What would you tell yourself..knowing what you know NOW?

Hi Guys !!

I’m 56…Canadian…Bilingual…and REALLY want to learn Forex trading…!!!

What advice would you give the younger YOU…( Knowing what you know NOW)…that I could benefit ?

  • I know I have to practice with a Demo account …before I go for real.

  • That I have to be patient…

  • That there is not much Get Rich Fast strategies…

  • That a 5% to 10% return is the normality…

That much I know so far…

PS: Did anyone started small ( 100$ )…and had fun in the process of learning…with that small amount ??

Hope to hear from you soon.!!!

Well, I don’t really know what to say to myself If I were to talk to myself during the time that I’m still getting started ,But my advice to someone who will start on this journey is , ask yourself first why and how far are you willing to go to succeed in this journey because there will be tons of challenges, and hurdles. If you lay a good foundation, everything will follow.

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Learn to trade the clean charts and scrap the indicators which you’re using as an aid to find trading signals. Once you become efficient at this I’d then suggest that you scrap looking for confirmation signals on the price chart (such as pullbacks or bounces) and enter at the level you have marked out. Usually, entering after a confirmation eats into to much of the margin you could have taken as potential profit if you got the level correct in the first instance. You’ll also find that the margin between the confirmation price and the price level you had initially marked out is where stops are being placed - so get in early once you master what levels are of significance.

On this comment, which I agree with I would also add how to prepare a journal. It’s vital that you learn how to quantify all trading decisions into a standardised format. If you can’t manipulate the data after recording all of your work then there’s little point, right?

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Keep a journal.

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Thanks for your reply…!!

The WHY is covered…now i just have to learn the HOW…!! :wink:

Thanks…

Good advice !!

Being someone who writes everything…it’s up my alley !!

I suspect that there’s an app or software already tailor made for that…( Not much of an Excel sheet fan )

It would really work in your favour if you were though? Perhaps a few basic lessons would save you a lot of time later down the line?

I use excel sheets for backtesting and foreword testing strategies and also keep a written journal. You could use any word processing program if excel isn’t your favorite. There’s nothing wrong with just keeping it all on paper either.

I’d have to disagree with this - you’re making your work a lot harder for yourself when you want to explore the data which you have collected. Then again I come from a data analyst background, so i’m biased to wanting to see quick instant results.

@MikeWolski used to keep it on paper and has moved to excel - i’m sure he can back this up - here is an example of his paper journal!

He also has the same colour carpet as me - but that’s not important.

image

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I’m a Minimalist…so i think a software will do the trick !! :wink:

On the same Beginner topics…Are the free courses here any good ?
( I know we are being watched…) :smirk:

Why don’t you check them out and find out for yourself?

Always maintain trading a forex demo account with unreasonably risky strategies for practice.

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I was just asking for some insight…from people who tried them already…

I’ve never used them, I came here to late for that and learnt this from self teaching, trial and error - perhaps the better way depending on what type of person you are.

Regardless of their quality or quantity, i’d still highly recommend running a demo account in the background too. Even when you know the technical concepts of trading via textbook, the even bigger lesson is learning how to implement them in live markets. It’s a totally different ball game. Perhaps why some suggest that private mentors are a useful addition, if you can afford it (and if you have done your research, it’s a scam riddled environment this)

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Hey Wolf…

Ok. I’ll buck up.

Yeah, I’ve thought about this question a lot.

“Dig in real hard, it’s a long road, and embrace the learning curve!”

Honestly, I would have not listened to myself. Even if I were giving myself the magic numbers, the way to do it, the holy grail. I know within myself that I would not have listened.

That is honest to goodness reality. In fact, nobody listens to what they really need to. We’re just like teenagers. They have to learn the hard way.

Plus the fact that each and every trader is different. Not only are we different human beings, with a different upbringing, strengths and weaknesses. But, there are a million and one ways to make it in the market. Over time. That’s the reason why they always say that you need to find your own method.

Look. I’m not saying that we can’t learn from each other. Of course. And we do in here. There’s always the basics and stuff that we absolutely need to know. But, when it comes to the strategy that you want to find, need…and one that you know inside and out, upside down, totally proprietary, that’s gonna take a terribly long time.

Basically, if i were to go back and do it all over again, I wouldn’t change a thing. I’ve learned so very much though all the bad times.

I don’t know…maybe I’m different than other people. But, what I do know about myself is this…That I learn best by going through it.

It’s a road, Wolf.
You can do it!

We’re here to help.
And sorry I’m not much of it.

Mike

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Trial and error…

That’s the way I learn most of my skills !! Lol

I’m very patient…but not stubborn…( If I see something that doesn’t work…I just don’t stick to it…just “because”…)

Concerning the Mentoring…I’ve also heard that it’s tricky to find a good one …but I’m not there yet.

So I guess i’ll read on the subject…try my hand with a Demo…a stay away from Scammer…!!! :slight_smile:
Thanks for your time and guidance…:+1:

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Loved your insights Mike !!

Except the part “Taking a terribly LONG time”…!! Lol

At 56…it’s not the thing I have so much of…learning wise… :wink:

Joke aside…I’m a person that have success in everything i put my head into ( Learning Guitar…Graphic design…Sales…etc )

This year i gave myself the choice of starting to learn the Piano…or Forex Trading.

From what you wrote…my personality should be in par with trading.

So…I guess my choice is good…and only that “darn” time will tell !!

Thanks again… :slight_smile:

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According to this you need to open a fast food venture and quickly

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Hahahahaha…

I was just typing that kind of reply…when I saw yours !! Lol

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You guys are funny!

I’m sorry 'bout that Wolf.

Please don’t get down about that. What to take from that is moreso about not to expect to get it all so quickly…than about how long it takes.

That’s why if you try to enjoy the road, you’ll eventually get it. Like, before you turn 60.
That’s all.

Mike

P.S. - You got 5 yrs on me.
And I started at 45.
shrug

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