Trading Courses

Beginner Questions
1

Hello,

I have started considering purchasing a trading course. While the money is a concern, the more important issue and what i would like to hear from the community is the opinion on how realistic it is to learn to be a good trader from a course. Certainly as with the course here and tutorials and books learning the features of the market and market analysis is fine. However, the ability to consistently apply that to a profitable trading isnt common.So any opinions on the best way to go from intermediate to profitable as well as the validity of the paid courses would be a help. Thanks.

2

No matter how you learn the theory, it takes time to learn the game in practice - it changes when you put real money on the line.

Generate or copy a plan, identify what will get you in, what will get you out, where you’ll put a stop-loss in case it doesn’t work out, how much you’ll risk, and print all this out.

Run the strategy 100 times using a demo account, keeping good records and charts. At the end of that time you’ll know what will work and what won’t - for you personally - and you’ll know what needs changing and how. Then start trading with real money in minimum amounts. Increase this when you’re consistently making money.

3

it’s realistic
or. are you asking, how realistic is it TO EXPECT to be a good trader by following a course

ANSWER : well… from 1 Course, (it depends on the course) but… it’s possible
what you want to do instead is look at several courses and compare them
and then formulate ideas from them
then TEST THOSE IDEAS and see if they work for you

THAT’S VERY REALISTIC

No… this is not correct
the reason people are not consistant is because they are usually greedy.
don’t be greedy
don’t be emotional
and you are in with a good chance THAT’S REALISTIC

4

Thank you for the replies. I suppose there are many ways to define some of the things. However I would think the best way would be making a good or better income with the only or primary source being from trading. So given that how would you approach getting to that point. (obviously some of what you already mentioned
Regarding the greed, can you add more detail. Is it not taking the time to build and risking to much capital to make huge profits?

5

As a newbie trader myself I’ve learned a few lessons on my own.

  1. Never invest more than you can afford to lose.
  2. It’s not a loss until you sell at a loss. HODL.
  3. Don’t make rash decisions.
  4. The 10% strategy is good for day trading (aim for 10% profit, don’t get greedy to make more as from my experience it almost always backfires.)
  5. You can`t always win. There will be losses. It’s a part of the game.
  6. Never put all your eggs in one basket A.K.A Diversify. (Hedge)
  7. Buy the dips. If it drops more - buy more.

Edit:
P.S As far as basic courses go - i’d recommend taking a look at sites like Udemy, Coursera, EdX etc.
Look for ones that are detailed enough and you can afford, because after all - like the previous replies noted - it’s all good in theory but you’ll need practice to get your bearing and see how stuff works IRL.

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6

Some of this is rather wise, some of it is absolute shit.

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7

ROFLMAO!

You edited the post but left the list of lessons intact!
Priceless, mate, priceless.

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8

I don’t see a problem with the list. It’s reflecting my personal views and experiences. Or was it supposed to reflect yours?
Sorry, mate, I’m not psychic. Plus, you’ve yet to argument your statement about the absolute shit.

9

I’m sure you don’t see a problem with the list, you wouldn’t have posted it if you did. No doubt that guy who flew into a mountain was sure he was high enough to get over it.

Just as I have not argued my statement, you haven’t argued any of yours either as contained in your list. I’m generally happy to respond to newbie traders’ questions about stuff like this. But you came in issuing commandments and laying down rules of trading. And to make it worse, I see you’re a new poster and not only that but a crypto trader.

I’m not going to put time in to help you in any way, not with that attitude.
Good luck. I suppose.

