with the changes in market. Do practice more and more with demo trading accounts, believe me it will definitely help you!

30

As a beginner you did very well. Appreciate your learning attitude. Of course you will bring good result in Forex with rich knowledge. Good luck

31

Thanks Nathaniel and Peter! :smiley: I will keep your words in mind. I really do plan to continue studying and gaining new knowledge before I go live. I hope to talk to you guys more often here! :smiley:

32

Yes, YouTube is a good source! You are always welcome mate!

1 Like
33

Only gaining knowledge could not help you to be a knowledgeable trader. besides acquiring knowledge always try to busy in practice account , otherwise you approach can be valueless. Last request don’t trade at random in practice.

1 Like
34

Hi Peter! :slight_smile: I really do appreciate your tips! I plan to practice and practice and gain knowledge through experience.

Hope you could clarify this for me. :slight_smile: Thank you so much!

35

Congratulations! I wish you successful trading!
My advice is, don’t rush into anything. Do your research - into your broker and into your strategy. There is nothing wrong with sticking to demo for a while until you find your footing.