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Whats the Best Education Around??

Robin Pike (robinpike)
Aug 05 2016 at 03:53
5 posts
I started to learn how to trade in February, 2016 and have gone through two programs (MTI and Apiary Fund) and while I have learned a TON of information and have done some successful trades I feel there is a piece missing. I am sure it has a lot to do with the learning curve and just needing experience behind me but I can't help but feel there is something missing. My husband keeps telling me, one day the light bulb is going to go off and it will all click for me! I do not plan on being in the 95% of those traders who quit. I plan on making this my full time income so I am extremely determined to make it work!! Any productive advice is welcome!!

Thank yoU in advance for your feedback!! :-)

Robin

Failing Forward is The Way to Success
Alexandre (AlGauthier)
Aug 05 2016 at 16:53
35 posts
If you already have a lot of knowledge, but you still feel insecure, maybe you should try to improve yourself with a Demo account. This way you will not lose any real money, but you can create the perfect strategy to make you feel comfortable. I hope this helps you out.

Robin Pike (robinpike)
Aug 06 2016 at 10:03
5 posts
Thanks Al... this is great advice!! I do feel comfortable with the knowledge I have - its just that one piece!! I completely understand what you are saying but I have a mental block on using a demo account as I have heard SO many new traders talk about once they got comfortable on the demo and move into a live account they blow their account. I feel like a demo creates false hope and confidence. With that said, I really am not sure how to create the perfect strategy for me... I guess thats the piece I'm desperately missing!!

Thanks again for your feedback!!

Failing Forward is The Way to Success
Homma Munehisa (HommaMunehisa)
Aug 06 2016 at 10:08
6 posts
robinpike posted:
I started to learn how to trade in February, 2016 and have gone through two programs (MTI and Apiary Fund) and while I have learned a TON of information and have done some successful trades I feel there is a piece missing. I am sure it has a lot to do with the learning curve and just needing experience behind me but I can't help but feel there is something missing. My husband keeps telling me, one day the light bulb is going to go off and it will all click for me! I do not plan on being in the 95% of those traders who quit. I plan on making this my full time income so I am extremely determined to make it work!! Any productive advice is welcome!!

Thank yoU in advance for your feedback!! :-)

Robin


Try your strategy on the micro-account.

During trading, lead the log entry.
At the end of the week, to conduct an analysis of records.

Good luck!

sozofxtrading
Aug 07 2016 at 06:22
2 posts
robinpike posted:
I started to learn how to trade in February, 2016 and have gone through two programs (MTI and Apiary Fund) and while I have learned a TON of information and have done some successful trades I feel there is a piece missing. I am sure it has a lot to do with the learning curve and just needing experience behind me but I can't help but feel there is something missing. My husband keeps telling me, one day the light bulb is going to go off and it will all click for me! I do not plan on being in the 95% of those traders who quit. I plan on making this my full time income so I am extremely determined to make it work!! Any productive advice is welcome!!

Thank yoU in advance for your feedback!! :-)

Robin


Check out www.barchart.com. There are tons of resources to choose from and it gives you buy/sell opinion for long term, mid term, and short term. Also use the Futures resources as well to shed light on FX.

You don't need 'education' as you probably know as much as the basic beginner. You need patience. Think of trading like hunting an animal. You don't take a shot everytime you go to the woods. You have to watch every day and then strike when the opp hits.

A few rules to suggest and follow:
1.) NEVER trade against a long term moving average PERIOD. Yes, you will miss some good trades but you will never catch them all. This isn't Pokemon, LOL. EURJPY holds up fairly well against the 100 WMA. Never buy on a downtrend.

2.) Trade pairs like EURGBP, AUDJPY, and EURJPY. EURUSD and GBPUSD are gambling for those without discipline and perspective.

3.)In your post you say your goal is to earn a living doing this. I hope and pray you do but it will not happen in a few months. It will take several years of patience and learning and commitment to the craft of this. All gamblers lose in this game, period. This is a business and must be respected as such. Not saying you don't respect this, just saying that it's a dead serious understanding and commitment to achieve this. Most people I know who do well in this earn a great living doing something normal and they can afford to risk on their account and sleep fine at night because they are fueled with capital backing them.

4.) If you can't win on a demo NEVER deposit real money. It's 1000 times harder because the stress is real.

5.) Finally, stay humble and coachable. Consider this your golf game. You're not competing against anyone except yourself.

I hope these tips have helped. P.S. Don't get caught up doing 50 pip stops etc... Brokers blow right through them. You have no choice but 150+ pip stops if using a daily chart. I would never use a smaller time frame because volume is not readily available which will spike the chart and instantly stop you out.

shaukat jahangir (shaukat113)
Aug 09 2016 at 13:43
2 posts
a new concept to become alive from deep water trades. worth to read about Einstellung effect and its effect upon trader behaviour


 https://www.dukascopy.com/fxcomm/fx-article-contest/?I-Get-Catch-In-The&action=read&id=3277#read-article

Remaux (Clert)
Aug 10 2016 at 06:20
20 posts
I could advise not to stick to trading manuals and old video tutorials. market is always changed. And also stay away from binary options.

Wildbill
Aug 10 2016 at 06:50
36 posts
I started trading without any education beyond a demo account for three months and a software package I bought that was supposed to give me entries and exits. The outfit that sold that package went out of business shortly thereafter. Does any of this sound familiar?

