So I’ve made a plan on what to do after I complete the BabyPips school of Pipsology!
I was wondering if anyone would be able to give any advice, what changes would you make to this plan? Or do you like the plan so much you wouldn’t change anything at all?
Is it a bad plan? Or is it a good one?
I’d appreciate any feedback, even if it’s critical.
Hey mate,
The fact that you actually have a plan indicates you will do better than most, so kudos to you.
I think if you follow that it should put you in a pretty good position.
I don’t know the systems you are talking about but I don’t think it really matters - a system or strategy is such a small piece of the puzzle.
My only advice on your very last point… if you are going to continue to watch youtube etc to learn just make sure you have a strong conviction in your strategy and give it time to play out.
Just from my experience in my early stages of learning I suffered from shiny ball syndrome, where I would learn something… do it for a little bit then see or hear of something that I thought was better then do that for a little bit and ultimately wasted so much time jumping around. If I had just stuck to one thing and doubled down on it I would have become profitable much quicker.
Good on you, and good luck,
Nate
Thanks so much for replying Nate,
I appreciate the support, I will remember to stick to one strategy then!
Jayden
Hi,
Congratulations on creating an outline of actions to do after completing BabyPips. You have probably done more than 80% of all people who try Forex trading. Well done.
At point #4, just a suggestion. Before I look at the detail of a trading plan, I normally look at a trading strategy. I will try to explain. Forex is but one of probably many interests you have in life, and it is important that the Forex has a proportionate place in your life. Questions like:
Do I have a partner that should be included in this interest? Do I have shared financial responsibility to others (family, business partner) that I would be well considering before I decide how much of my life I should allocate to Forex? Are my close family / friends likely to be supportive or dismissive? If the former, ask them to help you and leave you alone when you are “doing your Forex”. If they are dismissive (like crabs in a bucket trying to drag you back down to their level and not giving you a hand up to get out of the bucket), it may be a lonely existence. Accept that, and try not to discuss the matter with them in future. But do seek friends (like conversations on this forum) to help you. In other words, find like minded people who enjoy Forex like you enjoy it.
How much can I afford to lose? I see people on forums talking about opening a $100 Forex account. Put this into perspective. If you spend $100 on a night out with the boys or another hobby, and only wish to spend $100 on opening a Forex account, the money value of your time may be too little to give Forex the attention it deserves. If you are good at saving, could you regularly save 5% of your income, or 10% of your income, and allocate it to Forex for a good few months like a savings account. Far better to deal with a $2,000 after ten months of saving $200 than to open a $100 account hoping that it will quadruple in three months.
Strategy before Plan. A strategy is a what and why. What are you doing and why are you doing it? For example - I am going to spend about eight hours a week learning how to successfully trade Forex. Why? Because this will form an important future part of my income. If I spend 8 hours per week continuously, I may expect it to contribute one fifth to my total income after x years, and my trading Plan should include milestones and dates between now and when it will contribute one fifth of my income (could be three years or more).
Don’t be linear. Things tend to happen slowly at first, then accelerate. So the first milestone may be “learn how NOT to lose money within 12 months” for which a Trading Plan would be to develop the edge trading ideas, back test them and run them in a demo account. That way, you can’t lose money if you don’t use a live account. Meantime, if you can save $200 a month, when you are ready to go live, you will have a $2,400 account to go live with in a year’s time, not having lost any of those funds before you are good and ready with the demo account. Caveat - easier said than done. LOL.
Best of luck with it.
You made a wonderful plan. All the best, and best of luck. I pray and hope that you will be successful in this market.
Hi. You are certainly on the right track. Please stick to your plan. A trading journal is a must. Happy pip hunting
Shiny ball syndrome? I like that never heard of it. But I can testify to the never endless tweak - usually after the system loses once or twice.
Then your off - holy grailing it and losing all consistency.
Unless its a really terrible system most can be profitable given time.
But the shiny ball syndrome, holy Grail or whatever else can easily slip into to your trading without you EVER being concious of it.
Thank you so much for this highly detailed response!
I’ve edited my plan and also added a feedback section based on everyone’s responses which I can read through over and over when progressing through the plan to reinforce my learning.
I agree with a lot of the sentiments on here, first line of my trade plan, “If in doubt, don’t”.
I think you need to add a little more substance, i.e. when and why you are going to take profit, pips, support and resistance, monetary.
I work on 50 pip profit or 1:1 to monetary sum based on stop loss minimum.
Just as important what rule do you have for cutting a loss maker.
And the last line of my trading plan “log off my computer” it’s not a losing trade until it hits the S/L or exited as a bad trade.
Haha yeah I’m not sure where I initially heard that saying but it explained me to a T when I was starting out. As I consumed so much knowledge it ended up being to my detriment as every time there was a new ‘shiny ball’ I would jump over to that and start again thinking this was it! Only to repeat the cycle again.
Couldn’t agree more with this… just took me a long time to learn it.
So long you have a plan, you are on the right path. Just make sure to have a strong trade strategy and select 2 charts to essentially use.
You had me in the first 3 points alone! Additionally, you are already willing to put effort on weekends which is quite impressive in itself. All the best.
Simply, stick to your plan! That calls for maximum discipline. No deviating from it and you will make it.
