Hi everyone beibei from brisbane australia here.
I was looking at investment seminars info the other day and bumped into babypips website. Only heard about forex never considered trying( coz it sounds like a very brain cells killing kinda of investment), just to be curious I start goinh through the pipschool sections and got hooked on. So far I m battling with the candlesticks and getting a bit buzzing sound in my brain:) I realized its a very long and lonely journey to learn but its perfect for practising to be patient and self discipline(what I need the most)
Would like to know from the experienced traders here what are the motivations keep you guys going hrough the long learning period? How do u deal with setbacks?
Would also like to know someone from Australia
Oh and the school of pipsology is awesome! Well structured and highly entertaining! Thank you for making it possible to love a school^_^
I’m from Sydney, started learning and trading forex since November/December last year. I’m yet to be profitable, but I feel as though I’m getting close.
It takes a lot of effort and hard work in order to succeed at this. All I can say is keep at it a good luck!
The best way to deal with loss is to prepare for it. if you know in advance how many pips you will lose, it is easier to digest. Your trading plan should have these things set in motion already.
Thanks for the reply. Can you tell me bit more about how u study. Any books or seminars? The pipschool is good but still I feel I need more detailed explaination( I m truly a piece of blank paper)
Thanks for the positive feedback on the School…keep’em coming!
Yes, the learning period is long–it’s never ending! And while I understand it is a lifetime challenge to beat the markets, and that the improvements are incremental, I want to be in a position to help those close to me and others through investments and trading down the road. That’s what keeps me going. Plus I love the game and the processes…so much more to learn about yourself through it.
Check out this forum thread for some of my favorite trading books. They’re mostly psychology books because all you need for technicals and good trading practices can be found in the School. Plus, I find that understanding the thought processes of successful traders are way more valuable to not only strategy, but more importantly developing the trader/investor mindset needed to overcome the challenges of the market.
Personally I think you have to have passion besides just making money. You have to be interested in trading rather be in it just to make money. If you belong to the latter part you will be washed off pretty quickly as with many traders who come in just for the money. You’re right about the part that it’s a long lonely journey. But we’ve got babypips to meet and share ideas with fellow traders. So you’re not completely alone!
Personally what made me and still keeps me going is my passion for trading. I find it immensely interesting. I’m thinking about it 24/7. When the weekends come I wait for Monday. Now that is very rare for anyone to wait for Monday is it ? :59:
Theory and practice is completely different. I’ve studied almost about a year and have known about it for years before I went live just recently. And I thought I was ready when I went live. But boy I was wrong. You’re never ready. Learning doesn’t stop. It shouldn’t. Unless you pull the trigger and make the progress and step up the game to the next level you’ll never be ready.
So read some and get the basics and move on to demo then nano account. If you’ve got ‘IT’ you will be fine. Good luck with your journey !
hey thanks for the reply. Can I say that forex trading is more like a hobby with financial benefit(potentially) for most of the devoted traders? It is much harder than investing in real estates. The satisfaction comes from probably more than just making money.
Right now I have a feeling that I am not smart enough to play the game…(mental laziness is always my enemy)
Thanks for all the honest advices. I set learning FX as part of my financial education plan. I don’t know how many years it will take me to go live(right now its in my 5-year plan, fingers crossed). But it’s perfect for conquering my mental laziness(simply say “I can’t do it”). Hopefully one day i’ll become like you, can’t wait for Monday:)
YouTube has some good videos. You have to filter through some fluff at times but generally for education they are alright. Let me know if you need more help.
Hi beibei, I’m from Perth, WA. there’s a trader in QLD you should look up, yourtradingcoach.com, he’s where i learnt most of my trading know-how from. Him & the babypips school of course!
[QUOTE=jalapenoninja;637491]Hi beibei, I’m from Perth, WA. there’s a trader in QLD you should look up,cohe’s where i learnt most of my trading know-how from. Him & the babypips school of course!
Thanks jalapeñoninja, good to know you. Definitely will check it out:)