I also tried varying my trading strategy, or more correctly trading strategies, including the amounts at risk in any one trade, because nothing worked consistently. Does any of this sound familiar?

 I watched helplessly as a huge spike crashed down through my stop loss positions and found that 'Surprise, our contract says that we aren't responsible if the market moves so fast that our touted superfast trading computers couldn't keep up so will you please come up with some more money for your trading account margin protection.' Does any of this sound familiar?

I wandered around the internet, went to 'expos' and followed the trading advice of several gurus employed by reputable firms. (You probably know who they if you surf around the net) I also followed the advice of several individual gurus not affiliated with any recognized trading firms. Boy did I see some scams along the way! Does any of this sound familiar?

I was basically treading water, neither losing a lot nor gaining a lot on a consistent basis. One day I decided to try a free ten day trial of a educational training room. I had seen a brief presentation on the system that was taught at the Dalas Expo, and it looked good, but involved fibonacci levels and technical stuff that I didn't like because I don't like math. But I figured, 'Ten days free, why not check it out?' I learned two basic things in those 10 day. 1. You cannot win as a 5-10 pip scalper unless you are correct 90% of the time. 2. A trade set up that was described as effective 90% of the time and that sounded good--but I didn't buy into the program. Smart guy that I am, I figured to try out the 90% trade I had learned to see if it worked over time. It did. I started to make consistent pips at levels way beyond the 5-10 pip scalp I had been using.

That doesn't sound familiar does it? Well, I went back for another 10 day free trial about a year later---and I was sold on the system and the tools. Since then I have been consistently trading profitably, so much so that Oanda gave me an 'attaboy' certificate that I was one of their 'Elite Traders.' Now that just means I was in the top 5-8% of their traders for the year, but at least I don't feel like a jerk any more. I banked a net of 93, 237.1 pips on my FXbook portfolio since June of 2014, and I'm very happy with my progress. The cost is absolutely insignificant considering the results. I feel like I can trade with confidence daily because I can interpret where the Big Boys are going.

I'm not a 'know it all.' I'm still learning at this program's daily mentoring every day. I'm sure there are other reputable mentoring programs out there--but this is the one that turned things around for me. I don't want to come off as a shill who makes money off of this post as I have no financial interest in the program, but if you look around you can find this program.. Good luck with your trading.

ricki72
Aug 10 2016 at 11:06
238 posts
sozofxtrading posted:
You don't need 'education' as you probably know as much as the basic beginner. You need patience. Think of trading like hunting an animal. You don't take a shot everytime you go to the woods. You have to watch every day and then strike when the opp hits.

A few rules to suggest and follow:
1.) NEVER trade against a long term moving average PERIOD. Yes, you will miss some good trades but you will never catch them all. This isn't Pokemon, LOL. EURJPY holds up fairly well against the 100 WMA. Never buy on a downtrend.


Very nice and interesting description!
I like the comparison to hunting an animal. It´s really like this (from what i learned untill now)!
The beginners want to trade all the time, this is a tipical mistake. It´s important to analyse the market and decide if it isn´t better not to trade untill it changes.
Rule 1 is also very true in my opinion. Every time I traded against the trend (when i saw a 'spike') I always lost.

@Robin,
at least you don´t do the mistakes I did.
I lost all my economies with crappy EAs, bad copytrades, lousy and gambling manual trading and now i am learning to trade with respect, discipline, risk management and a very little account.. 😭
I will need a lot of time before i will eventually be able to quit my job.

And I would never start with a demo account.
First and only time I traded with a demo account, 6 years ago, I made lots of profits, without having any idea about trading.
I hope my english is ok (I´m from Germany)

The differenece between who your are and who you would like to be be is what you do
sozofxtrading
Aug 11 2016 at 06:19
2 posts
ricki72 posted:
sozofxtrading posted:
You don't need 'education' as you probably know as much as the basic beginner. You need patience. Think of trading like hunting an animal. You don't take a shot everytime you go to the woods. You have to watch every day and then strike when the opp hits.

A few rules to suggest and follow:
1.) NEVER trade against a long term moving average PERIOD. Yes, you will miss some good trades but you will never catch them all. This isn't Pokemon, LOL. EURJPY holds up fairly well against the 100 WMA. Never buy on a downtrend.


Very nice and interesting description!
I like the comparison to hunting an animal. It´s really like this (from what i learned untill now)!
The beginners want to trade all the time, this is a tipical mistake. It´s important to analyse the market and decide if it isn´t better not to trade untill it changes.
Rule 1 is also very true in my opinion. Every time I traded against the trend (when i saw a 'spike') I always lost.

@Robin,
at least you don´t do the mistakes I did.
I lost all my economies with crappy EAs, bad copytrades, lousy and gambling manual trading and now i am learning to trade with respect, discipline, risk management and a very little account.. 😭
I will need a lot of time before i will eventually be able to quit my job.

And I would never start with a demo account.
First and only time I traded with a demo account, 6 years ago, I made lots of profits, without having any idea about trading.
I hope my english is ok (I´m from Germany)


Thanks! I worked for a top Market Maker. They are good people so let me say that first but it started to seem fishy when people were literally stopped out within 10 pips and then the market reversed. When it quacks like a duck, then guess what, it's a duck. LOL

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