Where do I start with my fx education?

recent cable trade, if you like to learn fx without all the flashing lights and complicated nonesense - visit the following thread, Price is everything



another trade









Red

Anywhere but here...

IDEALLY, a trader starts with him/herself.

LIKE!

True lol

I guess there no where else reallly unless you're into snake oil.

Cant comment on that as I started here as well. But that guy on the other thread who says he learnt in 3 months didnt start here and for that was rewarded with the ignorent bliss of not knowing that 95% of traders fail and therefore trading is hard. That is if he is telling the truth which isn't proven of course.

I strated out with that ignorant bliss as well just happened to find this place and strat complicating everything.

If you has not started forex trading!
Better do something else !!!!

Learn something much more meaningful for life ,
Not Forex,financial trading --at least during this time!!!!

Forex ,Stock ,commodity......
The whole financial market has gone too far away frome original market status,

The whole financial market is a distorted place, at least now!
Everything is new high & low ,historically ,in every financial market ,,,
Except the real economy and their underlying instrument......

Actually it is the only legalized fraud place on the earth !!!

More accurate ,if the financial market could not be put into unlegalized fraud place - BY CURRENT LAW;

The financial market should belong to entertainment industry,
Just like Casino, and Disney land !!!!

I love a positive attitude!

Blown up another account now did you?

I totally agree with the above statement that everything has changed over the last two years and this extreme volatility we are seeing each day in the fx market is somewhat of a new norm. C'mon...160 pips a day on the euro?? it's crazy but I think it's actually good for those who are just learning to trade.

Have you ever heard of Stanley Druckenmiller? He was one of the greatest traders of the 20th century. Worked with George Soros for decades, interviewed in original Market Wizards, 30% compounded annual return over the course of a 30 year career....insanely successful. Guess what? He retired this year. You know why? Among other things in his farewell letter to investors, he said that he has difficulty making sense of current macroeconomic conditions.

A mentor told me in the fall of '08, "The playing field has been leveled. People with 40 years of experience, now understand teh current landscape as good as someone with only a few years." Now, that may be a bit of an exaggeration, but the truth is...those who have just strated trading in the last 3-4 years actually have a HUGE advantage if you ask me. These traders have never known anything EXCEPT complete and total volatile market conditions, with the entire global economy in uncertain waters.

I think of it in this metaphor (actually a simile)--it is like a person who decides to take up boxing and has to spar against Mike Tyson in the ring everyday from his first day of training. Sure, he may get the sh** knocked out of him at first, but if he has the fortitude to keep pushing, he is going to have a heckuva an experience under his belt.

So, are current market conditions crazy? Sure. but i actually think that is an advantage for newer traders. Learn in these waters and you can trade anything!!

Take out a piece of paper. Carefully write down everything you hope to achieve in forex trading, and the time frame you hope to achieve it in. Please make your goals realistic. Turning $100 into $1,000,000 in 1 year is not realistic. Once you have written down you goal or goals---stick to it. If things go well early on, don't get excited and start over betting. If things go bad, don't get too discouraged. Stick with your plan. When you start changing your target (for good or for bad) it becomes a lot harder to hit.

Only trade a $1 pip per $1000 dollars in your account. This should be a max trade that you feel very strongly about. Better for most trades if you stick to .10-.50 pip per thousand. Conservative money magement will give you a much better chance of drawing near your goal.

Don't stress out on your method of trading. Most of them are about the same. They can take you to a point.... but in the end you only have control of 2 things.... Your entry and Your exit. Make the best entry you can, and be crystal clear on your exit (both for profit and stop loss). When you consider your entry and potential profit point, try to be correct with your prediction as often as possible!

Regards.

My advice: 1. find an edge and 2. trade it.

Now both of these things are quite simple but hard to do. Best is you log off from this forum and just study charts for the next two years until you find consistently profitable patterns and then trade these patterns no matter what.

cheers.

go to james 16 and fti threat,vsa would also be good to learn

a little good advice....

Just when you thought you read enough and thinking you are doing good with some good results, you will or probably do some silly mistakes at some point...no one is perfect. You will get hurt or disappointed that you may wish you never traded from the beginning. Well, this is the pitfall, every time you make a mistake go back and see where you made the error...just pick up yourself and keep going, the day you will give it up is the day you lost in Forex.
All those who make it, made it through errors and at the end they find consistency after months or years of trading in error but correcting their mistakes every now and then and not to repeat them. Then you sit down and calm yourself. Take a piece of paper and write down how you wanna trade....This is the starting point of your success. You finally find a method of trading and with good accuracy in your reading of the charts!!!!! Not indicators!? You then taste Forex gains!

All the best mate!

It seems you have been through Bapypips and have learnt the fundamentals. Now I advise you to do the following steps

1. Develope a Business plan/Trading plan
2. Find a system that suits your personality...you borrow some systems on FF whilst you learn to trade and aslo learn to develope your own system.
3. Open a Demo account (make sure yu open a demo with a resonable balance. eg if yu know that yu will start live with $25k, then open a demo with $25k, its pointless to open a demo account with $200k when yu know that it will take yu years to be able to trade that amount of mny)
4. Trade the demo acccount until you are profitable for 6+ mnths
5. Open a live account and start trading small...do not deviate from your trading plan. (Read books on trading psychology)
6. If your account is down by 35 percent, go back to step 3

Hope that helps

there is only one way to learn, open a $100 live account and start making trades, if you haven't lost it within 1 week you're doing something wrong

Good pathway, Trading place. I think your step 4 is important.
As a student of fx one thing I find a handy addition to a lot of the techniques in this thread is to continue the education and enthusiasm while away "not studying" by listening to trading podcasts. If you look hard, there are some good ones to be found.