Improving oneself in Forex

Hello guys,

I'm new in this world of Forex, though I've searching and reading a lot for the past 6 months, and know a little bit about what we have to go through every day.

But that's not what I'm asking you, here.

What I want is a way to not be mediocre in Forex. I know our objective is to make a lot of positive pips per time, but I want to understand more, to know more than just applying systems and be done with it.

I hope I'm making myself understandable. English is not my first language.

Books about Economy, Politics, etc; Online, Offline or even TV Programs; Journals and Newspapers; etc; etc.

I know there isn't a University of Forex, but there's so much knowledge out there and I don't know how to properly start.

ps.: I'm a Post-Graduate in Law School.

God bless all.

Hi Art,

The absolute best thing you can do as a new trader is to consider it a game of skill development like you would with a sport.

You need to start somewhere though so you need to expose yourself to some different concepts and determine what resonates with you and what doesn't. There are many ways to make money in the market, you just need to find what you think will work for you.

At this point, you need to pick some concepts and just run with them. Create a framework of how you're going to use those concepts to interact with the market and then dedicate yourself to trading those concepts without fail for a good period of time. You keep great records as you go so you can get better.

After a set period of time, you look back and review. Look at your trade plans, look at your screenshots, are there common themes in your winning trades? Are there common themes in your losing trades? Write them down. Think about how you could factor those things into your trading move forward.

Were there any concepts that ended up being a chore to use or you don't think added value to your trading based on your experience and review? Consider removing them.

You then adjust your trading system based on your review and re-test for another set period of time. Rinse and repeat.

You're continually getting better and not floundering or hopping from one canned "system" to another. You're getting better everyday, cultivating discipline and good habits.

If you can do the above, you're already ahead of the game.

If you need somewhere to start, I've just started a blog post about this exact issue here: The Ultimate Guide to Create Your Own System. I've only written part one and part two will be out over the weekend. It's a six part series and should be valuable.

I'm not selling anything either for what it's worth.

All the best mate, I'll be glad to help if you have any more questions.

For what it's worth, I've just posted up Part 2 of the series - Suggestions for stops and profit taking. I'm sure it'll be valuable to a few of you guys.

http://tradergrowth.com/create-tradi...rofits-part-2/

How to improve in forex.

Accept that you will become "bipolar" in 1 particular area

Insanity is doing the same thing in the same way & expecting a different outcome.

and

Insanity is doing a different thing in a different way & expecting the same outcome.


When you can hold both statements in your mind at the same time and you know in the marrow of your bones that they are equally acceptable then there is a good chance you will succeed

Hello guys. Thanks a lot for the responses, means a lot for me.

But, actually, that's not really what I asked. I'm not interested in building wealth (per se) or creating a system, in this little rookie corner. I'm interested in being more knowlegeable, to have more insight of what is going on in the world of Forex (beside the fact there is market manipulation here and there). I want to understand more News, Politics, Economy, etc., all related in someway with Forex(not just to study it). And I quote myself:

Anything that makes me more into Forex, not so much about profit, system, technical stuff, if you know what I mean.

edit.: For example, I've read Disciplined trader and Trading in the Zone, by Mark Douglas, in Psychology, among a few others.

Again, thanks a lot for the responses. Maybe I'm not clear enough or my goal isn't achievable, but my road is to not be mediocre in Forex, not in terms of wealth only.

Many thanks and God bless you.

[quote=Art5;7737021] Anything that makes me more into Forex, not so much about profit, system, technical stuff, if you know what I mean. [/quot}\]

Hi Art,

I think more than 95% of the people on this forem, which are trading forex, are trading forex based on some sort of technical analysis, in casu based on charts and with or without indicators they trade when their trading plan (strategy) identifies a nice set up. If I understand you well, correct me if I'm wrong, you want to trade based on fundamentals, like interest rates, GDP, employment rates etcetera. This is not common around here. The announcements of fundamental news are characterized by technical traders as news items. These news events influence the charts and the technical trader trades the movement.

THis all does not indicates that we all, as technical traders on news events and trading on short timeframe even intraday. You can as welll trade technically on daily, weekly or monthly charts. You can chose for more of a swing or even position trader. Then you can even use your fundamental knowledge for longer term trend and technicall knowledge for picking the moments to enter that trend.

If you may have further questions, do not hesitate to ask.

Yeah, Dutch, I guess you are right. Thanks for your response.

I'll start to read more about fundamentals, as I trade Technical in a daily basis, but want more than just watch graphicals...

So, where to start, and become proficient?

God bless you all.

Art, I'm not sure if Babypips School will has it on their educational programm. But at least you can check that one, it is free of charge!! I like the Babypips School because it is so modulair in his set up!!!

Read it all, some time ago hehe

Anything not so "beginner level"?

Please everyone is invited to participate.

God bless all.

Try online videos on youtube. you may have to sift a bit, but there are some gems in there.

Hi Art5,

I think you can start with this ;

Weekly fundamentals commentary http://www.youtube.com/user/JarrattDavisForex
What is Risk On/Risk Off?
How to Read and Interpret The News
How to Identify What Central Banks Are Looking For
The Difference Between Sentiment and Fundamentals
How to Trade High Impact News Events
and you can subscribe to his Free Video Course (nearly 2 hours long/ Three parts/ at his website), all about his fundamental approach ...

And there are many great thread / peoples here in FF who use fundamental analysis, you should join their conversation ...
and you can also check this thread http://www.forexfactory.com/showthread.php?t=493230, follow the conversation there, and you can ask to join his mailing list to receive Bank Research, so you can cross check your fundamentals understanding across various market analyst.

and for books, i really recommend - Currency Trading and Intermarket Analysis - Ashraf Laidi.

Good Luck.

Hi Art5,

in case you're looking for more information on a fundamental level, it may help to watch the press conferences of the ECB & FED (with FX-charts on the background). Especially Draghi + Q&A after the monthly (6weekly in 2015 I believe) rate decision is very interesting (and I would even say sometimes highly entertaining!).

Also ECB Monthly Bulletin & FED publications offer great views on fundamentals (maybe of your help: ECB-info comes in many languages). Although they won't offer direct guidelines for FX-trading decisions and it's sometimes specific, very factual information I think when active in trading (FX and/or others), one should at least occasionally take a look at these sources to be aware of what's going on in the world of finance&economics.

Hilsenrath-articles in WSJ are worth mentioning.

Hope this might help you in your quest for knowledge

(edit includes ECB link)

Thanks, fellas.

I'll give a try, for sure.

Got myself copies of "The Intelligent Investor" and "Security Analysis", from Benjamin Graham. Great books; hope I can understand and practise them well.

God bless.

Hi all,

Can someone guide me to teach the rudimentary forex or share a link where all the fundamental resources is available?

would be a great help......

thanks in advance

Just review some of the old threads right here in FF or head over to baby pips..that said, you can always google for beginner resources, free ones and webinars and YT clips..and FYI, every trader starts of as being a mediocre trader..and with time, they become really good..

Subscribed, Philmon.

Hoping you share your methods, there.

God bless.

I'm watching this thread just to see what people put in here

If you want to improve yourself in the forex market, you have to practice more and more. The more you practice the more you can make money from this market.

If you want to improve your trading knowledge you can trade in a demo account. A demo account is the best way to improve the trading skills.

No it isn't. You don't feel the pain in demo accounts.