Any other newbies experiencing information overload??
This is what I want to get through - any suggestions please on the order I should work through it??
I want to go back through BP school (especially for the techie stuff)
I want to check out ICT’s videos on YouTube - I understand there’s tons!!
I’ve been recommended for P/A Jonathan Fox
And Chris Capre
And I have my own notes and messages to go back through for info
And of course, I have to learn how to read the charts and
Get really familiar with placing trades on Oanda etc etc
You’re on the right track, you’re looking at the right stuff, from that lot, there are a number of reason to focus on ICT stuff, the main one though being, it’s very good for newbies, it’s from the ground up, start at the beginning, the list of 20 or so videos on the aspiring thread.
Thing is, if you are on a normal college course for instance, you get drip fed information, which is good for the purpose of learning, but learning Forex from the content on this site, you will need to manage that on your own, and it’s easier said than done.
I think ICT’s videos (because I really like his clean simple easy approach) is probably the place for me to start.
I did just check out Chris (Skies) P/A thread but alas, apart from the first page, it’s of no use to me at this moment - it makes no sense to me as a newbie, just way over my head.
So, I shall make life easy for myself and get stuck into ICT’s stuff - I think that, on top of BP school, will give me a more firm foundation…
As Lao Tzu wrote, “A journey of a thousand miles begins with the first step.”
So, take the first step, then the next, then the next…
You mentioned in another thread that price action trading appeals to you but you couldn’t folow the PA threads. Okay. Start with the first step then.
Learn what a candlestick is and what it represents. Learn where price opens and closes and what the wicks represent. Google is your friend.
Take the next step. Learn a few very simply candlestick patterns. Pin bar, inside bar, engulfing or outside bar and… that’s probably all you ever need to know. “Three White Abandoned Harami Babies Riding a Marabuzu” or whatever nonsense candlestick names are out there are just that – nonsense. Ignore them (at least for now). Learn to recognize the most simple candlestick patterns I previously mentioned on a chart.
Next step. Learn the laws of supply and demand. If you can’t explain it in a few short sentences you don’t quite get it.
Next, learn to draw basic support and resistance lines as well as basic trend lines. Youtube is your friend.
Now, look at charts, draw your lines and see if you notice the interaction of price and the candlestick patterns you learned at those lines after the fact. Don’t try and predict the future – observe the past.
Now, quicken your steps. Jump into all the PA threads you want on BP. You will understand 90% of what is going on and can ask about the 10% you don’t.
The destination of your journey is now on the horizon.
You really have to know the best way to learn. Are you the type of person that you learn by “doing it”?
or Are you a type of person to learn by reading everything and go back and re read again before you “do” it?
I am a type of person that I only read once, do it (put into practice), then go back to make sure I get it. To tell you the truth, I only read BP school once because I can always go back there for just a reference. I want to get into the nuts and bolts of it so I went straight to ICT’s videos and I did learn a lot more there because he actually shows you “how to”.
I know every thread you go here and every person suggesting you how they do it are all different. You can always accept the suggestion but only take the suggestion/information that it seems fit to you. As you can see, we are all different traders and we approach everything differently. So you might want to set back and re think again what it is that it seems it clicks on you and focus on those.
You don’t have to know everything…. You have to learn how to filter the information that only applys to you…
Sorry hon… these is the best thing that I can think of to explain it…
JohnL - very well broken down for me, gives me a blueprint almost - think I was trying to run before I could walk, much appreciated!
Hi Pip Yes I do appreciate - everyone has their own way of learning and as newbies here - we are open to so many different views, it get’s a bit overwhelming at times… Lots of pips to you this week hon
On the school and rest, that sounds good…and yes, the info overload can be a tad overwhelming but with 4 hrs a day you should be able to sort through all the help and tutorials…good luck!
In regular J-O-B, they have their own system in place and they just handed to you and for you to follow along. However, the opportunity there is very limited.
In trading, we have to find, create, or copy a system that best fit to us. Despite all the straggle, failure, pain, defeat, etc, once done correctly, it will give us unlimited opportunity…that means… unlimited “shopping” for me (I have to put it in there)…lol
Just wanted to highlight what John said, as I believe it greatly influences your trading. Buy index cards, spend those 4 hours drawing them, and on the other side, write what it represents, and tendencies that follow them. Then have your Husband test you DAILY…
First and most importantly… relax. The material isn’t going anywhere. I would like to make a suggestion to help ease the process… hopefully! :eek:
The single most important attribute to individual’s success in Trading is the development of “their personal” Trader Profile. Each of us have a different psyche, comfort level, risk tolerance… and here’s a curveball… a unique LIFE and those things that require us to be and do things every day.
