Hi, bro, i will not say water is life, i will try to help, u are not stupid, let me say smth, i think, u have some knowledge now, delete all the currances except eur usd or gold and use all ur knowledge and intuition on one chart on demo acc for 3 months bro, if u make it profits just remember the strategy and use it on live acc, with no regrets or smth, risk only the amount u want to risk, like a challenge for yourself
There are always cynics who probably think they know better. Do some research rather than making snide comments on honest posts that are trying to be helpful. Happy to share results but I guess you’re not interested
OP please do not spend any more money on books, videos, indicators etc. Look up a website called no nonsense forex, from there you will find YouTube content, podcasts and blogs. If you have already done the babypips you are in prime position to start learning here. Everything is free. It has changed my trading totally, and all for the better. Please go find this!
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Remember that people selling courses are in the business of selling courses. and that is because selling courses is more lucrative than their own trading.
My own path has led me to examining a gazillion charts using different techniques until I found one that works for me.
My approach is really simple and it works on all 28 currency pairs. Probably I miss a lot of trades because I have a conservative method, it seems to work for me though.
I trade daily charts only and spend about 20 minutes a day updating after the new trading say starts for my broker
Probably you can find a simple method and perfect it and carry on. the operative word being simple.
At first, I suggest the higher time frames so that you have a lot of time to evaluate an entry, master one entry at a time… Use a method that you can feel confident with. which means a lot of testing…
I wish you the best!
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You are not stupid, this is hard! But stay with it, this is long term goal, and EVERY thing you’ve accomplished up to now is experience and you cannot put a price tag on what you have learned.
I am just getting into trading too and I’ve looked at many of the same FX educators you’ve described and I’ve also looked at the online trading academy. Everyone has a bit of the same advice and for a price they will impart upon you even more wisdom so you to can be successful!
After 3 months of education and 4 weeks of DEMO trading, what I have learned.
- Risk management is the most important step of FX trading and the least talked about! Your system, good or bad, automated or manual, will ONLY be as good as your entries, your exits and your level of RISK.
- Your emotions will cause more harm when using a system.
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I treat my DEMO account like its my own cash.
– I lost sleep when my 1st trade dropped 24%, then yelled like a crazy man when that trade broke even! -
I’ve still managed to lose money because
– I ignored what my indicators where telling me and/or traded when I KNEW I should have walked away.
– I place trades when I KNOW I should not place the trade because the buy or sell signal is NOT 100% complete, this has bitten me 3x actually. -
I am actually writing out my trading plan and spend more time writing and back testing then trading.
3: My evening and weekends are spent backtesting my system and then trading with it on the daily time frame (Thanks VP at no nonsense trading for showing me the light when it comes to longer setups).
Lessons Learned:
I no longer feel the NEED to trade everyday. Unless my signals are 100% confirmed, I DO NOT trade.
When I place a trade, I try every hard to not look at the trade for 24 hours. Then, when I come back, I have a set of actions to take to manage those trades, TP, close, Manage SL, or do NOTHING.
I am working hard to NOT be in the 99%, which means I have not actually traded any CASH and I wont until
I can follow my plan (the plan I develop for myself, not something someone on YouTube as provided me) in my sleep.
Good luck and stay with it…
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Gotta say folks, as with most things in life, the most precious are generally free-
If you’re looking for education, post School of Pipsology, head over to nononsenseforex.com and get your world rattled by VP.
I don’t even know where to start praising the guy.
For me, it’s like someone finally flipped the lights on.
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Check out the You Tube site “No nonsense Forex” this guy is really good and gives free advice saying things that you won’t hear anywhere else. He is NOT trying to sell you a course at all. His videos are addicting to watch in a good way. Please Subscribe to his channel. Karen Foo on You Tube is also good to watch as well.
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Lego I also suggested no no nonsense forex as well. I am really happy that you are doing well, I am implementing his strategies little by little and they really seem to be working.
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He has some great intell on his website. Videos of good clear explanations. I would recommend as well.
KC
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That’s a great offer that I’m sure would benefit the OP!
Thanks for stepping up!
KC
I follow VP as well, glad to see that people are happy with him.
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My friend, you have not wasted your money! $2000.00 dollars is nothing. i have spent many thousands on business ventures that went nowhere. I have had business partners who have stolen more from me than I care to say, and have gained many enemies. So, no you have not wasted any money. Try other markets, venture out a bit, and by all means paper trade, but I don’t think you need to spend any more money on courses, you obviously know enough, so please don’t waste your money on stuff you already know. Just paper trade, for a while and try Futures, stocks, options, take a look at the CME group, they have a ton of free information. Good Luck!
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Just a few thoughts from an idiot trader, that’s always how I think of myself.
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How long does it take to become a doctor? An engineer? A lawyer? Etc. These are all high paying professions which require years of study. And even more years to become recognizer as experts and really bring in the dough. If trading were so easy everyone would be doing it. I watch the Chat With Traders series on YouTube, consensus seems to be about 5-7 years of trading for most people before they get the hang of it.
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There’s this trap where newbies look for a system, trade it for a while and make money until it hits a slump and loses money. Newbies then go looking for another system. No system is perfect, all of them will work some of the time. But abandoning systems without mastering the nuances will put you on the path to despair. Learn to accept that you won’t be making money hand over fist all the time as a newbie.
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There is no such thing as the “right” way to trade. You need to figure out what is consistent with how you think and what you’re comfortable with, until you can take something from various systems and people and adapt it to your own thinking to come up with your own personalised system . That takes a while.
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Trading is a negative sum game. Not a zero sum game, a negative sum game. Not only do the profits you make come from other people, but a portion goes to brokers through spreads and/or commissions. So everyone is spending so much time, effort and resources trying to beat everyone else. As a certain fintwit guy says, “If you’re not working on your edge someone else is”.
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This is spot on stuff.
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Hi mate,…from someone who has had a similar experience I would highly recommend checking out No Nonsense Forex…No BS information just the facts on what you need to do to get something that works for you. There is also a Discord forum same name…go get it!
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Education means a lot when you’re on the road to master a skill. Once you mastered this skill, you’ll make A LOT more than what you’ve spent. On that day, you’ll say “I did the right choice”
I’ll share you some short critical tips:
- Never risk more than 1-2% per trade
- Never invest more than 10% of your cash
- Set BIG long term goal
- Keep on improving EVERY DAY
SUCCESS RECIPE:
NEVER EVER GIVE UP!!!
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try Non Nonsense Forex by VP. everything counts on your effort but he guides you to minimize time to step up. then join the discord group run by the subscribers of the NNFX.
psychology aspect, read one of Van Tharp book, super trader. it is well summarized version of his past books. you will find yourself what is causing loosing trades.
good luck
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And don’t forget, if you’ve got trouble with an overheating CPU, itchy dry skin, visits by unwanted relatives or car keys lost behind the couch, just go to No Nonsense Forex on Youtube…
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First take a step back. Look at yourself and review the trades that you made, what were the indicators, directions, or strategy?
itt will be painful but educational.
Did you have a trailing stop loss for each trade? or were you watching it drop and hoping that it would turn around.
Being a trader is understanding that you are up against the big Banks who know how to lure small traders in and drop the market 40 pips, allow it to recover a few times to provide a false sense of security the drop a hundred pips or more to blow out small traders completely.
Making money is hard, keeping it is harder still.
Good luck.
I had male pattern baldness… Nothing worked! Then I went to nononsenseforex.com looks like I’ve got a sheep on my head now!!
Praise the VP for curing me! And I stuck around and learned a lot about forex!
KC
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