Willing to learn in a long term basis

Hello everyone, I’m a complete beginner, I have gone through all the baby pips school, now I’m about to start all over again. I fully understand the importance of trading psychology and I’m working really hard in controlling my emotions in everyday life, hoping it will get the same once I start to trade in demo account.

My question is: What is the best approach to become a full time trader in the next 3-5 years, considering that time to learn and practice everyday?

I consider this as a life marathon and not a 100m sprint race.

I think I need some guidance to learn by myself this fine and complicated art of trading.

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first of all welcome
as to the answer of your question i do not know for sure as i am also a beginner
but my opv
find a strategy that has a good winning percentage and stick with it

Hello @felipefe20

Completely immerse yourself in trading but do it with an obssesive persistence. Work your ass off, demo trade, practice, study, read, experiment, learn from your losses and get as much screentime as possible.

Eventually you’ll see progress, and that progress will inspire you to keep progressing.

Once you’ve lost enough, worked hard enough, persisted long enough and progressed far enough… the market gods will throw you a bone or 2.

Best of luck to you

Hi @felipefe20

Kudos for taking the time to study.
The following might be helpful for you:

Find a broker regulated with a solid national body, such as the FCA. Avoid offshore brokers in exotic places with their bonuses and other offers. Open a demo account, split the amount they offer into smaller realistic sub-accounts closer to the amount you will likely have when you go live. Then reduce the leverage they offer to something like 30:1 or 50:1 as this is more like a live account should permit.

Strategy-wise, try to find a style that suits your lifestyle. The latter parts of the school should give you some help here.

Good luck

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There is no such thing as “the best approach for everyone”. Every person has different needs, different responsibilities, different learning curve, different amount of free time to use to learn, etc. So the approach for everyone is different. You will have to discover what is best for you.

Thank you everyone for taking the time to answer.

I think I will try some trading systems published in the forum, see how it goes and try to suit them to my lifestyle and mindset. At the same time as I’m studying, reading and getting as much screentime as possible.

Hi Felipe
work hard in emotions, don’t allow a bad trade hurt your psyco, is a bad trade and that’s it , let it go .:point_right:t5:

patience … everything that goes up soon or later goes down…is not about money ,is about what all traders are doing…:earth_africa:

this job is more bored than you think…:sleeping:

don’t play like super fx hero, if you feel super power and want risk more capital because the little greed devil is whispering , close the platform and go to have sex with your couple…:grinning:

saludos !!

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Hi Felipepe20,

Welcome to babypips and Forex. It will be interested journey, trust me :).

I will tell what I am mostly telling other beginners on my blog because I believe that is a good approach based on my experience.

What ever you have read read it again with understanding and if possible imaginationtion how it would look like in real trading.

To imagine this kind of situation is not easy. I could not do it but you can give it a tray, maybe you have better capabilities.

If you cannot imagine then plan to have small amount of money which you can lose. If you have 50-100$ put them on real account.

Before you put real money first use demo account to learn basics so you do not lose any money until you understand how to use Metatrader 4 or any other platform.

After that go to live account.

As you go through forum and read how to trade practice that.

As you will practice on real account all emotions:

  1. fear and greed
  2. overtrading
  3. over leverage,
  4. felling you know how to trade
  5. entering trade without stop loss and take profit,
  6. entering trade without plan
  7. entering trade after losing trade thinking this will be the wining one
  8. entering trade on impulsive move
  9. increasing stop loss hoping market will turn in your direction a d then losing account balance
    10…and so on

…will emerge and you will see what kind of person you are. Then you can see what you need to improve in your trading to become better.

Then read again what you have read on forum, web sites, blogs and from other traders. You will see where you have lack of knowledge, emotional control and technical skills needdd for Forex.

Repetition is mother of knowledge.

As you go through trading paralell look for trading style you feel great. You need to find that one.

Why?

Because if you like to scalp and everytime you come to trading you want to scalp but you have choosen trading strategy that consist of one trade per week you will, in time sooner or later, get over trading strategy and start scalping.

It is not problem in scalping. Problem is that you do not have trading strategy you will follow while scalping. And without trading strategy you will be influenced with emotions and you will bllow your account.

Major problem you will experience during trading beginner path or maybe later on is that you cannot find trading strategy or you cannot hold on one you find.
Main reason will be you want get money quickly and large amount of money from the market.

As yoi have read this is not get rich scheme it is true for major of traders. There is some traders who are very capable get rich very fast. There are always exceptions.

As a final word to you is:
- never stop learning and look back what you have learned. Evaluate and practice it to improve yourself.
-Have a trading journal where you will see your results and from where you will exctract your mistakes and what you have correctly.
-Fix the mistakes and improve what you have done correctly

If you have any questions just let me know.

2 Likes

Thank you. It’s been a great post with big information regarding the skills every trader should look at

The part I’m really working right now is the trading strategy I want to focus on, right now I’m more into swing trading, because I believe I’m patient enough and well organised to accomplish it. I’m 100% with you about scalping, I don’t want to get in trouble using the emotions instead of my cold head.

I love to read, I need to get the time to invest to dive in every piece of information useful for me.

It’s a long journey, I hope I can find the strength to fully enjoy it.

I agree with all the answers above.

Well I think you have to apply your ideas for trading strategies to see if you are creative enough to make something profitable. Avoid using public strategies they often lead to lose because of efficient markets

Congratulations, you are doing better than 90% of people.

Follow the 80/20 rule, and study 20% but practice 80%, experience only comes with practice and the only way to do it is to be in the field.

Go to tradingview.com and play with the charts and open a demo broker account and start placing trades. However, do not stay too long in the demo land. Many people stay there for fear of losing.

Also, remember that is not how long how you been in the forex world, it is about how many hours of dedication have you put on.

Congratulations, and I hope you reach your dreams.

Those traders who are taking forex as job need to give complete attention on how he can manage his funds and risks efficiently. Demo trading account can help traders to become skilled one. But pro traders need to take prompt actions and require to conduct proper market analysis which can lead them a comfortable trading journey ahead.

I am also joining congratulations. I can see that you are determined to have great future in trading world, due to your excellent beginner approach to Forex world. I would say that experience is most important in Forex, so eventually, when you feel ready, start with very small live account

Most of the time, people naturally gravitate toward having terrible risk to reward ratios. It is almost guaranteed to lose money over time if your losses are, for instance, 10 times bigger than your wins. Freud thought there was a subconscious drive to get pleasure and avoid pain. In some sense, it makes sense that when people let losses run, they are avoiding pain. When they take wins early, they are seeking pleasure. It is too bad that at least over time, this pattern tends to cause them a lot of pain. Attaining a good risk to reward ratio is the pattern that would allow them to actually have pleasure and avoid pain. It is difficult to get to where you can have at least twice as big of wins then your losses, but it is the only way that anyone can ever succeed at trading. Also, consider trading some other instruments, like stock market futures in the future. I think the idea that currencies are so liquid is a bunch of melarky. Currency futures are incredibly less liquid as compared to stock market futures. Their range of movement is a joke in comparison, at least, lately. Also, if you are going to trade currencies, I would suggest sticking with highly liquid pairs such as the EurUsd. Less liquid pairs are more volatile, and so, have higher risks, and are harder to avoid having your stop loss taken out. Crosses were probably invented by banks to try to make sure that retail traders always lose.