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What is the best way to learn?

  • #1
  • First Post: Aug 11, 2010 2:30pm Aug 11, 2010 2:30pm
Hi.

What do you think is the best way to become a succsesfull trader?

Atm I am slightly profitable, got a ok grasp on the technical, but not so good on news, and understanding the market in general.
Anything I should read, watch or do to become better?

All tips are highly apriciated
  • #2
  • Aug 11, 2010 2:37pm Aug 11, 2010 2:37pm
If you're a technical trader then you don't need to know the news and you don't need to know the market. You need a system and a trading plan and a lot of hard work.
  • #3
  • Aug 11, 2010 2:51pm Aug 11, 2010 2:51pm
I feel its good to understand the market aswell.
Yes I am willing to work hard!
You have any good tips for good ways to learn and become better?
  • #4
  • Aug 11, 2010 3:03pm Aug 11, 2010 3:03pm
Quoting Sunsi
Hi.

What do you think is the best way to become a succsesfull trader?

Atm I am slightly profitable, got a ok grasp on the technical, but not so good on news, and understanding the market in general.
Anything I should read, watch or do to become better?

All tips are highly apriciated
Watch the financial news channels and read the currency pages of mainstreams like Bloomberg and Reuters, you can get quite a useful insight into how the market thinks and acts.

As always though, make your own trading decisions based on your own analysis and interpretation, not even the top analysts working for some of the top institutions are right all the time!

Technicals and/or fundamentals alone won't make you profitable though, no matter how good your analysis, but trading will.
  • #5
  • Aug 11, 2010 3:18pm Aug 11, 2010 3:18pm
get used to patterns and price moves
hello
  • #6
  • Aug 11, 2010 3:21pm Aug 11, 2010 3:21pm
Quoting Sunsi
You have any good tips for good ways to learn and become better?
I guess

1. Find out what works.
2. Do it.
3. Repeat from number 2

is a good advice I have read somewhere.
  • #7
  • Aug 11, 2010 3:38pm Aug 11, 2010 3:38pm
Quoting pipmutt
Watch the financial news channels and read the currency pages of mainstreams like Bloomberg and Reuters, you can get quite a useful insight into how the market thinks and acts.

As always though, make your own trading decisions based on your own analysis and interpretation, not even the top analysts working for some of the top institutions are right all the time!

Technicals and/or fundamentals alone won't make you profitable though, no matter how good your analysis, but trading will.
Another good reply I apriciate that
Is there any books that is good to read?
And which news chanel do you think is good? I like CNBC? what do you think ?

I am praticing alot, ca 12 hours a day, trading with a small account, and making a little profit, I try to make around 50pips profit a day on average. But often I miss good trades, So I have to work harder!
  • #8
  • Aug 11, 2010 3:39pm Aug 11, 2010 3:39pm
Quoting KMidas
I guess

1. Find out what works.
2. Do it.
3. Repeat from number 2

is a good advice I have read somewhere.
Well point 1. Is a little complicated
  • #9
  • Aug 11, 2010 4:50pm Aug 11, 2010 4:50pm
You have to find what works for you. There are many trading systems on the forum, just concentrate on one you like and train it. Some trading books explain trading strategies too.
If you do this point 1 is completed
  • #10
  • Aug 11, 2010 6:04pm Aug 11, 2010 6:04pm
Some good answers I apricate that

But still not any good tips for books, or dvds and so on? Isn`t it something good to pick up there?
Any thoughts on which news channel that is the best for fx trading?
  • #11
  • Aug 12, 2010 12:48am Aug 12, 2010 12:48am
Quoting Sunsi
Another good reply I apriciate that
Is there any books that is good to read?
And which news chanel do you think is good? I like CNBC? what do you think ?

I am praticing alot, ca 12 hours a day, trading with a small account, and making a little profit, I try to make around 50pips profit a day on average. But often I miss good trades, So I have to work harder!
Books, I would have to say Trading in the Zone by Mark Douglas. It's quite old now but still valid, and it's a bit repetitive but really gets the message across about trading. There aren't any strategies in it and it's not specifically about forex, it's about trading.

