Hello new traders and those of you completely new to trading. Trust me, i know how it feels, i was there a few years back and i know how frustrating it can be at times. In This post, i am going to try and bring to you what is MOST important and what is NOT from the mistakes i made when i was starting up until now. I want you to have the most fast tracked and hustle free (at least reduce it , because honestly you cant zero this) pathway to being a successful trader. Trust me, if you follow everything here, you will develop into your own trader, making sound and consistently profitable forex decisions.
IT WILL NOT BE EASY, THERE ARE NO SHORTCUTS, NO SUPER STRATEGIES, NO HOLY GRAIL
I’m sorry that this is the first thing i have to let you know but this is the honest truth, and anyone who really wants you to succeed in Forex will tell you this. It wont be easy and you will need to pay your dues to reaching the point of an excellent trader. Do not look for shortcuts or holy grail systems, they do not exist. take things one at a time, ignore the noise, focus on the education
WHY FOCUS ON YOUR OWN EDUCATION FIRST
Now i hope you know of the game soccer(football). There are 11 players in a football match, grouped in four main roles, the Goalkeeper, The Defenders, The midfielders and the Strikers(Forwards). Now imagine that you want to learn to play football. You cannot be a good player taking advice from a Goalkeeper, a Defender, a Midfielder and a Striker(Forward) at the same time. You first need to know how to play in the first place and then, you will find that your position will come naturally. You need to learn the physicals, the strategies, by going through the most basic training routines. You need to know how to run, how to kick the ball, how to head it, how to give a pass, how to cross the ball and how to score a goal. You will find that, you never really need to score a goal to be a good footballer. In fact, many players have scored as few as 0 to 3 goals their entire football(soccer) careers and yet have had an exciting career.
Forex is the same thing, it is useless following strategies of people if you do not really understand what the strategy is basically doing. You first need to understand what is happening so to protect your self and ultimately your cash. Yes, you ultimately want to learn how to make cash, and loosing cash defeats this purpose. With time you will find that making sure you do not lose your cash is as important as making cash in Forex trading. Know that just like the game of football(soccer) you may not need to score even one goal, you may not even have to make even one trade to be successful in Forex, as unbelievable as it is, it is true. Not all employed in the Forex industry are traders. So take your time, focus on your own education and when you are done , your role in this ever growing business will be defined.
Stay tuned for more
Only a year and a bit ago, you were a complete beginner, asking here for help, and wanting someone to suggest a system for you that could make 10 pips per day.
And now all of a sudden, you’re an “expert” of some kind, posting “lessons” on a site that already has a complete educational course of its own?!
What happened? Have you decided that it’s easier to be a vendor/coach/advisor than it is to make a living from trading forex?!
What’s going on?!
Nope, Never Said i was an expert, i dont believe in experts since i know of experts giving financial advice to people that resulted in them losing millions. Yes you are right with the research, thumbs up, you therefore understand how giddy i was when i first found this site.
Jst to satisfy your curiousity, i have no intention of being a vendor/coach/advisor. I wont have time for that. I have invested time in myself and i now enjoy trading with consistent profits. I took advice from one person, and all he said was FOCUS. it was difficult with all the noise out there so i cut it all out , you can check from the last time i posted anything since you have proven to be an expert researcher.
My goal is simple, as and when i find time, i want to contribute my part to help newbies avoid the tons of Forex scams out there. I have made mistakes i dont want anyone to make and i have learned a lot that has helped me that i want all new traders to know. Its that simple. I find it that may be useless to you, but that just shows that this is not for you, but for people who are now like me a few years ago.
Not all new traders can pay for expensive mentorship, and not all new traders have much money to spend to learn. That does not reduce how brilliant new traders are. Contributing Forex knowledge is the most fundamental purpose of this site and that is exactly what i intend to do.
Also, i dont know how many years you took to learn the inside outs of Forex, but it will be wrong to assume that everyone is as slow as you may be ( no offense). I obviously dont know it all, but i know the need to knows, and im gonna share them.
Good topic, I guess every newbies will go through this thread and definitely it is helpful for every new traders. I must include one thing here like the dialogue of “ Kongfu Panda” there is no secret ingredient. So the people who are expecting from this business they will make quick money I have no other words for them expect SORRY. Three things are very important for forex business:
- Learning about forex
- Practicing enough
- Have a very good trading platform.
Great pointers mate. Very true. I hope you’ll keep sharing your knowledge here
I know you’ve only been learning for just over a year, yourself, but do you realise yet that a beginner shouldn’t be copying lessons into a forum and trying to advise others?
Can you see that it’s very strange, and that you lack the “authority” and experience to be teaching people, at the very start of your own trading education?
And why the “lessons”, on a site that already includes a complete educational course?
Might you be better off studying that, instead?
Why are you doing this?
It’s pretty hard to make sense of it, really isn’t it?
This is one of the reasons I don’t come here much any more - Everyone pisses all over the people trying to help other people.
he’s just trying to help guys
he’s just sharing for the sake of the lesser Newbies, Take it easy on him huh hehe
give him a break
his input is worth something after all
now to address these points
Both valid points guys
but, the answer is
Because (As we all know) most newbies are too stupid to use the bloody search bar… right ?
so they never actually see the course until we tell them.
