I was very eager to learn and it hurts my pride to admit that I’m lost. I’ve finished the school here but I’m having trouble putting all the knowledge to practice. What do you do to get out of this situation? Replies would be much appreciated.
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You’ve finished the theory, now you start learning from actual practice.
Start with absolute minimum sized trades using the simplest strategy you can find. Do not try to immediately use all the knowledge you have acquired on every trade. It will be a great learning experience if you follow the rules of your strategy and work out what works well for you and what doesn’t. Log what you’re doing and what happened: review your log each night and each weekend.
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U still starting from this year,
Im need 3 year learning from this forum and other forums,
Always looking for knowledge from old trader, how they approach market, how they view it,
Profitable trader rarely share their system, even if they share it, they will never fully explain it.
early 2 year my goal is just survive,
Just last year im constantly and thats because someone sharing his system
The mind game is the hurdle that most traders hit, ie fear and greed. Make a plan with some rules and dont change for 30 days as system hopping and over trading are account killers
Open a demo account (OANDA if available to you) and get familiar with the mechanics of trading. Then attempt to create your trading strategies and demo trade them. Keep a journal of your trades and check how you’re doing on a daily basis.
It’s confusing in the beginning but it will slowly come together. Don’t expect to get the hang of this in days. Think weeks or months. Trading is a learned skill. It’s like learning to play a new instrument.
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Thanks for the advice, Tommor. I appreciate it. I’m looking at a strategy using moving averages, Stochastic, and RSI. What do you think about this? Tbh, it says it’s supposed to be easy, but I’m not quite sure about that.
Thanks for your response. I’m not sure I fully understand what you’re trying to say, but just to be clear, I don’t expect other traders to tell me all about the systems they’re using. I just need a bit of guidance from those who don’t mind providing some.
Anw, congrats on being consistently profitable for the past year.
I agree. I admit that the brick wall I’ve hit still has a bit to do with my fear of moving forward, of risking actual money and losing in the end. But thank you for recognizing this as a valid concern. I hope having these thoughts does not make me automatically unfit to become a forex trader.
I’m currently looking for a simple system and there are a handful of systems online. Do you have any recos?
Thank you for your wise words and advice. I also appreciate it. I was able to access Oanda, but I’m not sure if this is easily accessible for me in my country (with regards to customer service and questions I might have). But for demo trading, maybe I could use them. Is it necessary that I go live with the broker that I demo traded with?
MA cross-overs as entry signals have been used by every trader on the planet and they work - but not very well. They are removed from price action and can often therefore signal an entry when price is moving away from where entry would be best. They are not full TA chart patterns as they do not also generate or relate to statistics for successful trades, price levels for SL or TP, or “false” moves, when you can see all these from conventional patterns like head-and-shoulders etc.
Using the opposite cross-over for an exit makes the situation twice as bad so definitely avoid that.
Cross-overs continue to be used as a cross-over of some sort always occurs soon after a trend has started. But who ever needed a cross-over to show that a trend had started, and why couldn’t they just respond to the trend?
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Babypips school is pretty incomplete knowledge because it covers only basics sufficient to bring you up to the speed but not enough to make money. The really valuable knowledge comes from trading itself, backtesting, etc. There is no universal recipe or algorithm for finding your market edge.
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Dont quit, keep pushing. Trading is like any other business, there will be obstacle after obstacle. Sometimes these road blocks seem insurmountable but if you refuse to give in I promise that you eventually will find a way thru.
And after you have found a way thru another challenge will present itself. But if you keep going eventually you will overcome this challenge.
And after all that, another obstacle will present itself. But if you keep going you’ll remember that the 1st few obstacles couldnt stop you so why should this new one stop you.
Then you will continue on, remembering that these roadblocks were but a test of your dedication, and from that moment on every obstacle you encounter will seem smaller and smaller.
Then one day you’ll look back at where you started from and realize where you’ve arrived. And the progress you’ve made will seem almost unreal to you.
So when you meet your next challenge you will for the first time view it in another way. You’ll see it as just another step in your journey that will eventually lead to success.
Then you will no longer fear these roadblocks. You will continue to hurdle them with the knowlege that they are just temporary and you will succeed if you just keep going.
And when you’ve accomplished your trading goals you"ll look back at this post and remember that pancho told you so.
Go get your money and let nothing stand in your way. I’ll see you at the finish line
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I think we all go through this phase Mr. Peanut Butter. 
You’re not alone. 
It really gets more difficult as it becomes “more real,” if that makes any sense. 
BUT know that you don’t need to really force yourself. You can move at your own pace. Once you’re ready, I suggest that you start demo trading and looking for the strategy that fits you and your personality best.
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In all situations where you find yourself hitting the wall and you do not what to do or you feel stress you need to calm down and make a plan.
The plan should have smaller goals which you can reach in an hour or a day. This depends on the situation.
In your case make a plan for yourself:
- Learn what is metatrader trading platform
- Get know the trading platform and which tools does it have
- Learn how to read charts because you need to know what is showing you
- Start using the trendlines and horizontal lines for support/resistance
- Learn what means to open order. What is stop loss and take profit. You need to know trading works.
