Lately, after nearly a year of studying, I have graduated from the school of Pipsology
However, I am still taking online courses and I keep telling myself ok if you take these courses I will trust you and let you trade
In the meantime, I have also subscribed to a signal channel to learn from them but honestly, I don’t think I have learned much from it.
My question from you more experienced guys is do you think I have fallen into the trap of perfectionism or do I need more time to learn before trying to trade?
What online courses have you studied?
How much did they cost you?
What signal group are you using?
How much are you paying for it?
What do you mean by ‘perfectionism’? What are you trying to perfect?
taken courses from Instagram mentors mostly based on Al Brooks strategy. It has cost me around $500 till now… I am using a telegram signal channel whos admin claims 98 percent win rate lol.
but when i use the signals my statement is not positive overall.
by perfectionism I mean finding a perfect strategy I feel comfortable using which overall is positive
I hope I have answered all your questions
Perfectionism can be a trap. And certain personality types are actually attracted to it. This is especially dangerous in terms of researching a new topic: the task of research is much less scarey than the actual doing: and the research can be like a warm blanket hiding the true nature of risk.
Trading is the aim, not knowledge. Define what you need to do. This will tell you what you need to know. You do not need to know things that do not help you do.
What was happening in the chart when they entered? When they exited? Go back and study the charts. The charts have all your answers!
Are you on demo or live trading?
If you’ve been trading for a while and feel comfortable with your platform, start trading live. But start with ONLY 0.01 lots. The smallest amount possible.
Focus on % profits. 5% profit from $20 is the same as 5% profit from $200. Everything you do is the same. 5% is 5%.
Al brooks material is pretty dense. I’m surprised there are people who can even teach it. He has 4 books which are worth reading if you’re interested in him but it might take you time to understand it.
Why did you pick al brooks? How do you know hes profitable? Is al brooks strategy comfortable for you?
@dushimes thank you for your wise words…
You are right actually I didn’t understand much about why they were signaling and the reason. I was only amazed how profitable they claimed to be. until I noticed when the stop loss hits the admin is in silent mood lol
but when TPs hit they are focusing only on that. and about their strategy they told me we will teach you how we do it only if we get paid $100,000. and I was like ok the signal is enough for me I don’t want your strategy.
But all in all I don’t feel accomplished even when their signals hit TP.
I both have live and demo account. I don’t trust my trading and trade on demo account and have not been consistanty profitable. And on the live account I use signals which is not profitable either.
I will start demo trading with 0.01 lots as you mentioned and see what will happen with the statement. Thank you
I do not think you have fallen into the trap of perfectionism. You just have fallen into the trap of ‘‘profitable, but actually not profitable strategies’’. In other words you might have been scammed. Furthermore signal channels will not teach you how to trade. They will just share signals, so you can not learn much from them. This to keep you as their customer. If you know how trade well, then you do not want signals. On the other hand, if you have been with them for a while and there is no positive result…just stop.
There is nothing wrong with finding a strategy and setup that makes you feel comfortable. This is what I noticed with having a profitable strategy:
You will still make mistakes, as you are human. It is impossible to kill every emotion every time you trade. There are also times where you might have overlooked something or forgot a certain rule and make a loss.
Even if you make losses, you will not be afraid. Why? Because you have seen by yourself that the strategy works. The only factor that can mess up the trading is YOU. Then you review what went wrong and make notations.
My students tell me they get addicted or overhyped sometimes and this is when you make most of your mistakes. Do not feel like this. When you fill too comfortable, you will make too many unneccesary mistakes.
I have my times when I feel overconfident in my trading. This is when the market bitch slaps me in my face to keep me straight. Luckily we always have the market giving us feedback.
When you have a profitable strategy, trading is boring. You will do the same thing every time. BORING = GOOD
Another advice I am giving you is about the social media mentors. A long time ago I also entered a signal group, cause I saw so many profitable trades posted. When I entered the group, the results where the opposite and the owner of the group suddenly disappeared. This is what frequently happens. When you want to join a signal group or a mentorship, ask them to give you a preview of their trading. Let them show you how they run the group and/or mentorship. Ask them to get a look in their logbook(s). Every profitable trader has at least one. I have so many notes, it is crazy. Other profitable traders I have talked to more oftenly have the same. If you want, you should be able to ask their students how the mentor teaches. Ask the mentor about the plan of approach. How will he build you into the profitable trader? What is his input and what does he expect from you? A good mentorship is not only about teaching you. The effort you will have to put into it, will also have to be made clear.
@tradeforex077 yes I have got the books but have not started to read them yet.
honestly, I didn’t know about al brooks. Only the mentor I took was teaching it and suggested his books.
About being comfortable with this method, I feel like ok this is too basic and you have to learn something very special other that al brooks to be profitable. maybe everyone knows this so I keep finding new courses to take after I am done with Al brooks books
@SMIfx hi and thank you for sharing your experience with me. I have got familiar with some strategies but I am like ok no that’s not the one you are looking for and don’t actually take it. About the signal channel, yes the admin keeps showing only the good signals which hit tp and is not teaching me how to trade and I am considering to leave the channel after my subscription end in case I don’t see any good results.
The problem with me I guess is whether I have not found a profitable strategy, or I haven’t consistently gave the strategies a shot to actually take them for a while and see whether it works or not before looking for another one.
I feel like ok this one I just learned seems too basic and don’t try trading consistently based on that strategy and keep looking for something better Reading your words, I feel like it’s better to start somewhere and give one strategy a try and see how profitable it is for me. If it doesn’t work I might consider looking for another one. Until I see an uptrend in my statement.
Thank you so much and I’m glad I have your support and wise words in my trading journey.
to be profitable. maybe everyone knows this 
so I keep finding new courses to take after I am done with Al brooks books