Starting from scratch... Again. | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

How to build a successful EA from scratch 18 replies

Best way to grow an account from "scratch'' 11 replies

Let’s build a plan from scratch 49 replies

Scratch an itch 1 reply

scratch's first trading steps ... 52 replies

Starting from scratch... Again.

  • #1
  • First Post: Oct 18, 2009 4:37pm Oct 18, 2009 4:37pm
Hello all.

I'm basically a brand new trader and I've decided to "restart" my path of forex education. I'm doing this because I have an extreme tendancy to jump the gun with everything in my life including learning.

3 months ago I read maybe a good 5 hours of articles on babypips and here and decided I was a forex pro. Opened a demo account, destroyed it within 3 days. Opened another, lasted me 2 weeks. Opened another and I'm actually still doing decent, however I'm really only scalping and I want to break this habit.

The reason for this thread is because I want to basically start fresh and stop being so impatient. I'm about to re-complete the school of pipsology at babypips and basically I'm wondering; where do you guys think I should go from there?

Should I learn about indicators and how to use them?
Should I read into price action? Seems to be the "new thing"
Should I try to learn MQL4 so I can devolope a solid system and write a program to trade emotionlessly?

My "forex future" is in the hands of Forex Factory.
  • #2
  • Oct 18, 2009 4:41pm Oct 18, 2009 4:41pm
Quoting TyErwin
......

My "forex future" is in the hands of Forex Factory.
Your future is in your hands. Whether it's with fx or anything else...you determine your path in life. Grab the bull by the horns and _______ __ show it who's boss.
  • #3
  • Oct 18, 2009 4:47pm Oct 18, 2009 4:47pm
Quoting GulfCoastPip
Your future is in your hands. Whether it's with fx or anything else...you determine your path in life. Grab the bull by the horns and _______ __ show it who's boss.

Haha yeah, basically I'm just asking roughly for a path for follow, what do you guys suggest looking into? Like what would you consider the most important things to learn about forex?

I'm not really looking for money management tips, discipline tips or anything like that as I understand they are heavily required. I'm looking more as to see what information would actual make me a better trader? Should I focus on technical analysis? Price action? That kind of thing.
  • #4
  • Oct 18, 2009 4:50pm Oct 18, 2009 4:50pm
Quoting TyErwin
Hello all.

I'm basically a brand new trader and I've decided to "restart" my path of forex education. I'm doing this because I have an extreme tendancy to jump the gun with everything in my life including learning.

3 months ago I read maybe a good 5 hours of articles on babypips and here and decided I was a forex pro. Opened a demo account, destroyed it within 3 days. Opened another, lasted me 2 weeks. Opened another and I'm actually still doing decent, however I'm really only scalping and I want to break this habit.

The reason for this...

Hi TyErwin,

Well, you've already made the first few steps at becoming successful in forex, lets recap these events.

1. You read some info, and thought you were a pro.
2. You traded on Demo Accounts, and not live, good choice.
3. You wiped out 2 demo account in less than a month, and are doing somewhat ok with the 3rd.
4. You realized you really don't know squat about forex, BEFORE you invested any real money.
5. You sought out advice on which direction you should continue your studies. In other words, you're not looking to be handed something on a silver platter, your willing to do the work required to learn for yourself, this is a very good thing.

This has helped you realize that there is in fact a learning curve to forex. Before you invested any real capital.

The answer to all of your questions is yes. All of those will help you hone in on your trading psyche.

But don't stop there, learn about money management, in trade management, essentially, if you can, soak it all up. If you can't, find something that works for you and run with it.

But so far, your on the right track, just don't jump the gun, or as you've seen, all your hard earned cash can go right down the drain, in a single trade.

Pharoah
  • #5
  • Oct 18, 2009 4:53pm Oct 18, 2009 4:53pm
Quoting TyErwin
Haha yeah, basically I'm just asking roughly for a path for follow, what do you guys suggest looking into? Like what would you consider the most important things to learn about forex?

I'm not really looking for money management tips, discipline tips or anything like that as I understand they are heavily required. I'm looking more as to see what information would actual make me a better trader? Should I focus on technical analysis? Price action? That kind of thing.
Money management and being mentally able to pull the trigger (either opening a trade or closing a trade). With proper money management even a system with a 30% win rate could make you very wealthy. Easier said than done though.

You say that you're not looking for money management tips, but that's up near the top, probably #2, if not #1. Psychology (being able to pull the trigger, being able to stomach a loss). For me, PA and TA go hand and hand.

Good luck though. I wish you the best.
  • #6
  • Oct 18, 2009 4:54pm Oct 18, 2009 4:54pm
How about knowing yourself?

Whether you like to trade long term---one which start and end over several days or weeks---or short term---start today ends tomorrow at the latest?

Find out what which you feel most comfortable with, like technical or news, if technical which kind of indicator, time of trade, pairs, etc?

Recognize your state of mind during trade, which is harmful and which is useful?

All in all, for some people, trading is a long journey home. For them, it may takes years before something clicked and they start making money and enjoy the journey. One thing you shall need is a resolution to reach the end of the journey, not the end of your fund. The former you will reach only once, and the latter maybe several times.
  • #7
  • Oct 20, 2009 6:38am Oct 20, 2009 6:38am
"i'm smarter than the market and I can beat it. These idiots got nothing on me." haha, reminds me of the old days.

There are people that trade using algorithms, price action, fundamentals, technicals and a combination of one or more of the above. There is NO evidence suggesting that one works better than the other, or that the more analysis you do, the more profitable you are. Its been over a year since I drew anything more than a few trendlines on any of my charts and spent more than a few minutes "anaylizing the market". I trade anywhere between 5 and 15 times a month. Trying to cut it down to no more than 5 a month. I think the extra trades are eating away my profits. If you can't tell already, I trade price action. My only rule is "Never ever go against a trend".

I know that it is hard to comprehend the idea that lazy people can make money, but when it comes to the market, there are no rules and standards. Since you are demo trading, try everything. See what works for you.


Quoting TyErwin
Hello all.

I'm basically a brand new trader and I've decided to "restart" my path of forex education. I'm doing this because I have an extreme tendancy to jump the gun with everything in my life including learning.

3 months ago I read maybe a good 5 hours of articles on babypips and here and decided I was a forex pro. Opened a demo account, destroyed it within 3 days. Opened another, lasted me 2 weeks. Opened another and I'm actually still doing decent, however I'm really only scalping and I want to break this habit.

The reason...
  • #8
  • Oct 20, 2009 7:28am Oct 20, 2009 7:28am
Learn to play poker!
  • #9
  • Last Post: Oct 20, 2009 8:05am Oct 20, 2009 8:05am
Quoting GulfCoastPip
Money management and being mentally able to pull the trigger (either opening a trade or closing a trade). With proper money management even a system with a 30% win rate could make you very wealthy. Easier said than done though.

You say that you're not looking for money management tips, but that's up near the top, probably #2, if not #1. Psychology (being able to pull the trigger, being able to stomach a loss). For me, PA and TA go hand and hand.

Good luck though. I wish you the best.
imho, money management #1 why? because it works in ALL conditions..

your pivots, stocs, fibo, follow the forum, etc will only work in certain conditions.. not all
0 traders viewing now