Member Since Apr 16, 2012 10 posts
Ben Bakhsh (BBakhsh)
Apr 18 2012 at 10:27
2 Books I think are fundamental to a starter - How to trade a Currency Fund by Jarratt Davis (Its fantastic, only a days read but it covers things you wouldnt usually think of... its the best Forex book ive read. also trading in the zone by mark douglas. Again fundamental.
Good luck on your journey
Hello, my name is Hobart and I am about to embark on a journey. My goal is to learn the Forex market from scratch. The hope is that I'll find something that excites me other than playing golf. It's become quite clear that golf will not pay the bills; I can't stand my sales job, and things need to change.
Obviously this is going to be a difficult task and it may never lead to something I can do as a career but at least I will have tried. In no way am I writing this for validation or any other vein reason. Simply put I'm writing this so that I can always come back to see what my thoughts were during this process. Like anything sometimes you'll need to get back to the basics and I hope this will provide me with a sort of 'live journal'.
To begin I want to state that my knowledge of this market is next to nil, I've been aware of it for years but never bothered to learn anything about it. Previously I've been licensed with a Series 7 as well as the 66 so I've always had an interest in the markets but never enjoyed working with clients so I changed directions. That being said though I've always had an interest in working within the markets in some way.
When posting here I will be brutally honest with myself, you as a reader may look at my decisions from time to time in an unfavorable light, that is okay but if nothing else please try to keep the comments constructive in nature and positive. That being said though I will be posting any information I find useful in my education, anything that happens during demo and live trading (when I get there) as well as all reasoning and results of every trade. Win or lose, I'll do it in public.
To start my education I've decided on three resources that I will consider my 'elementary school' education. To begin my education I've begun studying the training on www.forexonlinelearning.com. So far it has been very helpful in explaining the basics. In the past 5 days I've made it through approximately half the material and taken roughly 2 notepads worth of notes. I'll be working to try and digest all of this course by the end of this weekend.
At this point I've also ordered the following books:
by Peter Maunder
How To Read The Financial Page
by Michael Brett
Technical Trading Online (Wiley Online Trad...
by Jerold Roth; Trader X
The New Elliott Wave Rule - Achieve Definitive Wave Counts
My goal with these books will be to add to my knowledge base and keep my mind focused on the markets, my goal will be to dedicate 2 hours o each of these books Tuesday-Friday and one hour on Monday.
Monday morning will be spent reviewing my notes from www.forexonlinelearning.com. In addition I will begin working through all of the training provided on www.babypips.com on Tuesday morning at 8am,. Tuesdays thru Thursdays will be spent from 8am - noon dedicated to my Forex education before I start my income job. Fridays will be spent from 8am - 3pm on FX education.
Although the training on BabyPips should only take me about a week the combination with the books will push that out to 2-3 weeks. Throughout this process I will update this page with what I've learned and the insights I've had, again so that I can always go back to basics.
Upon completion of the BabyPips training I'll be moving on to the plan outlined on www.prop-traders.net. It is my hope that with the combination of these three resources as well as additional reading I'll have a solid trading plan in place that is focused on money management, minimizing risk, a beginning trade philosophy and a confident outlook.
All tolled I would like to complete my initial education within the next 90 days. From there my hope is to have a profitable demo account and begin live trading.
Thanks for taking some time to read all of this and I look forward to sharing my wins, losses and experiences in general. Wish me luck; we all need a little bit here and there.
The money is between the chair and the screen
Member Since May 29, 2012 1 posts
May 29 2012 at 19:02
I have recently started to look at embarking on the FX journey, and i am very glad that i have stumbled on to this. I am learning and will now start to look at the resources you have on here. Thank you for the links to some of the sites this is very usefull.
Will be looking into what you are posting.
Member Since Dec 15, 2010 795 posts
May 29 2012 at 19:08
Its a long hard bumpy road for sure. Been doing this for many yrs. About the time you get it figured out, the rules seem to change against you.
Click on my Name to see My Live Charts and Bio.
Member Since Apr 21, 2012 19 posts
May 31 2012 at 06:49
Best advice I can give. 1: Fund your account with plenty of money. 2: The trend is your friend. Good luck you will need it.
Think logically if for every dollar I make someone loses one. Therefore you would expect that the longer you are in the game the better you become. Therefore for every dollar I make I get from someone who has just started and every dollar I lose goes to someone who has been trading longer. (on average) Try to trade for the long haul...