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10

Indeed there are @bobfx111111 but we are not so concerned with the definiton as much as we are for making money
even if your system is as simple as… I PUT THIS HERE
and it works time and time again, it’s then a proven system
you don’t have to over define something, you just have to find something THAT YOU UNDERSTAND

moving forward…

God No
this is completely incorrect, for two reasons

  1. saying things like “GOOD” or “BETTER” is useless
    how do you define "GOOD"
    what is a GOOD income, I would say a good income is $5,000 a week
    however i remember when i was younger and i thought a GOOD income was $1,000 a week.
    i know people these days who say $700 a week is a GOOD income and i know other people who say $400 a week is a good income
    that’s a big spread… $400 - $5000

CONCLUSION - you can’t define it because it keeps changing, which is why you’ll never achieve it over time, because it’s a variable, not a constant
so… instead of saying GOOD INCOME, why don’t you write down a number per week

secondly

  • Mate, the most successful people in the world have SEVERAL INCOME STREAMS, Having 1 is a formula for failure

and HINT HINT… why do you think that the average person has only 1 job, and ends up broke most of the time
see
and by comparison… what about the average person that has 2 jobs
a) they are better off than the first person, but still end up broke after a while
b) BUT THE MAIN THING IS THIS… Why do they even try to find a second job. ANSWER: BECAUSE IT 'S BETTER Meaning, you are wrong

but even then, a person that finds a second job will find the same TYPE OF JOB, example.
An Electrician will find another electricians job, a Hairdresser will have 2 hairdressing jobs, a checkout chick will work at Woolworths and Big W

it’s more functional and practical to have different skills
now… take me, my business started as building computer. then I.T. and onsite troubleshooting of computers, Then TV Antennas and Satellites, Then Website Design and SEO and SEM, then Electronics Repair, Intercom Systems, Alarm Systems, Trading, Selling things that i come across to sell

can you see the Variety in industries
Example… When computer work is slow, the others won’t be
Everything offsetts everything else

if was to pick ANY ONE of these on it’s own,it would inevitably have slow periods and peak periods.

Point is… HAVE MULTIPLE WAYS TO EARN INCOME, not 1

now re this…

No. i can’t
GREED IS GREED, don’t overcomplicate it
people lose when they get greedy because they want to much too quickly… simple

the issues i see with what you said are this

  • clearly you already know, so why are you asking ?
  • secondly , what is TOO MUCH capital

I notice that you don’t define things

if you don’t define things you will never achieve goals, Practice defining things

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11

It’s not a list of commandments nor do I expect everyone to agree.
You’re missing the point of the thread/topic. A newbie trader asked for help. I shared my point of view.
You’re free to do the same and argument your statements (if you wish, that is) and all that to help the OP. Not me.
Then OP will pick what’s best for him.

I`m open to a discussion and argumentation (that’s the point of the community), but you’ve yet to point out which of my points are crap and why? Like I’ve already said - that’s what I’ve came up with for myself and it’s not set in stone.
Otherwise it’s just like me stating that your sister is a woman of questionable morals and you have to prove the opposite despite not having a sister in the first place.

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12

I think, it’s a controversial topic! I can remember a thread of this community (maybe 1 month ago), where a trader was complaining about a paid service! His objection was the mentor is not much active in his community! By the way, if you have enough money and you are really happy on the demo videos and others learning instrument! Then you can go for it!

13

2 and 7 are wrong to the point of being dangerous. 4 is an incorrect sweeping generalisation. 6 is questionable in practical terms.

I don’t have more time for you. I don’t think you want a discussion.

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14

I was about to post something very similar (regarding what was “rather wise” and what was “total rubbish” from the list above - and numbers 2, 4 and 7 were certainly dangerously bad advice), but I agree with you, really: a long discussion won’t be productive, here. Which is a shame, in a way.

But let’s see if we can help the OP, anyway.

I think the main problems here are:-

  1. Whereas it’s possible to learn plenty of helpful stuff from a course, the reality is that there are far more bad courses around than good ones

  2. You won’t have the judgment to be able to tell which are any good, yourself (just like nobody else in your position would - that’s not a criticism of you)

  3. They tend to be terribly overpriced, and the information that’s in them is almost always available free anyway.

There’s a pretty good trading course by someone called Adam Grimes, which will probably help you a lot. Google will find it for you. It’s free. It’s not specifically about forex, but that doesn’t matter at all. Trading is trading.

