hello there since ive completed the school, started back testing had some good results, so i moved on to demo trading been doing it for around a week… just wondering if theres anything i can do in the mean time that would aid me as i find myself just watching charts and it feels like a waste of time. I have written my plan and stratergy and journaling as i go anything else?
You can read different types of forex related books, articles at your spare time. You can practice on demo account to improve your skills,
You could improve your Excel skills, your statistic skills.
You could learn python for traders.
You could get better at getting new trade ideas by learning more about the macro economy.
You could start following the COT report each week
You could start learning how the bond market works - it’s the most important market and affects everything
You could go to the Fed Reserve database and start looking over it
Just a few ideas to keep you busy!!!
do other activities away from this too
Thanks I will look into these
I echo what John said and those are just a few important items. Most markets are connected in some form or fashion so understanding how each works is beneficial. The more experienced you become the more you will see the correlation. I have been trading for over 20 yrs and placed my first natural gas & NY OJ trades this month. There is always an opportunity somewhere and the learning never stops.
Greenscorpio is correct also it’s important to find time to completely turn off from the markets. Normally that’s the weekend for me unless crypto is really moving around
Thank you I will look in to these next time Im trying to pass time.
@rolandlc33 thank you and I plently of time away with football girlfriend ect
Do you have any resources or link I can use to learn Algorithmic trading? I want to put my trading system into code.
In my opinion, it’s also good to use some of one’s spare time to relax and not think about trading. Be able to recharge mentally and physically is important.
There are some python programming courses around - some on udemy
Also Google Digital Garage do a free basic python course
And a few python for algo trading (pricey) at quantra.quantinsti.com
As a side note learning general python skills is a very marketable skill these days so worth checking out.
@Johnscott31 Thank you so much. I will check it out.
Looking at charts is not a waste of time even if you feel it is, looking at those charts is what you will be doing hours and hours everyday if you become a full time trader. So why not start now,
but if you still have spare time then the following could help.
- Watch YouTube videos (Forex related),
- Re learn the basics get them solid in your mind,
- Research deeper into everything you know already,
- Find a mentor,
- Re do the babypips course multiple times, every time you re do the course even from halfway you will find it easier and easier until you will remember everything
Don’t be fixated on trading only, won’t do you any good.
Why not build your own technical indicators?!