What should newbies stop doing in order to succeed in forex? [We now have our forum giveaway winners!] 🎉

[Gee_Ell]

Oh my… it seems so far I’ve lost pips at every stupid trap out there!

setting arbitrary stops then moving them (in the wrong direction of course)

NOT setting stops

Hopping on spurious trades because… reasons

Betting 10% of my capital on that infallible Ichimoku signal (although I had just started with the indicator)

Placing parallel trades on two positively correlated pairs

And… sizing my position proportionately to my feeling towards a certain setup.

…the list could go on but I think that’s enough self shaming for today!

[krugman25]

Stop trading without a journal

There are a hundred things a trader shouldn’t do. It’s tough to pick any specific one as they are all harmful to trading. But one thing a new trader definitely shouldn’t do is trade without a journal. Why? Because the journal will show you those hundreds of bad things you are doing so that you can stop them. Over trading, emotional trading, bad entries, bad exits, constantly changing your trading rules, over leveraging, etc. etc. can all be caught and fixed using a detailed trade journal. A good journal will show your weaknesses and strengths, giving you the opportunity to improve your trading on a continual basis. It is not just enough to journal. You then have to study the journal and make a conscious effort to improve your trading through it.

[steveepperson]

Have the discipline to stop trading for a little while. Come back to it after you don’t miss it anymore. You would be surprised.

[Penelopip]

Whew! Sorry for the delay! Picking winners took us quite some time.

Thanks to everyone who participated! This thread is definitely going to be a must-read for all newbies determined to succeed in forex.

Again, for those wondering, this was an EXCLUSIVE GIVEAWAY for BabyPips’s TL2 and TL3 members. Two winners were chosen, one, a member with the most-liked post on this thread, and two, a winner picked by the BabyPips team.

NOW ON TO THE WINNERS.

Garnering 44 likes, our most liked post is from @giannigeez!

What should newbies stop doing in order to succeed in forex? [We now have our forum giveaway winners!]

What I’ve learned so far is to: STOP trading multiple pairs as a beginner! Find a pair that you will have an edge with, watch the pattern (trending up, trending down, ranging sideways). Attempt to master this pair (although all trends change over time, ride the trend while it lasts). I was finally profitable this week once I cleared my list of pairs and narrowed it down to one. (GBP/NZD) STOP trading without a position sizing calculator. This calculator helps set up your risk management pla…

As for the team’s pick, you all gave such amazing answers, and we had a tough time picking our favorite! But after hours upon hours of deliberation…

We chose @MikeWolski!

What should newbies stop doing in order to succeed in forex? [We now have our forum giveaway winners!]

Here we go. New traders. I’ll give you all I got. The question is…what should you stop doing… Well, since I don’t know each and every one of you. And since every single human being is different. I’m going to approach it at a side angle. This is what you need to do. Before I get into it, you need to know who you’re dealing with. Me. I am no one special. Really. I’m not even consistently profitable. I can’t even brag about anything in regards to my results. But… I am old enough. I have the m…

Congrats @giannigeez and @MikeWolski!

So, that’s it for this giveaway…

NOT!

We received soooooo many great replies, that we had to pick two more winners.

Yep, You got that right.

Two More Winners

They will receive limited edition BabyPips.com shirts, and goodie bags from us! Our lucky winners are… @johnnykanoo and @macilme!

What should newbies stop doing in order to succeed in forex? [We now have our forum giveaway winners!]

It’s been a while since I’ve posted here. Truth is I dont need $50 but I thought why not. I’ll reply It took me years to find consistency. It’s not easy. So my first advice is dont give up. Its harden than you think but it’s worth it. You need tenacity to make it. A lot of people jump from system to system in a type of shiny object syndrome. Stop doing that. Systems are easy entries are easy exits are a little trickier but it all falls apart when you give up. Understand your markets. …

What should newbies stop doing in order to succeed in forex? [We now have our forum giveaway winners!]

Ah well!, looks like this is where we should all come to after graduating the Babypips School of Pipsology. I’ll Just share some of the things I’ve learned along my own Journey. 1. Accept that you’re worse than 70% of the real trading community: You’re new, which means by extension, until you start making consistent profits, you’re part of the statistics, you belong to the 70%+ that’s losing money on a consistent basis. 2. Never avoid recording your trades, it’s the Lab you need to analyse y…

So that just happened!

Congrats again @giannigeez, @MikeWolski, @johnnykanoo, and @macilme!

I’ll be in touch with you shortly to discuss how you can receive your prizes.

We owe the success of this giveaway to everyone who shared their experiences and knowledge! You make BabyPips a great community, and we thank you for your contributions and for spending your time with us.

Don’t worry if you weren’t so lucky with this giveaway! We have more in the works, so watch out for those!

[Ananais]

Congrats to all the winners @giannigeez @johnnykanoo @MikeWolski @macilme!

And a nice and warm welcome back to @johnnykanoo! Good to see you here again!!!

[giannigeez]

Thank you!

[justshell]

this gif is hilarious

[MikeWolski]

Thank you!

[eddieb]

What happened to the post by Manxx?

[macilme]

Yass!!! that helps

Thank you!!

[5imedinvi]

Stop being so damned concentrated at everything just cause you want to be a pro very soon. Take it all like a life lesson and with relax, that way your way to the pro will become so easier I couldn’t even imagine how. That was my mistake initially - over perfection or so.

[jorgemontero]

Congratulations!!! Well deserved folks!

[Daisycandles]

Thank you for the wise counsel. I’m a newbie and it’s comforting to know that successful trading is a process, a journey. And consistently doing what works is what gets you to there.

[bannyChen]

I only trade in the Euro session.
I only trade one direction in the same period of time.
I only trade once at the session.

[justshell]

very strict rules right there, but I’m sure it’s effective. So you pretty much follow the trend, you don’t do counter trend trades?

[bannyChen]

What is counter-trend? We don’t know until the market has finished. I don’t predict direction.
I’m a day trader.
1.Get to the S/R level.
2.Price Action.
3.A signal appears.
4.Entry
5.stoploss
6.Move S/L
It is simple.Keep simple!

[justshell]

its when you go trade against the trend, I’m a day trader as well

[anon46773462]

What happened to the post by Manxx?

I was informed by a poster here that my posts are too long and just full of empty wind so i obliged then by deleting it.