Start here:
Forget my work and anyone else on here or otherwise for a few weeks.
Start studying charts… look at Support & Resistance Levels on Monthly - Weekly - Daily Charts.
Study how the S&R levels provide intraday reactions and look at the consistency it lends to Price Action… DAILY!
Determine when and how you will be able to trade… and what style of Trader you are… you can’t force this aspect. It is crucial. The type of Trader many times is closely associated to the “Personality” of the person.
A fast thinker that easily changes their mind - Short term Intraday Trader
Slow to react or takes a lot to change your mind - Position Trader
Like Action but can’t find the interest or time to trade everyday - Short Term Swing Trader
Hope this helps… there is a place for Jessey… just try not to plant her where “she won’t bloom”. :57:
I just want to say ‘thank you’ to everyone who came in here with their advice for me, I really do appreciate it, as always.
ICT - I particularly liked your advice in leaving pretty much everything out of the picture until such time as I’ve learned how to read charts… Yesterday, I actually started with S&R lines, as well as trend lines and channels, which were not nearly as bad as I thought they would be. Great advice, thank you, and I loved the comment at the end
With that said, I will still be reading the newbie column to learn from other newby questions but for the most part, I’m going to spend some time on learning charts before moving on to the next stage.
Again, huge thanks to everyone here who has played a part in my forex journey so far…
Firstly, there’s nothing wrong with copying someone else’s system as long as that someone is genuinely profitable and will teach (ie. mentor) you themselves. You don’t need to reinvent the wheel. I’ve had two amazing mentors and used their systems exactly as they taught me, and now my system has evolved into one which is unique to me but borrows heavily from both of them.
As to needing nothing more than understanding price action to be profitable - I think psychology is equally important. You can’t know you’ve got what it takes to trade until you’ve been battered and bruised by this market to the point of wanting to quit, yet you still came back for more. Taking repeated losses but coming back to place trade after trade takes a mental outlook that few people have to start with, and fewer still are willing to learn. Mastering yourself is every bit as important as mastering price action, and achieving only one will find you wanting.
The most important advice I could give anyone starting out is to find someone who is [I] demonstrably[/I] successful to take you under their wing and teach you what they know. Theoretically you can learn everything you need for free from the Internet, but I guarantee it’s a longer, more painful and in the long run, more expensive journey.
I am afraid I have to disagree with your disagreement
I have never said is wrong to follow someone else’s system… I said the problem is to [B]focus[/B] in other’s people systems when you are a beginner.
As far as I know NOBODY here at babypips is a Mentor, a mentor is the person who sits right next to you and show real time live trades and the rationale behind them. ICT, petefader, Chris Capre (he is a mentor but with a fee), Johnaton Fox and others are TEACHERS.
You had two MENTORS with different systems… and even so you did NOT follow one… you used ideas from both to fit your style and personality… then is not about a system… is about the concepts and applying the way they work for you.
I didn’t said just PA… I said Supply/Demand and Price Action… if you follow the rationale behind this two concepts then you know before placing a trade where you TP and SL are, and how to manage a trade either a winning or a losing trade… Maybe I forgot money management… but even that depends on the person goals.
Now, psychology is important but not everyone suffers from this… I have known traders that are extremely patience and that don’t bend their rules from the get go…
Who can teach you how to “master yourself”?? while you can read a ton of books about psychology… is only up to you… on the other hand PA can be taught and there are hardly differences among traders in how to use it…
Finding someone successful and make him teach you is nearly impossible… you should be a very good friend or pay a high fee for this kind of service…
While learning from the Net is hard and takes longer… you journey feels more rewarding at the end…
I’ll have to disagree with that statement not for what it says but for the simple fact, good mentors are hard to come by…and that’s the sad fact. The ones who are good, tend to charge $$$ upfront for their one-of-a kind course…
Hi Jessey! Everybody entering a new field of expertise is experiencing information overload. There’s so much information already existing and you just have to try to catch up with all the others.
What I would like to advise you to do is make sure that you identify the key leaders in your area of expertise. And when you know them and you invest time in reading their books or watching their videos on YouTube you get to know more and more about the basics and about the way people think in that field of expertise.
And when you do that you need to make sure that you never ever try to jump from one shiny object to another. This is what many people do. When they hear something new they go to that area and they hear something else before they master what they were trying to master and when they do that they get so distracted with everything.
You need to focus and when you do that you understand the basics then you can start to build and experiment with your strategies and your thoughts.
Good luck with your past information overloads and make sure that you study and keep your focus.