Take the bloody course hehe
we all know this to be true
and besides, he’s not providing an entire course either.
from what i can tell he’s not being a smart arse, he’s just proud as punch to have learned a few things and wants to share
that’s basically it
and that is the purpose of this site
and… let’s be honest
as per this comment
You guys are kinda shooting him down when FROM HIS POINT OF VIEW, he probably just see’s it as helping other newbies.
even though you guys are right and i’m not contesting your advice
I AM SAYING… Rethink the approach… ok
he doesn’t have bad intentions
and i know what you’re gonna say about… the intentons might not be bad but the content may be harmful
Guys… Just cut him a bit of a break ok
this site is not perfect either ok
it’s not a perfect encyclopedia of flawless knowledge
it is also a collection of personal opinions and experiences
Please consider this ok
Mate, don’t take what they are saying too personally ok
it takes time to get to the know them
in saying that…
Technically , they are correct, so consider that as well
but, it doesn’t mean you don’t have a voice… ok
so don’t take it to heart ok they also mean well but the irony here is this hehe
Lukas and Charlie will say something like
YOU MAY MEAN WELL, but the content you put up could be harmful
What they are saying and THEY MEAN WELL. is harmful to you in ways they don’t realize
Funny how things work out like that
Try to understand them … ok
don’t take it to heart
be cool mate
Different, here: my reason for not coming here so much is that the blind are leading the blind.
And when you see a complete beginner posting his own “lessons” in an educational site that already has a complete course, that’s just another demonstration of the same thing.
I know I’m not the only one who thinks it’s weird that noobs are holding themselves out as experts, here, and trying to teach others.
didnt you do exactly the same? or actually still do?
why dont you let the OP do his thing? nobody is flaming you for your advices, not in the past and not now.
edit: dont lose your pants over his level of knowledge before he even started posting. some people learn faster than others, some have more time at hand to learn, some do things for 10 years and realise that their learning is lacking quality/direction/structure and in the end know less than people who just started learning. him learning for 1 year does not dilute the potencial quality/quantity of his knowledge.
I agree the blind are leading the blind for the most part… absolutely correct.
But… cutting them down is not helping either
the way i see it is if we are going to have a site the way you want it to be newbies would be (or, SHOULD BE) restricted and not have commenting priviledge’s until they can prove they know how to trade.
if that were the case , yes we would have a much higher quality site.
You guys are shooting people down for merely commenting
and then you wonder why people are afraid to come here ?
This is actually a very interesting psychological point.
you have to understand this ok…
from when we are children and when we learn something we are praised for doing the right thing and shunned for doing the wrong thing.
after a while we Adapt to this manner of learning and grow up and learn to praise ourselves for achievements.
now … this guy has come on after 1 YEAR of (What he perceives as hard work and achievements)
CLEARLY he believes he has something to offer (right or wrong)
he is proud of his achievements and clearly would not be here if he could not distinguish a difference between a year ago and now in terms of experience and skill
and all he wants to do is share and be proud of what he has learned and in doing so he is positively reinforcing himself and growing as a person and as a trader. this is completely normal
BASICALLY… HE IS PROUD OF HIS ACHIEVEMENTS
he then comes here
puts on a seemingly innocent comment WITH THE INTENTION OF HELPING REALLY FRESH NEWBIES
and what happens ?
Guys… on a subconcious level (even though you may not realize this) You are damaging this guy psychologically
you are hindering exploration and learning
You guys are more or less saying to newbies “If you are not on Veteran level, Piss off and don’t post anything because you know nothing, you are pond scum, you are even lower than pond scum and you have no right to talk”
that’s basically what you’re saying and the message you’re sending
Now… Pretty soon, you guys will come on with a justification of what you did.
and it’ll be something like
“No, we didn’t mean it that way , we meant this…”
yeah… but the damage is done, the negative reinforcement psychologically has been applied
he has felt the way that he has felt
YOU CANNOT RETRACT THAT once it is applied
you can only apply positive reinforcement that is greater than the negative.
that’s how the mind works
so… have a think about what your’e doing ok and the damage you are causing.
Eventually if you keep doing this , we won’t have a site
this kind of reminds me of the old CB Days (CB Radio) back in the 80’s
you know why we don’t go on CB Anymore ?
it’s because the original purpose of it was to talk between ourselves on a medium that we took as our own.
we could say anything, IT WAS OURS (from a point of view) and it was cool
then, idiots came along and took it over, the COOL was gone, you couldn’t talk anymore, and idiots found it funny to blurt random stuff over the conversations of others
so… WE LEFT CB RADIO
and if you guys continue this, 1 by 1 Everyone will leave
Now… i’m sure the Mods won’t be happy about that and believe me if they see the hit rate drop on the site, they will do something about it
I’m just saying… think about what you’re doing ok
Yes, the forum is all about discussing about personal experience, real life lessons and expert advice and suggestions. What I can do is: I can appreciate your approach towards the beginners. We never know what lesson can help the others! Forex is a highly competitive market and traders actually need to learn continually with the changes in the market.
damn… you are old
Good advice. And presented in an accessible example. I will keep it on mind.
LOL… Watch your mouth youngster
i’m not old mate, I’m 45
it sounds old, doesn’t really seem that long ago though. to be honest. but i don’t feel old.
i look in the mirror and i see an old guy (sort of) but i still feel like i did when i was at high school.
it’s funny how it feels
but, No mate, i’m not old hehe… hell no
Thank you so much for these @Obsy! I’ve been studying forex for over a month now and I know that there are still so much to learn about the industry. This is why I really appreciate the tips you want to share with us.
Please link to the content you have posted.
great article! it’s so true how you stated: it will not be easy, there are no shortcuts, no super strategies and definitely no holy grail. I first started out with stocks and before I invested any money into the market I first invested on education. Trading stocks I found it easy. Some years later I discovered the world of Forex and wow what a difference. Forex is definitely much harder compared to stocks and I really had to put in the hours to educate myself. I also realised how much I didn’t know. Forex is a complex market but not impossible to conquer. You mention a very important word FOCUS - very true! It’s easy to lose focus when you have a number of losing trades and you don’t know why. You need to know why a trade went wrong. If you focus on your education, journal every position, handle your emotions and manage your risk then you will succeed. Great post and happy trading!