Just graduated...what next!

I have just graduated the School Of Pipsology on here!
What do you more experienced traders think should be my next step?

7 Likes

Hellooooo @jessoprules! :smiley: Haha. :stuck_out_tongue: Yayyy congratulations on your graduation! :smiley: :nerd: I’m not yet an experienced trader but I guess, at this point, you could try demo trading. :thinking: Or have you been doing that while studying the School? :smiley:

1 Like

Congratulations @jessoprules!! :grinning:This is big. I agree with @ria_rose. If you haven’t yet traded on a demo account you should start doing that. And in case you have been trading on demo I would suggest you to spend a little more time on it before starting live. And even in case of switching to live trading start with small investment initially. You could try out micro accounts for this purpose. They let you trade live with smaller lots and smaller amount of funds. And keep your eyes and mind open. There is so much new to learn everyday for each one of us. Good luck :blush:

Congrats @jessoprules you have cleared one stage now, but still keep learning and don’t make hurry of jumping in the trading world with live account. start trading on demo and keep practicing till the time you get confidence of trading with live.
All the best

1 Like

I’m in the same boat and feel a little lost since school was so structured and now that I’m done I’m not sure what to do. I started demo trading and have recently been watching videos on youtube. I really like videos by Akil Stoke and Jason Graystone, but I’m sure others have their favorites. All I know is that this is going to be a long ride.

I am demo trading guys :slight_smile:
I meant really is there any other education that might help me develop a strategy at all?

I graduated a month ago and I am back-testing strategies (BORING). but so necessary. I like Akil Stokes, Jason Graystone and Steve hart. All appear to be disciples of Jason Stapleton. They all teach consistency, rules based setups and sing a combine technical scoring system in order to determine probability of success. I find this system works the best for me. I just keep plugging away building confidence in the system and pin pointing the currency pairs and times that work best for my style of trading.

Demo, then cent account and finally the live account.

It is a good thing that you understand that it is going to be a long ride. Have patience and grab the knowledge as much as can.

Open a live account with a small amount of capital. Demo accounts are ok to get familiar with the mechanics of trading, but do NOT enable you to experience the emotions (and therefore the psychology) of trading - and that is what will kill you, not your lack of knowledge.

Get familiar with a strategy and trade live. Put more research into understanding how to control your emotions rather than technicals (I would suggest 75% of your time on pyschology/25% on understanding indicators, support and resistance etc.). I can wholly recommend a book (audio version available) - Trading in the zone by Mark Douglas - it’s brilliant and will do you far more good than reading about how to do Fibonnacci (though do Fibs later!!!).

Get yourself a good trading buddy - someone who can give you guidance and with whom you can talk through potential trades. Skype regularly and be good confidantes to each other.

Finally - DON’T GIVE UP. It is tough, but a very worthwhile journey.

3 Likes

I’m in just about the same place as you, jessoprules! This is where I’m going with it…

Demo-trading for practice, and reading for theory.

I want to stay focused… I don’t know about you, but it’s easy for me to ping around wildly if I just look for information on the internet, so I’ve turned to books… there’s recommended reading here: Our Favorite Forex Trading Books Listing - BabyPips.com.

I started with the first one on the list, which is “Come Into My Trading Room” by Alexander Elder. I find it very interesting, and it’s leading me to do further reading and research online (mostly on Investopedia right now). I will note that this book is about 20 years old, so the technology stuff in it is dated. But his thoughts on the methods and psychology of trading, I think, don’t get old.

Stay focused, keep learning, and accept that setbacks are part of the learning process.

Good luck!

Keep trading on the demo account, look into various tutorials that can be found online, including on Youtube, look into trading books, etc. There is a wealth of knowledge to be found online, all you have to do is search for it.

Hello @jessoprules! Congratulations in finishing the School of Pipsology! :tada: Are you following a system in your demo trading?

Hello @baemax023 I have actually joined with my friend in a small FB trading group, learning charting at the moment.

So, I am actually taking a step back before demo trading.

Cool! Best of luck on your trading journey and see you around! :slight_smile:

Your next step is to practice with demo trading account until you are sure that you can generate positive return for your investment. Side by side, you can carry out trading activities on a relatively smaller basis with micro trading account.

Only thing I can add about the demo account is set it up with the amount of money you will fund a real account with.
That way you can size your lots with the amount you are willing to risk on any one trade and get a better feel for risk/reward.

3 Likes

I think you can start little, micro account which can make you serious about trading. Because often times I hear from my peeps saying that “I’m profitable in demo but I’m dead in live”.
In case if you have zero application in trading, then start with demo for few months, keep it minimum time. Otherwise, I suggest you to open micro account. Pain is a good teacher.

1 Like

I win, or I learn! That is my motto.