Wrong.
Do you think a med student knows after one semester if he/she will make it to becoming a doctor?
This is no different. It takes time to get good.
Ok, being new to this I realize I need to maintain a humble posture. Some of youse guys swing a pretty big stick. But perhaps it is what is necessary in order to beat the message into a neophyte’s thick skull.
So, thanks for the sage advice.
This is what I want to do.
It’s a pipe dream.
I just want to be profitable over the long haul.
Won’t happen. Not without neccessary preparation.
I don’t have the experience yet so I only have numbers to play with.
I got that signal.
I guess I will know in a very short time if I will make it or not. Right?
You will know in a very short time that trading isn’t what you thought it is. And it did cost you a bundle of your capital to come to that realization. It’s not cheap.
I’m committed to learning,
That is a vey good pre-requisite for being profitable in the long haul. The question is what’s the smartest way to put that into practice without getting hurt by blowing your account.
I’m reading and watching charts.
You read and watch. What else do you do…?
I guess I will know in a very short time if I will make it or not
It will only take a short time if you give up after you lose some money;).
being new to this I realize I need to maintain a humble posture
I don’t think anyone cares if you are humble but I would listen to some of the people around here. Keep asking questions and don’t be afraid to speak your mind. After all what works for one may not work for another.
You will know in a very short time that trading isn’t what you thought it is. And it did cost you a bundle of your capital to come to that realization. It’s not cheap.
This is very true!! from one new guy to another. For now I concentrate on getting my education as cheap as I can:p.
Well, I have a full-time job and a family. So, I have to be patient. I get up early enough to try to devote an hour or two to learning.
I have not yet arrived at a well put together plan of action. I’m immersing myself in what I find online and in books and try to discern which bits are worth keeping and integrating to my ever evolving “strategy”.
What I have found is that I do not have the necessary discernment in this field. There are things I bought into earlier on which I now realize would be foolhardy to adopt. I’d rather not pay too dear a price to gain experience. I’ve been through a trade apprenticeship and without a journeyman to guide me along I would have killed myself many times. So, are there journeymen out there in Forex who are willing to guide the inexperienced?
Do you have any specific advice for newbs? For guys like myself? What does “necessary preparation” look like?
are there journeymen out there in Forex who are willing to guide the inexperienced?
Watch out!!
you just opened your self up to all kinds of off the wall people trying to get at your money. Proceed with caution and keep a tight grip on your wallet! It doesn’t sound like you have a lot of time to put in to this so be patient their is allot to learn. If you do nothing else for now learn MM and get used to losing money. I am serious if you don’t do that you wont have any capital left to learn trade profitably with.
Many thanks! Silly of me.
I second that warning.
That means your time is limited. You need to use your precious time real smart.
I’m immersing myself in what I find online and in books and try to discern which bits are worth keeping and integrating to my ever evolving “strategy”.
You are pulling bits&pieces out of here and there and trying to make sense of them. It’s pretty frustrating and time consuming I would imagine. Without much tangible results.
Do you have any specific advice for newbs? For guys like myself? What does “necessary preparation” look like?
You stated that you are in for the long haul. Like everything else in life when it comes to quality…it doesn’t happen overnight. It takes time.
To begin with one has to know and understand what this FX market actually is with all it’s terminology used. Doesn’t make any sense not knowing what you are actually bid/ask for.
Also knowing FX terminology makes it a lot easier to understand the material like books and what’s available online. On top of it you can pretty quickly find out what’s a valuable resource and what’s just a marketing gag.
I would suggest you go to the baypips school. The babypips school gives you a pretty good structured introduction on how to go about learning this thing called trading in a smart way.
And then you start practicing what you have been introduced to in the babypips school.
And I don’t mean trading a demo account when I say practicing.
If you have any questions come back here and ask and I’m confident they will be answered by people.
If you have done the babypips school already…which I doubt…I would pick out a system from this board here that has a proven track record to work.
If you don’t know which one…ask questions about it.
But no scalping system. Scalping is the most demanding and most dangerous way to earn pips for a newbie. Small gains you might make in a couple of trades can be wiped out in a blink of an eye just by one mistake of yours. Very few people are profitable consistenly using scalping methods in the medium to long term.
And as [B]Shr1k[/B] mentioned…be careful with your money. This thing called FOREX is a sales paradise for marketers and other individiums trying to get at your wallet as fast as they can and giving you nothing in return.
what do you mean when you say practicing?
Maybe practicing like a doctor vs practicing in sports…
You take different charting software without the live feed.
All charting software I’ve ever used has historical price data. So you have a functional chart and can start practicing TA.
It’s like a doctor. He doesn’t get to practice on patients straight away when he is learning his craft. And even then he only does it under supervision and guidance.
People move straight to demo accounts without realizing there are a couple of steps in between.
Demo accounts are for risk profile levels and trade tolerance levels. Meaning getting accustomed and used to these two factors.
How to do chart analysis for instance should already have become second nature before demoing is taken into consideration.
oh ok, that makes sense.
equities and e options. i just started lookin at fx a few days ago. maybe , for this reason my post is irrelevant , if so treat it as such.i am hoping however that some of my stock trading experience will carry over and be a help in Fx. My 1st humble opinion is TA , charts and price action movement has to be fascinating to anyone who hopes to be successful in this biz. If you have to use will power to do your homework , bad news .100’s , even 1000’s hrs of chart , P.A. study is probably useful to most people and you won’t do that useless you’re really committed.
2nd H.O. is altho i love maria and dillion and mark and erin , I don’t care much about the news. my personal style is to trade the 15 min , sometimes 5 min or even 1 min chart. I get my suppy/ demand info from the 60 min and daily charts and any late breakin news will show up 1st on tick or 1 sec or smallest T.F. that you have
3rd and final H.O. is K.I.S.S. your chart template doesn’t have to look like J. Pollock painting. The indicators you use should be the ones that make sense to you. I’m not convinced that any one is better than another. many are just close copies of others so it makes sense to check to see if you’re not loaded up on volume but have no volitiity or something like that.
Anyhoo , just ramblings on trading in general , I agree completely with everyone who has said putting your $ on the line w/out through preparation is just gambling. Most gamblers that I’ve known have NOT enjoyed a happy retirements. Thanks to all you guys and gals , great site/forum
CAS Ive had my 5k account for nearly 2 months now. Is a little down but was up.
Where do u get this one from?
Where can we find these factors to “study learn and practice” CAS?