To continue or not?

Beginner Questions
1

Hi !

I have finished lesson 70 (Elementary → Psychological Levels) of 361.

Enough time has passed until now, I’ve gone through a lot of theory and I’m already fed up and I’m terrified of what’s to come.

The fact that I actually have to always learn in this field also scares me, especially if I don’t have good results (profit).

But, if I keep learning, then it scares me that 70-80-90% of traders lose, so what reason do I have not to give up, considering the statistics ?

Another reason why I got fed up is that I only did theory and 0 practice (that is, I thought there would be, simultaneously with the learning part, a practice with a demo account).

Some notions seem to use exact calculations, clear rules, but many others seem vague (in which you count on nothing but prayers), and the vague things could greatly affect those few things that were clearer.

I want to speculate, but not in 10 years when I finish my “doctorate (learning about)” in Forex Trading.

Obviously, I don’t want to fall into the trap of the majority category, which has no patience and immediately starts trading and thus loses.

2

Hi, basically, I don’t know what do you expect from community. Regards Greg

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3

Hi @ProfesorPips,

Hard to say…

First of all, I am not very satisfied with this learning path offered by babypips, such as infinite theory.

Okay, I agree that you start with the theory first, but I like and care a lot about the practice as well.

If I just sit and read a bunch of theory and do nothing practical, not only do I forget what I read, but I don’t see the meaning, why do I keep reading?

Because of this I reached this first barrier through which I don’t know whether to continue or not, but at the same time I also see sites presenting real millionaires from forex trading (not only with Soros, but anyone else), but me, zero.

I don’t know if it’s about receiving encouragement, I’d like to know that if I continue, I’m really on the right track and not just find out in 1-2 years that I just wasted my time, gaining only some general knowledge about forex trading, and zero money.

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4

I’d get a demo account and trade what you’ve learnt so far to see how it goes. You can always keep learning and adding things to your repertoire.

Most people don’t know all of the stuff on the babypips site and the most successful people I’ve seen trade on experience of seeing how the markets behave and use risk management of one sort or another to win much more than they lose

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5

so are you upset because the school of pipsology gave you “only” a core theory, didn’t hold you for hand and showed how to practice? firstly, it is FREE course, secondly, you can practice yourself based on knowledge which you got, thirdly, when I started trading I didn’t have access to that knowledge by many years, what new traders have now is luxury. According to your wasting time, you don’t have ANY guarantee that you will be successfully trader. Profitable trade is a component of many factors, often beyond our control.

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6

You are thinking short term.

Consistent success in trading is a long term commitment, a career which is going to take time, money and years of practice. If you expect success now then this isn’t for you.

Have you opened a demo account to practice what you’ve been learning? Of course you’re not going to remember everything as you go, but over time, through experience the knowledge seeps in. Just like going to school, why do you think we’re in school for so many years? This is the same concept.

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7
  1. “You are thinking short term. Consistent success in trading is a long term commitment, a career which is going to take time, money and years of practice.”

Not. I thought from the beginning that I wanted it to be long-term.
But now I’m thinking again, if I go for the long term, will I succeed or do I draw the line and see only wasted time,no money and just some general knowledge about forex trading ?

More precisely, I would like the long-term commitment to somehow have as certain results as possible, no regrets as certain as possible

  1. “Have you opened a demo account to practice what you’ve been learning ?”

Enrolling in a school, such as the school of pipsology, I left myself totally to the guidance of this school.

I mean, instead of doing what I want on this internet, opening book X, application Y, another Z, etc., I preferred to do only what the school of pipsology offers me, especially since it has a solid structure.

But, following the lessons (without skipping any until lesson 70/361) of this school, I realized that okay, thanks for the theory, but it didn’t say anything related to any demo account until now, for practice.

I guess that practice is also related to school.

Otherwise, it’s like doing 4 years of math at school, but the math would have been only theory, and the practice (problems) would have been optional, for anyone to do at home, which doesn’t happen like that.

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8

Open a demo account and start trading. Come up with some strategies that suit your availability and personality, then trade them until you master them.

Rules based strategies can be good, but if you can determine when to ignore them because the market isn’t moving in the right way, then you’ll be a master.

I like rules based strategies because they take the biggest weakness of a trade out of the equation, which is me. But I’ve never found one that works well long term. Learning how the market moves will be the biggest asset to you, and you won’t get it without practicing

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9

In a perfect world, we would all be guaranteed a positive outcome and be continually rewarded for our hard work. But nobody can guarantee that for you, not in any business or career choice.

So many people fail at this because they don’t follow the fundamental rules of trading and protecting their capital. In this game we are really playing against ourselves.

