Newbie wannabe Trader

Hi Folks,

I just found this informative unbiased weblsite

my goal: to learn HOW to trade

How do I?

I'm told to learn..but learn what?

Books I've read: market wizard series, Trading in the Zone, Naked Trader

Strategies: ORB Tony Crabel, Larry Williams Range Trading, Inside bar trading

My Problem: confused

Stock traders state don't trade forex as it's a mean reversion market

Trading style is based on your personality but what if I don't know my trading personality?

I've PAID for Forex education BUT it just teaches THEORY pattern recognition and Price Action

Why the trend in UK on Forex and nothing on Options Futures trading (my observation)

I've started LIVE trading....every trade goes against me....

Diff schools of thought on trading...owhich methodology? Dow theory? Wyckoff method?


Experienced traders which path do I go down?

Hi! It's okay to be a little confused at the beginning, everyone's going through it. If you think that each deal is a loss to you, maybe you should take a little more time to demo. Maybe you have enough experience for a real account, but you're just morally not ready and you start to panic because of it. And a lot of trading forums offer free learning of trading bases, you can find more information online. Even if you think you know everything, it isn't superfluous to check all the information again, so you will be more confident and less panicky. You're gonna make it, don't give up. It's a good thing you're looking for help, not just stopped trading. I believe in you!

Thanks Duranh

I've graduated from babypips btw...which everyone recommends

I agree with the previous commentator) Maybe you just rushed to open a real account when you need some more time to demo. Different people spend different amounts of time preparing for real risks, from a couple of months to a whole year. It's also cool that you've been trained on babypips, there's good training. Eventually you'll gain experience and will not be so nervous, but on the contrary you'll be more confident in yourself and in your knowledge. Visit more forums, read additional articles about trading, spend a little more time on demo. And of course, don't forget about motivation. It can be hard for everybody, and especially at the beginning, but it isn't a reason to give up ;)

chachaman posted:
Thanks Duranh

I've graduated from babypips btw...which everyone recommends

Even I made a lot of use of Babypips in the starting years

You don't have to overthink too much all this stuff, it certainly won't help. Everybody sometimes has some problems and we lose money. But this experience helps us get better and more experienced over time. So don't think too much about past deals, think about what you can fix in future deals to make you profit.

Do you trade using a plan. If you don't you must formulate a plan for your trades, that really helps one stay on track.
Rest i wish you all the best and stay calm.

Suarez posted:
Do you trade using a plan. If you don't you must formulate a plan for your trades, that really helps one stay on track.
Rest i wish you all the best and stay calm.

Sound trading plan is essential to trading.

Wow, that newbie got so much support, that's really nice)) As for the trading plan, I also agree that a successful trader can't do without it. How will you know if you're moving in the right direction if you don't have a map? Just like a trading plan is your map in the world of trading. It's a slightly simplified metaphor, but pretty reasonable. You can either find a ready-made plan with a strategy or develop your own one, it's up to you. But I would advise you to use a ready plan at first, and optimize it for your skills and capabilities.

Hi there, in the forex world you will find the more you learn the less you know, thats when things get overwelming. Everyone can start to trade knowing the basics but you need to find a strategy that you like and demo or real trade if you have the money to loose for practice sake with small amount untill you are profitable. I would reccomend at least 100 trades and 3 to 6 months trading. The worst thing you can do is strategy hopping, you will loose your mind beleave me. Stick to what works for you.

WOW..... thanks for your support/feeedback

Yes I do keep a trading journal

As you very know very well demo tading and LIVE 2 entirely different

Demo no emotions

Even one of the market Wizards recommends trading live

I see trading as a path to self discovery by finding analysing your faults/mindset/behaviour

Again thanks traders

Make sure you practice very Well before engaging in Forex, I did my practice back then for over a year before I got my working strategy.

already blown half my account

Live trading now, emotions kick in

experimenting as I dont have startegy yet

Uslng MA Crossover

Noticed Forex is a mean reversion market

Yes. But he should have proper knowledge about the market. At first he can practice and learn about Forex by trading in a demo account. It will help him to learn all the basics of Forex easily without any risks.

if your emotion involve during your trading,its meant you trade too much lot.
so if you currently trade 10 lot,lower it down to 5 lot. till you dont feel any emotion with your trade.

2.its better to use simulation backtest, with that you can test new strategy with short period of time.

If you want to learn about forex trading you can join with many websites that provide many courses of forex learning. You can also learn forex from a professional trader.

I am new to trading also and have found https://www.tradingwithrayner.com/academy/ this fellow to be extremely helpful. Lots of content, simple, easily explained and lots of examples given. Start with the beginner series and work through.

New traders should always try to make money slowly and also try to manage the risks properly.

If you want to trade in the forex market, you have to gather all kinds of knowledge about the market. Because without knowledge you can lose all your money. So gather knowledge before entering into the market.