I wouldn’t buy one, though.

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15

@tommor
but more importantly @bradley79
2 and 7 are very badly mistaken… i completely agree

you don’t always buy more if it drops… it depends on the instrument,
What are you going to do Buy More Bitcoin, the more it drops ?
this CAN BE TRUE in certain situations, but it’s not a blanket rule

as for 2.
Cmon mate, this is easy

if you go into Negative, while a trade is in play, YOU ARE AT A LOSS… simple as that…hence IT’S A LOSS

whether you HOLD or not is a different discussion
but, IF YOU HOLD… You are basically Assuming that you will RETURN TO PROFIT … FROM THE LOSS

but you… certainly are at a loss if it has a negative in front of it or if the total of all your earnings after your fees is a negative figure

tommor is right dude

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16

Martink, to clarify when I was saying good or better I definitely had a number. I just didn want to throw out a number being new to the forum. I see now that clearly isnt a problem. I definitely agree that having more concrete standards is best with an endeavor like trading.Also regarding income streams I agree again. The reason was to focus on the possibility of making a certain living just from trading, I agree that numerous income streams are typically best. Also greed and capital like a good living are highly specific to the person I was trying to general not unclear.

So if I restated the question it would be how likely is it to make 10-20 thousand a month from trading and what is the best way to go about getting to this level and how beneficial are trading courses vs free resources in that pursuit.

17

If a ball-park figure that I can’t prove (and neither can anyone else) is helpful, I’d say that about one person in a thousand (0.1%) who “goes into trading” (in the sense you’re asking about) ever gets as far as making a steady 5% monthly return on their capital. Their capital, in this case, would need to be $200,000 to make an average of $10,000 per month from it, or $400,000 to make an average of $20,000 per month from it.

Taking those (unprovable) figures as a “guesstimate”, the answer to your question of “how likely” is 0.1%.

A few hundred hours of highly focused professional education followed by a few thousand hours of screen-time experience (given some facility with statistics and probability to start with, that is).

Firstly, it’s not “vs” because they’re not exclusive categories. There are some free courses, such as the BabyPips one, and the Adam Grimes one I mentioned above. Both of which I recommend.

Secondly, the answer varies, for different people, according to several parameters, of which perhaps the most significant one is their existing ability to judge what’s reliable information and what’s actually more likely to be misinformation.

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18

and , Respectfully ,
let’s look at what that number was…

this is not a Number… THIS IS A RANGE
so, No you did not have a number.

Now let me start over ok, so i don’t come across like a (you know what hehe)

First of all… when you or any newbie posts something like
GOOD INCOME
GOOD CAR
NICE HOUSE
etc…
there really is no way for us to know whether you are just like every other newbie or not so that was that, nothing more

if you do understand it, that’s great
but, still you don’t have a grasp of it completely , just yet,
i think you need to be more specific with goals

Moving forward

hehe
No it’s not a problem

and you can , but you gotta plan it carefully

19

Quick question, albeit off topic, is there a general sense of negativity among forex traders when they come across crypto traders?

I am of the impression that some forex traders are also dabbling into cryptocurrencies. My sample size is very small of course.

20

@purtle
ok, … My opinion of this is as follows

  • i don’t hate Binary Traders

  • i don’t hate Crypto traders,

  • I don’t have any traders
    that has to be the stupidest thing i have ever heard… to hate someone based on the instrument they trade HEHE :stuck_out_tongue:
    what would be the name for a person who discriminates against another based on INSTRUMENT OF TRADE hehe

Trascist
Instrumentascist
Cryptascist
hehe
i don’t know

my take is…
i don’t have people
i don’t hate instruments

i just look at them and decide if they are worth trading or not
Now… some are completely stupid, no doubt about it
and if someone trades them, i don’t hate them, but it’s certainly not a smart choice and it just yelll AMATEUR

beyond that i personally don’t have any hate

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