Pipcrawler's Thoughts on Setting Newbie Expectations

Great post!

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I like your motivation Mr

“What we know is a drop, and what we ignore is an ocean.” ISAAC NEWTON
"I only know that I know nothing" Socrates

For novices in forex we have to realize that we know nothing about this world, and that as much as we have the least knowledge, we know nothing, forgive me the expression of the word pejorative, we are still children in this market, with the time comes skill and experience so we will see patterns and trends and we can measure the probability of various situations that come to us.

Im Donna Hudson from GA, I joined the comunity a few days ago and just wanted to say hi to all of you. so far I am just reading to get well informed about the Forex market. I wish to get tips or any advice you can share with all the new people joinig. wish us luck

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Hi Pipcrawler

I like your post because it is very true. And I note your reference to medical musical and sports professionals who have worked very hard to achieve the level of excellence that they have.

One question given your analogy of professional people how much importance do you place on newbies finding a mentor that will assist in developing a proper and positive pathway to success?? All these professionals I am confident did not arrive at their high level of achievement without the help of good teachers coaches and mentors. And by this I mean that newbies should not just rely on those of us that subscribe to this forum to be their teacher coach or mentor.

If you know of any reputable trading mentors please share these with the forum.

Happy Trading

Blackduck

am very new at trading but would love to learn more from you’ll

You make a fair point, im not suggesting they arent important - they may even lead prices but for us mere mortals how can we use them in a mechanical way?

I mentioned the COT because that records the positioning of all the main players - who will have a fundamental view on all the things youve said.

Why try to make it harder by redoing the work yourself?

Im just not clever enough to understand the whole interest rate economics thing anyway.

But Ive heard the Big Mac index is as good predictor of prices in the long term as any other.

I guess im just blessed not to have to worry about every little factor in my trading.

sorry i think this was put in wrong thread

Thank you. Wow so long ago but will ring true for every newbie

I am grateful to you Pipcrawler for your word of advice . It will take hardwork and persistent determination to bring about a success , The practice of working hard should not be a nine day wonder and consistent determination will send a newbie trader to the promised Land.

just what i needed to read! thanks Pipcrawler, now let’s crawl for pips!

If I’d put my money into an S&P 500 ETF I would have made upwards of 30% return on capital in 2019. Is it reasonable to expect to beat that by actively trading forex? Because if it’s not, then why shouldn’t I just put money into an ETF and let it do its thing - zero effort, and the chance of making money increases the longer you leave it there doing nothing!

Appreciate what you say, but there are good arguments against buying-and-holding an index-related ETF.

Firstly, at no point before the end of the year would you know whether your investment is going to be profitable. In some years, the US indices make a loss: not usually, but on the 1st January, how would you know? Its also a single-shot weapon - it either wins or doesn’t, there isn’t any chance of refining/revising your strategy as you increase knowledge and understanding through the year. You would also face considerable draw-downs through the year - even in a bullish year, the index does not go smoothly straight up- and what started as a draw-down can become a permanent loss.

But very importantly, you should be able to increase your return on capital employed by trading rather than holding.

This post is actually helpful! As is the discussion

Man this was really useful

I’m a newbie I know nothing about trading.where do I start?

Here on this site, and go through the School of Pips under the ‘Education’ section

Will I take the money and run as soon as I see profit?

Answer : Of course.

Explanation: When I’ve been a losing streak, then quickly walk into some nice profits, depending on the method,I most likely will take profit.

On a volatile market I will unleash the scalper that I’m.

Start here! Learn How to Trade the Markets

I wish I could give your comment 10 likes.
It really shouldn’t be about being rich but about being able to live off of it. If riches come in the process then that would be great.
I also like the fact that I can be alone most of the time without colleagues to bother about and also have time to read in-between.
I was able to achieve some level of financial consistency when I found a prop fund who’s model suited me, Blufx capital based in the UK