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What most newbies must go through when trading Forex

  • #21
  • Mar 8, 2011 5:56pm Mar 8, 2011 5:56pm
That's a very interesting article, and I'm sure most of us have gone through those stages or are on our way through it right now.

Don't try to force your way through them, though. It has to come on its own. The more you trade and the more you learn the better a trader you will become. The more experience you have trading, the better you'll be at catching your setups and knowing when price action is about to turn. Even when you're wrong, as long as you can look and see why you were wrong and not make that same mistake in the future, you're growing as a trader.

People ask me often "How do I learn to trade?"
The answer: "By trading."

You have to get over your fear of being wrong, accept that you will sometimes be wrong, and make the trade according to your trading plan. If you can do that and if your plan is a solid one, you'll be one of the profitable traders. If not, refine your plan and try again. Even in failure, you grow and become a better trader.

If you ever get stumped and aren't sure how to make things work, it may be time to try a different approach. Don't be afraid to ask someone else "Hey, what do you do?" and see if you can get some ideas for something to try.
  • #22
  • Mar 8, 2011 6:25pm Mar 8, 2011 6:25pm
Quoting hanover
Slightly off-topic, and this is a generalized observation that applies to many of the articles that are posted here at FF........ but I'm amazed at the number of folk who say "the whole article was brilliant; the writer is a genius", instead of apparently thinking through each and every part of it for themselves. Still, I guess this is the Rookie section.

One thing that I've come to realize: just because somebody utters one profound truth, creating a moment of epiphany for the reader, it doesn't always necessarily mean that he's 100% right about...
I 100% agree with you. After trading literally for several years, I can tell you that every single day that I traded was different in its own way. I had to allow trading to consume me in a sense to even understand how it works. From being on the wrong side of trades to the right side, understanding the in's and out's of risk/money management and exactly what it means for me and my account. Weird thing now is, I am very profitable and I look at trading in a completely different way then when I first started. Sometimes I do admit it can be a little routine now, but its nothing like it use to be and at least now I know for sure all those long days/nights of charting, stress, misunderstanding things, following the wrong guidelines for my comfort zone, and backwards risk/money management was ALL WORTH IT. I don't think I could have ever read a book to better prepare me for the experience of trading AT ALL. But I can say this. If ANY TRADER wants to be successful, mental determination to succeed will get you there during those harsh times of confusion. I don't care how many times traders might think they have failed, NEVER GIVE UP. OUT OF TRADING 5,000 WRONG WAYS, YOU WILL FIND THAT ONE WAY TO TRADE THAT WILL WORK FOR YOU!
CYCLES, Cycles, cycles
  • #23
  • Mar 14, 2011 4:03pm Mar 14, 2011 4:03pm
Quoting Rajj
Stage Two - Conscious Incompetence

Stage two is where you realise that there is more work involved in this and that you might actually have to work a few things out.

You will be like a teenager - the traders that make money will freely give you advice but you're stubborn and think that you know best - you take no notice and over leverage your account even though everyone says you are mad to - but you know better.

Stage Five - Unconscious Competence

Now were cooking - just like driving a car, every day you get in your seat and trade...
When I just saw the title of the thread I decided that there is a poll here. And I wanted to say that most newbies must go through a margin call. This is the secon stage of the article )

As for the fifth stage - I wish I could reach it and become a trader "with a rapidly growing account"
  • #24
  • Nov 26, 2011 12:48am Nov 26, 2011 12:48am
Hello,

I'm a new one to fx. can you please help me what time frame to us, what indicators to use, how to study the indicator, whether i have to go short term deal or long, whats the lot size to use.

Thanks,
Selva.

Quoting Rajj
Hi all, i stumbled on this article on my research after loosing some money in my demo account (started intentionally with $300 to about $57 in two weeks). I realised that this article sumed up what i and most other newbie traders go through. I have scaled through stages 1-3 and hope to move on to 4 & 5 very soon. Please enjoy this....

(Courtesy: Soultrader)


Step One: Unconscious Incompetence.

This is the first step you take when starting to look into trading. you know that its a good way of making money cos you've heard so many...
  • #25
  • Nov 26, 2011 3:47am Nov 26, 2011 3:47am
It's great that there are one so many different opinions here, but on the other hand it is really frustrating, because to me as to a person just now starting all the trading, so hard to make up my own mind...
But, I guess, there's nothing to be whining about, I just have to start learning, both in theory and practice. Can someone advise on a platform or site to start trading? Does any of the brokers offer any kind of online learning course or something like that?

Your help would be very much appreciated. Thanks!
  • #26
  • Nov 29, 2011 3:10am Nov 29, 2011 3:10am
Quoting FX_girl
It's great that there are one so many different opinions here, but on the other hand it is really frustrating, because to me as to a person just now starting all the trading, so hard to make up my own mind...
But, I guess, there's nothing to be whining about, I just have to start learning, both in theory and practice. Can someone advise on a platform or site to start trading? Does any of the brokers offer any kind of online learning course or something like that?

