About 10 years ago my husband and I paid way too much money to go on a trading course. It was exciting at the time but reality struck when my husband got ‘carried away’ and lost a little money afterwards. I had stayed on the sidelines more, just dipping my toe into the water and just about breaking even. I wanted to do more but thought that I needed to understand the Psychology more. It has always been at the back of my mind but I didn’t progress this. Now with government restrictions over Covid decimating the UK economy, I am looking for a more self reliant stream of income for the future, but need to remind myself of the basics again first. I was recommended to join babypips to do this.
Yes, for the basics babypips rocks. Welcome again. If you don’t mind I would like to give you a little piece of advice and which is to use a demo account while you learning all the things. Learn it then implement it on a demo account. I’m sure it won’t waste your time. Good luck.
Welcome in BP community
Hi Robinroy
Thanks for reaching out with your recommendation. I am doing a video course with Andrew Mitchem, the Forex Trading Coach - he has very good reviews and also recommends using a demo account first to build up your experience before ‘going live’ so this is definitely what I intend to do. I read a review about him and was impressed by it so wrote to the reviewer - it was he who recommended that I try Babypips to get a better understanding of the basic concepts first, so here I am.
Welcome to the madness. These world changes are forcing many people to get back into or get more serious in trading. As for the basics don’t forget that trading is never ever about the money which will be something you will have to be careful with when it comes to your psychology. It’s all about probabilities and good math. I know your intentions are to have trading as an “income,” but keep in mind it also takes statistically 4-5 years to become a consistently profitable trader, that is just the reality of the game you are playing in.
There is so much freedom where to start and what to focus on, almost everything can become profitable as it’s not what you trade but how you trade it. Best of luck in this very difficult business.
So true.
Unfortunately trading is being perceived by many now as a way to make a second or stable income. And that is understandable given the current economic crisis.
The fact though is - if you have never previously taken at least a passing interest in markets and current affairs then you really need to question whether trading is for you.
I think I recall @eclipz3 you mentioned you always advise not to start trading - well I always advise exactly the same too.
If after that warning you are adamant and pig headed enough to want to trade, along with having at least done some serious background reading into markets then fine give it a try.
But trading is deceptive. It looks like all you really need to do is follow a few straight lines on charts or follow some squiggly line based indicator but there is way more to it than that.
The biggest problem that beginners face is that in trading - unlike setting up a business - you cannot impose your own will on the results.
In business you can work harder, sell more convincingly, invest more, be more strategic and generally mold conditions in a favourable way.
In trading, beyond learning more and trading more (usually intra day) you cannot do anything to improve results - it’s a very passive way to make money.
And frankly most are not cut out for this whole passivity side of trading.
Going back to @MadameForex original post - if you recognise (which I believe you do) that psychology plays a massive role in trading success then you are ahead of most.
Without trying to bring up the gender argument up I do believe that females are more cautious, and are able to follow strict rules easier than us males.
To improve your trading psychology, I would recommend you two books. Both are written by Mark Douglas. 1. The Discipline traders 2. Trading in the Zone. Every trader should read these two books.
Learn the basics for free here.
Alright. May you have a long and profitable trading career. Cheers!
If you want to learn the basics, BabyPips is the best platform you have.