So Im very very new to all this and its captured my interest in a big way, not just for financial gain, but for discipline and learning about yourself in a new way.
The only brick wall I seem to find is the amount on conflicting info thats rife. What one person thinks is great another will think is rubbish, and I don’t just mean about strategies, I mean everything, from what chart to read, to what education to read, to who to trust and who not to…
For a newbie like me its very confusing. So my question or discussion topic is how do you filter the good information from the bad.
And here’s where it gets a little bit x-files, but sometimes it does seem that people deliberately point you in the wrong direction because they don’t want you to be part of the club, like it’s a special secret and you can’t just learn it and be in the club.
No seriosly try it, if it does not work move.
That’s how it works.
I think that people have suggested you to read books.
I suggested you to train on the markets on a daily basis.
Just pick something or pick both and go.
And unless you have to pay for something no one really wants you to be in their club.
Being a trader is a lonely business.
PS: But yeah you shouldn’t use the indicators to read the market. And this is a rational choice if you have some logic. Because indicators derive from price market, you lose precision.
By the way you gave me an idea to make a video specifically on that, why indicators are precisely bad for market reading.
When you think about it, there’s a valid reason why you can expect to find conflicting information about trading. After all, for a trade to even take place, there has to be a buyer and a seller, two market participants with opposing outlooks.
That said, I can sympathize with your predicament as a new trader. I think you have come to the right place in starting at BabyPips. The school focuses on teaching the basics: School of Pipsology | Learn Forex Trading
After going through that, you can be a more educated consumer of more advanced concepts. Also, there is no rush. You can demo trade for a long as you need. Use this time to place practice trades without risking real money.
Then you can test out opposing ideas and see which ones yield the best results for you.
Bad information normally comes with a price tag and promises of making lots of money very fast. That is the info to filter out. Best info is free and the Babypips school is a great place to start. I don’t think there is really a club to be part of, we are all pretty much independent contractor. For my own trading I don’t take tips from others, I don’t watch any of the financial news programs, everything I need to know to trade the market is contain in my charts.
Forex is very much a personal journey, what suits me may not suit you, hardly surprising given our different life experiences and financial situations. This makes it really important to properly study before you trade, otherwise you can only follow others suggestions without knowing if they suit you.
A hell of a lot of traders, no make that newbies, dont want to take the time studying. They want EA’s, mentors, Holy Grail systems, anything rather than putting the hours in.
You seem to be a bit like me in that this is about self-fulfillment/interest and not just the money, so I guess you would find the Pipschool on here a very good read. Take all the quizzes, run a demo account so you can see for yourself what the school is teaching as you go along. By the time you reach the end you will have changed your mind 6/7 times about how you want to trade, will know how to devise a strategy and trading plan, and will better understand what the threads on here are talking about and why there are so many different viewpoints.
Good luck, enjoy the journey
Indeed in big business like as forex it will also many people that will only take benefit and giving bad information, which somtime only trap many people in wrong way, but if we still blindly and doubt to walking hence we can stop but still use our eye to look ahead and reading, reading from various source and as human we have brain to thinking and making filter to choose right information
[QUOTE=“eddieb;759714”]Forex is very much a personal journey, what suits me may not suit you, hardly surprising given our different life experiences and financial situations. This makes it really important to properly study before you trade, otherwise you can only follow others suggestions without knowing if they suit you. A hell of a lot of traders, no make that newbies, dont want to take the time studying. They want EA’s, mentors, Holy Grail systems, anything rather than putting the hours in. You seem to be a bit like me in that this is about self-fulfillment/interest and not just the money, so I guess you would find the Pipschool on here a very good read. Take all the quizzes, run a demo account so you can see for yourself what the school is teaching as you go along. By the time you reach the end you will have changed your mind 6/7 times about how you want to trade, will know how to devise a strategy and trading plan, and will better understand what the threads on here are talking about and why there are so many different viewpoints. Good luck, enjoy the journey[/QUOTE]
I think the way you trade is ridiculous. Only you would trade like that. Lol.
And the fact that you’ve already noticed this, and are wondering what to do about it, speaks quite highly of your chances.
Deciding “by whom to be guided” is the big, key issue.
Remember that (especially in a forum) about 95% of the people offering you advice are among the “aspiring traders” who never actually make profits.
In a field of activity with such low success-rates, it stands to reason that most of what you read will be misguided.
At your stage, with great caution.
Apart from the “School” here, I’d advise you to stick mostly to mainstream, orthodox, well-established books from mainstream, orthodox publishers. Books which have stood the test of time and been re-issued. Unlike modern publishing and internet “information” (and especially PDF’s and self-publishing) they were peer-reviewed and authoritative when they were written, and are at least to some extent vouched for.
Be aware that most questions about trading, even simple ones, will have two different consensuses of opinion, one from the huge group of “aspiring traders” and another (usually very different, sometimes even diametrically opposed) from the tiny group who are actually [U]making a living[/U] from trading.
Unfortunately it’s hard to tell them apart. The time at which you most need the judgment and experience to tell the two groups apart is, by definition, the time when you have least of it, i.e. right now, at the start.
Sometimes you can judge that, a little bit, in a forum. Usually not. (For example I can suggest to you that Eddie’s post on the previous page, #9, is worthy of attention and is the one to go back to and read again, but then you still have the problem of guessing whether I know what I’m talking about, in offering that advice. As it happens, I do, but you have only my word for that.)
I’m going to suggest three books for you, to read after the “School”, here. For understanding “what a trading system is and how to develop one” I recommend [I]Trade Your Way to Financial Freedom[/I] by Van K. Tharp (I can’t stand his later books, though), and [I]Beyond Technical Analysis [/I]by Tushar S. Chande. And for understanding [B]trade management[/B] clearly (without which it’s close-to-impossible to make steady income, really, unless you’re a professional statistician to start with) I recommend Michael Harris’s [I]Profitability and Systematic Trading[/I] (2007, Wiley). Trading successfully is all about [B]risk management[/B] (and I’m using that term almost interchangeably, [I]in this context[/I], with “trade management”), not about profit maximisation.
We should all trade how it suits ourselves. I’d be interested to know how you think I trade, I have a feeling youve based this comment on one thread only.
Looking back, I explained to you in January the basics of my trading, so even more curious about your comment
I have multiple fx accounts and use them for different pairs/strategies.
So, in one account I might go long Gbp Aud looking at hundreds of pip gains over months, yet on another account trade the same pair short to take advantage of short term movements for perhaps 30 to 150 pips.
This spreads my risks as although each account can go bust the other should grow in that same period. If we are in a long term trend, as was the case for this pair until recently, I would be less likely to make short term short trades.
Right now, imho, the only serious drag on Gbp is fears of a Brexit and I believe these will be relatively short lived, hence I am long term expecting a big Gbp recovery.”