Just finished forex education, what should be my next path? | Forex Factory

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Just finished forex education, what should be my next path?

  • #1
  • First Post: Edited 1:14pm Dec 1, 2009 4:44am | Edited 1:14pm
Hello there,

I'm new to Forex and I've just gone through my babypips education.

So far so good! However, there's obviously still mountains to get through before becoming a 'trader'.

For the more experienced ones out there, could you please direct me to the right path and suggest what I should be doing next?

Should I be buying any particular books? Reading any particular posts/articles? Or should I be using some kind of paid services?

At the moment I'm still trying to find my feet. But I want to be an all rounder flexible trader with as much knowledge as possible.

Please point me to the right direction!!
Thank you!
  • #2
  • Dec 1, 2009 10:57pm Dec 1, 2009 10:57pm
Quoting aaron655
Hello there,

I'm new to Forex and I've just gone through my babypips education.

So far so good! However, there's obviously still mountains to get through before becoming a 'trader'.

For the more experienced ones out there, could you please direct me to the right path and suggest what I should be doing next?

Should I be buying any particular books? Reading any particular posts/articles? Or should I be using some kind of paid services?

At the moment I'm still trying to find my feet. But I want to be an all rounder flexible trader with as much...


get some reading on
price action (candlesticks, barcharts, renko, trendlines, support, resistance, levels)
money mngmt (i think i started with daryl guppy)
psychology (disciplined trader and trading in the zone by mark douglas are gems)

make a business plan. then try it out for a couple months.
open a demo acct and start practicing what u learned. most of trading is learning as you go.
  • #3
  • Dec 2, 2009 5:57am Dec 2, 2009 5:57am
1. Stay away from the indicator trap.

2. Check out Jacko's Forex House of Pleasure & Pain (on Forex Factory).

Good luck!
  • #4
  • Dec 2, 2009 6:30am Dec 2, 2009 6:30am
http://www.forexfactory.com/showthread.php?t=155431
  • #5
  • Dec 2, 2009 3:12pm Dec 2, 2009 3:12pm
Thanks guys,

With the amount of intense advertising and get-rich promises on trade systems / EA's etc out there, a beginner cannot help but be drawn to these attractions.

However I truly believe in the authentic experiences on this forum and real experiences and feedback never lies.

So thank you guys for your help.



I really don't want to get myself into the indicator trap.


I haven't had the time to go through some amazing threads on this forum.

Would the J16 thread be also a good start?
  • #6
  • Dec 2, 2009 7:11pm Dec 2, 2009 7:11pm
Quoting aaron655
Hello there,

I'm new to Forex and I've just gone through my babypips education.

So far so good! However, there's obviously still mountains to get through before becoming a 'trader'.

For the more experienced ones out there, could you please direct me to the right path and suggest what I should be doing next?

Should I be buying any particular books? Reading any particular posts/articles? Or should I be using some kind of paid services?

At the moment I'm still trying to find my feet. But I want to be an all rounder flexible trader with...
Pursuit 21 hit the nail on the head. Very good advice. I would add Trading your Way to Financial Freedom by Van K. Tharp to the list of money management literature, as this book gave me a new way to look at money management. Good luck.
  • #7
  • Dec 2, 2009 7:18pm Dec 2, 2009 7:18pm
You're a babypips grad? I think your next steps are obvious.

Take a second mortgage on your house and pull as much equity out of it as you possibly can. If you're married, get a divorce. If you have kids, give her full custody. Open a live account, preferably with an ECN. Quit your job. Buy a Mercedes. Start trading immediately. Wait for the big buck$ to start rolling in. Rinse and repeat as often as necessary.

If you need a good trading system, here you go:
http://www.forexfactory.com/showthread.php?t=405

You're welcome.
  • #8
  • Dec 3, 2009 5:20am Dec 3, 2009 5:20am
Quoting aaron655
Thanks guys,

With the amount of intense advertising and get-rich promises on trade systems / EA's etc out there, a beginner cannot help but be drawn to these attractions.

However I truly believe in the authentic experiences on this forum and real experiences and feedback never lies.

So thank you guys for your help.



I really don't want to get myself into the indicator trap.


I haven't had the time to go through some amazing threads on this forum.

Would the J16 thread be also a good start?

there's a lot of good information on this forum. however personally i found it more valuable to go through all classical reading myself. from there you can learn what does, and doesn't work for yourself.

a lot of the good threads have traders that combine many different kinds of indicators, price action analysis, moneymgmt --all rolled into a single trade. its harder to break it down into its pieces. i suggest you build ur knowledge and system one block at a time. this will also help you find out what works for your psychology and personality.

all the best in your search

don't forget, this isn't a sprint
  • #9
  • Dec 3, 2009 6:07am Dec 3, 2009 6:07am
My opinion, just practice, thats all you need. It took me over a year and a half of staring at the screen but the time spent was well worth it and it suddenly clicked. Some of my trader mates took longer and one even took about 5 years to get it organized! So it really depends on the individual dedication and if you are good at looking at diagrams/pictures/charts (spatial intelligence) then you will get there sooner than you think. So get practicing now. And don't think about making money as yet. With the practicing you will get rid of most of your fear too, maybe make you immune to it . Follow this path, this is what I doing/did:

step 1 - Get a demo account and double it.
step 2 - Then open a live micro account then double it
step 3 - Open a live mini account then double it
step 4 - you're ready for the big lots

What to practice? Well everything, its good to fail at first, makes you stronger.
  • #10
  • Dec 3, 2009 6:46am Dec 3, 2009 6:46am
pursuit_21 is quite correct - Master psychology, money mgt and price action.

Also:
Research a method and timeframe which suits you, and practise and more practise before putting in real money. Even if you put in real money, start small.

Start with only one pair, like Jacko.

Treat trading like a business, and have a trading plan + growth/capital plan.
  • #11
  • Dec 3, 2009 7:47am Dec 3, 2009 7:47am
Quoting opie999
You're a babypips grad? I think your next steps are obvious.

You're welcome.
LOL. Yeh, that was kind-of my first reaction too.

Not to be negative nancy, but babypips, while useful, is about a million light years from profitable trading.

Skip the books for now, read this thread:
http://www.forexfactory.com/showthread.php?t=155431

Open up a demo, trade, get very used to watching the markets move with or without you. Blow lots of imaginary dollars. Then, and only then, after about 2, 3, 4... 5 years
of this constant drip by drip torture, will you finally be a real trader. Traders are born of pain, not desire.

Someone once told me: Until you've blown at least 1 demo account, you're not a trader. I second that.
  • #12
  • Dec 3, 2009 1:35pm Dec 3, 2009 1:35pm
Thanks for your kind responses.

Reason why I started this topic was to steer myself in the right direction, from people who have 'been there done that'.

Rabid, thank you. Will look into that suggestion.

TraderT, I will start digging into that thread. ty.

opie999, humorous

nelson7, any other good books on the list?



Nobody mentioned the J16 thread?
  • #13
  • Last Post: Dec 3, 2009 3:01pm Dec 3, 2009 3:01pm
Quote
Nobody mentioned the J16 thread?

Read the thread I've posted, you'll understand why.
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