Learning how to trade forex

Beginner Questions
1

For those that used the school of pipsology to learn how to trade the forex market, how long did it take you to truly understand how to trade and when did you begin to see the fruits of your labor?

2

Hai leh2012,

This is just my experience and opinion,
Babypips share the most basic things in this forex world before you enter.
After you understand most of the theory, you need time to practice it. if you plan on entering forex in solo. it’s going to take a lot of time until you able to survive. i don’t know how long since each people have different ability and talent.

For myself, i learn basic of forex more or less 1 year until i understand it. after that i Learn again from seminar, books, youtube. but to be honest most of the seminar and books are the same like babypips. this time I spend about a year to trade using virtual account. but no good result.
at the end i find good mentor and with the help of my mentor i could understand the chart.
in my opinion:

  1. you must know the basic understanding in forex
  2. you must know how to analyse chart (this is very important).
  3. and the last is you need to have strategy and money management.

You can check my thread below to see how to analyse chart and learn from my experience. so you will not make the same mistake like i do:
http://forums.babypips.com/newbie-island/78741-baby-steps-pro-trader-learn-psychology-behind-forex.html
http://forums.babypips.com/free-forex-trading-systems/78727-mind-reader-trading-system.html

Good Luck

3

Learning is very necessary to make good profit in forex. it would be difficult to trade forex if you have no knowledge. So learn and earn .

4

Hi Leh

It’s been 4 and a half years since I have started learning and trading forex. During the first 2 years, I didn’t know what I didn’t know. I tried using other people’s methods and strategy only to find out that I needed to develop my own method. During those times I was constantly jumping from demo to live and from system to system…trying to formulate my own strategy with most of the days losing and never having a winning week.

Going into my third year, I had a rough draft of my method. Since then, I have been working and tweaking it for about 2 years trying to follow what I have developed (sometimes I thought it was a pity that I can’t follow my own system… heh). Now I have more profitable days than losing days which it took me about 4 years and to sum it up:

  1. Understand how the market flows (market movements)
  2. Develop your own method (analysis of your own chart)
  3. Keep good money management in check (so you don’t blow out your account)
  4. Trading psychology, all the head stuff (patience, revenge trade, fear, greed, following rules, cutting losers… etc)
  5. Lastly, Experience. you just gotta keep on doing it over and over and over… etc

TC.

5

As we join forex results of our trading may be not good in start. when you learn how to trade when to trade and how to manage account and trading accordingly then you can find the fruit of your labor.

6

You never stop learning.