What exactly is it that you’re doing? The whole point of opening a demo account or even a small live account is to learn. Make mistakes and learn from them.

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10

@MattyMoney What exactly is it that you’re doing? The whole point of opening a demo account or even a small live account is to learn. Make mistakes and learn from them.

What have I done ? I was like a loyal student who started to do what this school offers, that is, I followed each lesson step by step.

But I noticed that no lesson (up to lesson 70) contains the practical part.

I said to myself: Wait, what do you do if you just continue like this just with the theory ?

So, that’s why I have started this topic.

11

@chesterjohn

I have created a demo account on FXCM (I hope it’s a good choice). It’s like I feel good, that I will finally combine (displeasure = infinite theory) with pleasure (putting the theory into practice)

But, I feel that I don’t know what to do, how to start, at the same time I think that I don’t think that I should start opening a position without thinking first what to do.

I feel that for the demo account, I need to follow some kind of tutorial (ideally video), what to do.

I still haven’t reached that stage where I can handle myself, know what I have to do, what I have to follow, etc.

The only thing I could do was to select the type of Chart and I saw that besides the ones presented at this school (line, bar, candle), there are many other types of Chart (wow).

12

Run your strategy in your demo account. Then let the market and your performance tell you what to do next. There is nothing in the financial markets that you can control, except what you do - which is the most important thing after all.

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13

@tommor Run your strategy in your demo account

What strategy are we talking about when I only completed the first 70 lessons of 361 and only 1 hour ago I opened a demo account ?

How can I think about the “Strategy chapter”, when I’m still at a “LEARNING BASIC NOTIONS FOR BEGINNERS chapter” ?

14

You can find a simple strategy using Google or Youtube. Nobody can tell you not to do this. And everyone will tell you that demo trading is a helpful way to learn.

15

I’m getting the idea that you are apprehensive about getting into real-life situations where you cannot foresee and control the outcomes. But that is what trading is.

Because the outcomes are uncontrollable, there is an opportunity to make a financial investment on one probability out of the many, based on your skills and knowledge. The lack of certainty is our friend, not a threat. Every trading opportunity is only an opportunity based on what you decide to do - not on what books tell you the market will do.

Trading is not a science, and a successful trader is not merely a receptacle which has been filled with knowledge.

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16

Are you wanting to spend lots of time trading or not? If not then look at higher time frames 4h and d. Moving average crosses are simple. Trade them only in the direction of the bigger trend. So if d chart is moving up, look for short ma crossing from below to above longer ma and buy then.

17

Honestly dude… stop wasting your time and just open a small 300$ account and start trading.

If you don’t have 300$ to invest in learning… get a job and save some money

18

Hi M.i.h.a.i.,
Welcome to Babypips. Don’t we all experience this many times in our lives? I like to use a visual image when I am in indecision. I constantly see a parrot on each of my shoulders. The left parrot (no particular reason why) I call the evil parrot, and the right parrot I call the angel parrot. When I do not have sufficient knowledge to make a decision either way, the evil parrot constantly pecks at my head saying “go on boss, you know you want to”. Then the angel parrot says "be careful boss, you know what happens when you just dive in without having justifiable reasons to make that decision either way. How many times have you had to take the middle ground and “do nothing”?

Now the “do nothing” is the option that many people discount because they believe they HAVE to take a decision at certain pre-defined or random times (end of day, end of week, end of month, end of year, when boredom is overpowering).

Always remember this. Whether you think you can, or you think you can’t, you are right. This is so simple, yet so deep. There are many other ways of saying this, but I find no other way more philosophical and satisfying. If you believe you will succeed, you will succeed. If you believe you will fail, you will fail.

In the past, I have prevented myself steering towards insanity by time-boxing the different pursuits I find pleasurable in my life, and Forex (including Crypto) takes up less than 10% of my total time-boxed time. It used to be up to 40% of my total time two years ago. It is proportionate to my current work / life balance, which has improved, but still has a long way to go.

I hope you take the advice of other forum members. They are well meaning, and have experience. Even just setting up a dummy account and putting on a trade can be a daunting exercise. I did this about 15 years ago in a classroom in London, and still found it hard. I can’t imagine how hard that would be in isolation. Best of luck

Blockquote

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19

Hey, buddy!

You mentioned that learning only theory is pointless. Well, that’s something that can be easily resolved. Just open a demo account and start practicing while gaining experience. Additionally, I’m confident that once you begin trading on a demo account, you’ll recognize the significance of theories and regain motivation to continue learning.

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20

Start trading with demo account and develop your own strategy. If you find good result, only then you should go for live trading. But right selection of broker is needed. Your initial investment should be small.