Hi all,
i’m back to my learning desk after a somewhat of a long break from demo-trading, after totalling up around 2-3years of failing study/practice :’(
I’m on the verge of giving up but i don’t want to because I… like trading? like yet makes me angry/hate it most of the times. so occasionally i just unplug off completely and start afresh.
My biggest problem is that I have always learned (at school/univ) subjects and stuff through a systematic approach. That is, you have plenty of books that go from A to Z in a sequence. Unfortunately the web doesnt work that way so I have to kind of puzzle everything inside my mind and its confusing.
The best resource I’ve found is babypips which is exactly what I want and wish for, upping the difficulty in baby steps, but unfortunately babypips alone is not enough, so sometimes I try googling further info related to topics I read in here.
I’ve never learned anything on my own before as I always was guided through some academic/scholastic tutors, so my questions is, are there any tips/suggestions that I can adopt in learning on my own cause i feel like i’ve been going round in circles for ages and i don’t know how to upp my knowledge in this field
HI I know, finding a mentor will be the best option for you, most comfortable but finding a good mentor is very hard. Maybe you try every method, one by one, which you know already and choose the best option for you. Regards Greg
yes a REAL mentor would be best option. Unfortunately we have none over here and the only “classes” available are the ones provided by the brokers themselves. I’ve only went to a first lesson up to the point where they suggested that the risk to reward ratio should BE 1:1 to be “safe”…it was the first time i heard someone suggesting that ratio, so i couldnt really trust their teaching
I personally believe that a 1:1 ratio is ideal as it represents a coin flip. Now all you have to do is find edges that’ll bump your probability of winning above 50%. Even a small edge like 50.5% will make you money in the long-term. 1:1 is neither too greedy nor too scared.
Other ratios can work but they have their own weaknesses. A risk:reward of 1:5 usually means that you’ll have to endure longer losing streaks before hitting a win. This can be psychologically difficult. An inverse risk:reward ratio like 5:1 means you’ll score alot of small but successive wins, which can build overconfidence, and it’ll only take a small number of losses to wipe out your wins.
1:1 strikes a good balance, in my opinion. And you only need to find those trades where the probability of winning > 50%. It makes trading simpler.
yes surely easier on the mind, but 1:1 wont make you recover the costs (spread/commissions etc) if your stuck at around 50% winning rate.
I still have to come across a strategy which gives me 60%+ winning rate. in that case maybe 1:1 would work
Hard to find a mentor here/these days. I find going through different forums (not just here) allow me to see what other traders are talking about and get me to ask questions also. I think what you’re doing is fine but it sounds like accountability is your issue?
Mentor is a good idea. However, if you don’t like that. Try research about trading in online. Try to build a trading strategy apply it in demo account 5 to 6 month. If your trading strategy generate good profit. Then go for small investment.
I think the problem here is that trading is like engineering or nursing or brick laying. There’s no one guaranteed way of winning all the time or even most of time. I’m none of those jobs above, but they all seem like have outcomes where you can be confident that what you do will end in success. I don’t think trading is that.
Did you figure out what happened in the past that made you fail so much? Maybe start there?
no not really, i mean so far i’m only backtesting.
not to mention that the outcome between backtest and real trade differed a LOT
mainly i had either too quick entries, or too late
for now im trying very simple approach like beginner support and resistance
but for every winning trade i had tons of losers
infact i blew several demos and that made me feel really bad
Another one that went from forex trader to forex teacher!!!
Its easier and most profitable to teach right???
But i have to admit the site does look good, you will probably attract some suckers thats for sure.
While there are many that fit this story, we do not. If you read about the company history you would see why I started this. I teach all traders not just Forex. Actually I find it easier to be profitable than to teach because you have to teach someone else against all odds to be profitable themselves. I know full well that putting myself out there as a mentor I’m going to get flak but I could care less, I am here to help those that are serious. That is why you cannot be mentored unless you are “qualified.” We put you to the test as much as you put us to the test.
I respect the title and aims of the original post. Before you start learning any new subject, draft a learning plan or template.
When you have a subject to learn, start at the back end - i.e. a picture of where you want to be and what you want to be able to do after you have completed your learning. Then develop a map of the things you need to know - at least their names or an outline. Research those questions and find the simplest most objective answer to each. Learn what you need to know in order to do what you need to do.
Use this template to learn what you need to about any new subject, whether its trading, art, architecture, geology, great Irish literature, a new language, etc. etc.
The wrong approach is almost always to start with a comprehensive text-book and read it from Page 1 to Page 500. Or a pre-packaged course from Lesson 1 to Lesson 25.
It’s inspiring to know that it our results are “too good to be true.” I am sort of surprised to hear this but in another way I am not. Did you really go through each one or did you skim a few minutes each? Since you feel so strongly against us, I’ll give you the freedom to investigate further each case study. I am up for the challenge but then you have to come back here and admit you were mistaken.
yeah, the problem here is that we are not allowed to question things, we are not allowed to request for proof of things, all we can say is yes sir, or otherwise i will be labeled as the bad guy, and the guy being disrespectful and mods will remove my posts and probably suspend my account.
So i gave my opinion and am going to leave it with what i said and dont wish to continue this discussion, i know where it will lead and i dont wish to go that way.
Good luck with what you are doing,.people will still have a lesson to learn from you.
Fair enough you are entitled to your own opinion and ideas. sure I was hoping you would take up the challenge but i’ll leave me door open to you if you change your mind. I actually am happy that you are trying to defend others from the real garbage out there. It’s honorable. Trading is all about probabilities and when it comes to courses/teachers there is a 90% probability it will be a disappointment.
i like such approach and it makes sense for most of the stuff you need to learn, the problem here is that i can not outline what i need to know, since i dont even know what i dont know (omg does my english even make sense? trading is driving me crazy)
what i mean is, i don’t know “all” the topics about trading and which ones are needed or not. I mean I do know the basic stuff that you find everywhere like risk management, proper stop loss etc. In theory I’m ok and by now i have a good idea of what SHOULD be done, but what i suck at is the technique, of when to enter/exit a trade or when should you wait or not because it be too late.
Start at the end, not the beginning. The beginning of learning means learning everything there is to learn, and this is an endless job. The end of learning means profitable trades.
So develop a picture of your ideal perfect trade. The best success comes from being in a position which is a trend or which leads into a trend. Do you want to get in at the very beginning of the trend? - low probability, high reward. Or get in when the trend has become consistent and well established? - high probability, low rewards. After that first entry there is no difference between trading styles, the best rewards come from being long in uptrends and short in downtrends.
So, develop a picture of a perfect uptrend and a perfect downtrend and make sure you are only long/short when you see these set-ups. You must know where you want to be before you set off down the road.
I know, finding a mentor will be the best option for you, most comfortable but finding a good mentor is very hard. Maybe you try every method, one by one, which you know already and choose the best option for you. Regards Greg