Your help would be very much appreciated. Thanks!
babypips.com will teach you all the basic stuff you need to know
Trade what you see, not what you think.
  • #27
  • Nov 29, 2011 3:40am Nov 29, 2011 3:40am
Not too many traders pass through stages 1 and 2. It's a good tool to sort people who have skills to be traders and who haven't.

Regards,

Josef
  • #28
  • Nov 29, 2011 5:02am Nov 29, 2011 5:02am
Thanks for this great post! I'm reading it some years later but it's very useful anyway. I guess I'm in the stage 3
  • #29
  • Nov 29, 2011 5:20am Nov 29, 2011 5:20am
Quoting hanover
........ but I'm amazed at the number of folk who say "the whole article was brilliant; the writer is a genius", instead of apparently thinking through each and every part of it for themselves.
No Shit. I wrote that it's basic NLP and not one person even asked what that is. I know most don't know what it is, yet no one displayed any curiosity about it, at least not in this thread. I guess because most of the world now thinks and operates in soundbites, give them something very small, easily digestible and screw thinking and learning anything in depth.

Hell, many who read that think Soultrader actually wrote that. Even when I brought it to his attention that he did nothing to discourage people from thinking he wrote it and that it was written by Bandler and Grinder, he dismissed me. Of course I know he's a tosser from his days at Moneytec, but people want things to be easy. Too bad life really isn't.
  • #30
  • Nov 29, 2011 3:36pm Nov 29, 2011 3:36pm
im in stage 1 for a year now.....damn tired of blowing my accounts, 6 of them, quite painful now getting ready for the next stage. this article is soooo true.
  • #31
  • Nov 30, 2011 2:29am Nov 30, 2011 2:29am
Quoting karmostaji
babypips.com will teach you all the basic stuff you need to know
Thank you. i have read some there, its like to be useful. I gonna register there and ask some questions to traders there. However i like forexfactory too and try to read and write here too - its a pity a have too little time for all of it.

How much time per day i need to successful teaching forex?
  • #32
  • Nov 30, 2011 11:15pm Nov 30, 2011 11:15pm
thx for share....
being a newbie will have a lot to learn....
  • #33
  • Dec 1, 2011 1:40pm Dec 1, 2011 1:40pm
It's quite true, currently im at stage 3. I believed there is still so much to learn from experienced traders. With proper guidance and training, i believed I will be able to successful one day!
  • #34
  • Dec 3, 2011 12:50am Dec 3, 2011 12:50am
i have been at this for 2 years now.

for all those starting out, nothing beats going through everything yourself...
learning basics, trying out every other 'system' out there, reading news daily, chart time, drawdowns, near-margin calls, 100pip take profits, etc etc...

my advice: go straight to live accounts with minimum balance, e.g. $100.
risk only ~0.5% max, i.e. small lot sizes
this is better than demo accounts, small money is still real money, but the psychological training is priceless...
  • #35
  • Edited Dec 4, 2011 12:07pm Dec 3, 2011 3:59pm | Edited Dec 4, 2011 12:07pm
Hi. This thread has been an eye-opener. Being a newbie, i have some unrealistic expectations. And unrealistic expectations lead to failure! The level at which we set our expectations is more a matter of habit and disposition, than conscious understanding, for most of us. Some of us expect little, perhaps as a way to defend against disappointment. Others, like me, can't help having high expectations, basking consistently in the glow of anticipation, but often paying a different price.
I realize i have a long way to go. Hope to someday become a successful "FOREX TRADER"
  • #36
  • Dec 5, 2011 1:00pm Dec 5, 2011 1:00pm
Yes, the steps listed says it all..and of course, as a result of anxiety and stress, you may have to deal with heartburn..but that's part of what makes Fx so attractive to everyone.
  • #37
  • Dec 6, 2011 4:46am Dec 6, 2011 4:46am
I must say that two of the most important things you need in this sphere are patience and persistence

Kevin
  • #38
  • Dec 6, 2011 5:50am Dec 6, 2011 5:50am
My personal trait in the past... Greed + No Risk/Money Management=Failure where most if not all newbies would go thru.

Cheers.
  • #39
  • Dec 10, 2011 3:13pm Dec 10, 2011 3:13pm
I've tried hard not to let the trading and all the frustrations consume me. What helps me is to literally walk away for a day and do something else. trading with money i can afford to lose helps with that, too, so it's all in the discipline. when i am most frustrated, i am least effective.
  • #40
  • Dec 14, 2011 5:57pm Dec 14, 2011 5:57pm
You got it so right there! I started a couple of months and am currently in the third stage. I have bought a system that was absolute blag! And am not in the process of making my own one. Joined this forum today and hopefully I will speak to people that will help me get towards to my goals

Cheers
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