News channels, sure CNBC is ok but I prefer Bloomberg. Bloomberg and Reuters currency pages give a good condensed outlook on the market.

12 hours a day is probably about 7 or 8 hours too much, you've got to balance a life outside trading. It's the quality which counts, not the quantity, more is not necessarily better!

50 pip a day targets, scrap that idea. The market offers what it offers, you can't force it, some days that can be nothing at all.

Strategy is probably about the least important aspect of trading, it's all most novices look at and most novices lose. Read that Trading in the Zone book, it might change your ideas!
  • #12
  • Aug 12, 2010 1:20am Aug 12, 2010 1:20am
Quoting pipmutt
Books, I would have to say Trading in the Zone by Mark Douglas. It's quite old now but still valid, and it's a bit repetitive but really gets the message across about trading. There aren't any strategies in it and it's not specifically about forex, it's about trading.

News channels, sure CNBC is ok but I prefer Bloomberg. Bloomberg and Reuters currency pages give a good condensed outlook on the market.

12 hours a day is probably about 7 or 8 hours too much, you've got to balance a life outside trading. It's the quality which counts, not...
Thanks for a realy good post!

I dident mean 50 pips a day was my goal, but thats what I profit in average, I just mention so you could know how profitable I am. Maybe it was easier to give good tips for me when you knew

And one thing i strugle with is when there are speaches and things like that, that aren`t accurate numbers.. Where Can I read/watch it live??
Any tv channel that has all the speaches? Or what is the best way to aproach this situations?
Thanks for good help!
  • #13
  • Aug 12, 2010 2:16am Aug 12, 2010 2:16am
Quoting Sunsi
Thanks for a realy good post!

I dident mean 50 pips a day was my goal, but thats what I profit in average, I just mention so you could know how profitable I am. Maybe it was easier to give good tips for me when you knew

And one thing i strugle with is when there are speaches and things like that, that aren`t accurate numbers.. Where Can I read/watch it live??
Any tv channel that has all the speaches? Or what is the best way to aproach this situations?
Thanks for good help!
You're averaging 50 pips a day, that's excellent, do you know how many traders dream of having performance like that!

If it's consistent then I think I'd look to scale up, maybe look at improving money management and compounding strategies. The danger with introducing new information like fundamentals (news/data) is that it might detract or ruin a perfectly good profitable strategy that you're comfortable with, why fix what ain't broke? What's your equity curve like, nice and smooth?

I find the forex market interesting so I can understand you wanting to learn more. When you say speeches do you mean events like the ECB and BoE press conferences, Fed announcements and minutes, Trichet, Bernanke etc etc? Those are all covered live on Bloomberg, as well as pre and post analysis and market view on important data like NFP. I'm not sure, CNBC might cover them as well. If you're going to watch and follow that stuff then keep it separate from your current strategy until you get a good understanding of what it's all about, it's complex and the market can often react unpredictably, and price can be very volatile!
  • #14
  • Aug 12, 2010 2:21am Aug 12, 2010 2:21am
just practice trading small and read psych books ... the best way to learn
  • #15
  • Aug 17, 2010 8:33am Aug 17, 2010 8:33am
Nice post, my only problem at this stage is because I am trying to learn, I read a lot.

But reading also get to a point that is confuses me because of the massive amount of ideas that clash with each other, how do I filter these to find something that works for me?
  • #16
  • Aug 17, 2010 8:43am Aug 17, 2010 8:43am
demo trade for a few months. then live trade with a micro account as long as you can afford to.
  • #17
  • Aug 17, 2010 10:53am Aug 17, 2010 10:53am
Quoting qwertymyfx
demo trade for a few months. then live trade with a micro account as long as you can afford to.
Thank you for the advice. I am not in a hurry to go live.
Money Management is much more important to me.
  • #18
  • Last Post: Aug 19, 2010 2:49am Aug 19, 2010 2:49am
I've been demo trading for about 4 months now and been profitable each month. But I have been treating the account as a real account with only the amount in it that I plan on investing.
Am going to move to live soon with an initial investment of $300 and going for a micro account.
I think that its important to Demo trade, but not stay on demo for too long. I'm sure that Live will be a completely different ball game in terms of the mental side of trading.
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