I’m kinda curious to know how far are you guys in your learning as a newbie…
as from my side… I started to learn 6 months ago and I’m still in the learing process…
I learned and practice the candlestick, fibonacci retracement and extension, all about the Harmonic patterns, how to recognise a breakthrough, resistance and support level, using the stop loss etc… and even Elliott wave…
On a level of 1 to 20… how far do you guys think I arrived as a newbie??
and I haven’t done any trade yet and I spend a lot of times everyday on tradingview for practicing…
Better to be very efficient at one or two simple strategies and TA techniques, than not very efficient at lots and lots of them.
Demo trading is a good way to start though - its easier than real trading with real money so if you can’t master demo trading, its too early to plunge in with real capital.
I always tell every new trader that you have to learn properly first to make money from this market. If you don’t have proper knowledge about forex you can not survive in the market.
Trading is not just analysis. It’s the combination of analysis and mindset. Use your knowledge on demo. Find your winning percentage by by using any systematic approach. Also find out your usual risk and reward ratio. Then by using your strategy make your demo account three times. After that you can invest real money.
Hey Jonas230, first it is really great sharing and asking these questions will help you accelerate the process of learning because you will be able to get other’s experience.
Now I guess what you need to focus on is the psychology part of your trading. which means, to learn how to control your emotions before during and after a trading session.
Most traders fail, because they can’t control their emotions and they don’t even know about it. For example, we might both have the same strategy, but I could end up losing while you end up winning big time, because I didn’t learn how to control my emotions while you managed to control yours.
Traders should learn first before start investing in Forex trading. There is high probability that new will lose their whole capital in one month. So, I recommend use demo account first.
It assumes that the more we learn about the markets the better traders we will be.
Probably a throwback to schools and university and the emphasis on degrees
Let me tell you I’m one of the worst technical analysts there is - many newbs know more about trading techniques than me
Learning everything there is to know about TA is like having a degree and then entering the work force totally clueless
As @tommor has said already focus on one area (or two) and start practicing it. I really only trade inside bars, and the occasional pin bar - ask me how to plot a horizontal support resistance line or spot a divergence and I’m lost
Find a method, make it your own.
Your real learning as a trader is when you are knee deep in trading losses.
As a newbie every trader must learn Forex because without knowldge you will not able to be a successful trader and there are more chances that you will lose your whole money very quickly. Also you should trade with demo account for practice in the beginning of your trade.
I agree on your point in all the way, the first topic was the risk management… we set up a nice strategy…we are a group of cousins that are studying together, and followed by an expert also as a mentor… the strategy is we will work all together from the beginning and approved by the mentor before each trade… till we will have enough experience… This will help us to not take big risk and so on…