- Combine the knowledge about metatrader, charts, tools and order opening to start trading
- Test for a while how you open and close trades. Through mistakes and repeated steps you will get use to the trading and you will see some things you have read earlier but you could not understand them
All above said can be done on any timeframe but for you to learn the basics use 15min to 1h because you want to see something happening with the trades.
Use GBP/NZD trading pair because he is very volatile and you will see trading results very soon.
When you learn all above you can move forward.
When you get there let me know and I will point you further.
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You don’t need to go live with the broker that you opened your demo account with. The only reason I suggested you go with Oanda for the demo is because their demo accounts work exactly the same as their live accounts. They are run off of the same servers.
For a live account, I would again encourage you to open it wit Oanda because they allow you to trade with lot sizes less than 1,000. You can literally trade with a lot size of 1 if you like. This allows you to control your risk better than you can with any other broker.
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I’m still learning and will continue to learn. But I’m finding by going back over things again helps stuff sink in. Open a demo account on IG or Paper trading on Tradingview is my suggestion. First strategy I’m learning is supply and demand. Then using channels looking for a break out. Here’s the link to the one on supply and demand. My son purchased this and I’ve used it to learn better myself. It’s been a great learning experience that just takes time.
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Best thing I’ve found is review your course notes and pick out the key parts you want to build into your trading plan, e.g. sessions to trade, pairs to focus on, (1-2 MAX when you start out), indicators you’ll use, (keep it simple, only 1-2 indicators) and how you want to trade. I found the best approach for me was to set a number of pips, (in my case 10 as it reduces stress when starting out), and start with 0.5 per pip. You then increase the bet by 5% so 0.53, 0.58, etc. This allows you to compound your returns by 5% each time but without the stress as you’re still only taking 10 pips. Once you’re more experienced you can increase the number of pairs/pips you trade!
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Maybe you can try below steps:
- After knowing a few basic indicators, simulate the simulation exercises.
- Practice and summarize experience during the simulation.
- Download the software and register your real account.
- Communicate on the forum or in the forex trading circle and find out the best strategy for you.
- Persist and persist tenaciously.
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Like @tommor pointed out, you have finished acquiring the knowledge you need. It’s now time to start building your skills. Just so you know, I’m currently learning in the School of Pipsology myself but I took two trades on demo around when I was taking the Elementary School course. Between me and you, I was very confused. I even brought out my lesson notes so I could properly analyse and calculate my size and what I thought I needed to take care of. Between me and you again, I had no clue what I was doing. I found out I had no clue AFTER taking the trades and closing out my positions. Then I brought out my notes again and did a trade review. It was only then that I began to REALLY understand how trading on margin which was learnt in the Pre-School course worked. However, when I got to the Undergraduate (Senior) course, I had to bring out the records of those trades again to properly understand what true leverage and proper position sizing were. Between me and you yet again, my position size wasn’t good on any of my trades. The point? You’ll have to start building those skills. You’ll learn to do by doing. The lessons at the School of Pipsology would only provide the knowledge to help you not to make a total mess of it but, you’ll inevitably mess it up while building your skills. I also hope you took notes of the lessons you can always refer to. Well, the lessons are always accessible online if you didn’t. I say this as you’d need to continually refer to the lessons while building your skills to REALLY lock down your understanding of some concepts but that only comes after you try (and most likely fail) by taking a trade. Refer to @PanchoVilla84’s post again. Also, jumping on every educational source out there wouldn’t help you develop your skills. You’ll feel good while learning and hit the same brick wall after you’re done with the lessons. Again, you do by doing. You learn how to drive not by reading a book on driving but by getting behind the wheels and taking necessary precautions to improve your skills which would in turn improve your confidence. Find attached below a sheet on the stages of trader competence put together by FuturesTrader71. It would explain to you where you are now. I would guess you’re in stage 1 about to enter stage 2.
Finally, on a psychological note, I’d suggest you lose that pride that has been hurt that you talk of as soon as you can. By the way, what makes you think you have any right to start trading today and be a superstar trader right away? Avoid that psychological pitfall as there’s many more brick walls to be hit and, if it keeps grinding at your psyche, you may not stick around long enough till you eventually get it.
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Hi, Thanks to everybody for sharing his views. I also want to share my personal experience. Struggling for last three years. Did not lose too much but sacrifice my times for future benefit.
- Do not trade on daily basis.
- Make a plan to trade for next day.
- Enter in trade when you hold for 1 to 2 days.
here is a chart for new trader as I am. use 20SMA, 50EMA.200EMA and 800 EMA
20 x 50 in hour — one day target 20 to 30 pips
20 x 50 in 4 hr — 2 day target 60 pips
20 x 50 in daily - 1 week target 200 pips
50 x 200 in daily - 2 to 6 weeks target fibonacci extension
use of fibonacci.
After cross :: first previous low to first previous high
always keep in mind for pullback and rally : 200 x 800 in short time frame.
Due to this formula I am out of fear, stress and emotional black -mailing by biggers. Day trading is only for short -term purpose. Daily trading is a zig-zag activity. At the weekend you will be at the same place. Just use RSI --above 50 or below 50 with combination of 200 x 800 crossover. You can also use 5SMA crossing for catching the trend earlier. Good luck.
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