Best place to learn and become a consistent trader?

Hey guys, making some progress knowledge wise but there seems like an overwhelming amount of info is out there... are there any recommendations on the best place to learn and become a consistant trader ?

Hi, Nikopip. Try these "mql4.com" and "mql5.com". There are a lot of useful information that helped me.

Have a look at Price is Everything, Romancing the Price, and PIE Chatroom

It's the real deep end of the learning pool, but it's the best view on how the market works

Best

If

What Ifmy' said but also understand that it will likely take you 3-5 years and 1000's maybe 20,000 hours to train your brain to deal with the mind games.

Good Luck

That's the problem, information overload! How much is relevant, helpful, or even necessary to know?

There seems to be a cycle which people new to trading go through of simple, to complex, and back to simple. Maybe a good place to start is learning the actual concept of 'trading' rather than get overloaded with information about strategies or the intricacies of how a particular market works. An analogy might be learn to drive first, it's not immediately necessary to know about advanced driving techniques or what's happening under the hood, there's plenty of time to explore later when you've got an idea about what you're looking at. Ok, not a great example but I'm sure you get my drift!

Agree 100%. My take is forget all indis, techs etc, learn why markets move like they do.

M A N I P U L A T I O N

It is rigged

Much appreciated! Thank you

ok ok i bite .. if it is manipulated what chance do we stand ? or , how do we understand the manipulation lol ?

I've been trolling this forum for so long my eyes are beginning to change shape lol .. i came across this thread http://www.forexfactory.com/showthread.php?t=347850 has anyone had any experience with TradingIt ?

I would highly recommend those threads

you can also check out the stuff that Sam Seiden has on fxstreet.com

get off the internet and off the forums. Just study the markets on your own.

I wish I had this type of advice 7 years ago!! Where were you then? LOL
(of course chances are I probably wouldn't of listened. How many new traders actually do?)

Hard to swallow, but sooooooo true!

Yes, just got some custom programming for one of my ea's done through them...they offer a variety of services for free, forex course, live trading room, indi's, ea's and custom programming services...Course good for a newbie

I've added something to the first page of our chatroom.

I thought I'd add it here too, lest it gets overlooked

To all new traders:
This is a business, a very hard business.
Every day we stare into the abyss, and the abyss stares right back into us.
To make our living, we must daily face the demons Fear and Greed, and win.
We have all blown account after account, and you will too. It's part of paying our dues to that which will provide for us later.

Don't imagine that you will get rich quick in this business.
It takes thousands of hours of hard work and dedication to become a successful trader. The market can chew you up and spit you out without giving you a thought.

Minimise the cost your education:


Trading straight away is a waste of time.
Getting into a trade will teach only one thing - how that particular trade goes.
If you learn of a setup from a trusted source, great. Go to the charts and scour them for similar setups in history. Take a screenshot of every one you find. Draw your analysis of them on the charts - Where price did what it did - How price did what it did, and perhaps Why price did what it did.
Document the successful setups, and maybe more importantly, the failed setups.
Do this for a minimum of twenty instances of each setup, in as many TFs as you can. File them well for later reference.
Over time what you have learned in these steps will become instinctive.

Begin trading in Demo.
I know you're itching to make your millions right away. You will not. You will not hit the ground running. You will hit the ground rolling and stumbling and not knowing where your feet are.
Make all your initial mistakes for free.

Begin by trading the higher timeframes (HTFs) - this will give you more time to assess your setups - where to enter, where to set your Stoploss (SL), where to place your Target (tg). Start on Daily, and as your trading knowledge grows and becomes more instinctive, work your way down through the TFs.

Before you enter a trade, set your SL and TG. Work them out well, and do not change them once you've entered the trade.
Your mind will play tricks on you once in the trade. Fear and greed can sabotage your efforts.
Don't let them. Let the trade run its course. If it's a winner, great, loser, ok, at least you gave it a fighting chance, and learned from it.

Become regularly profitable for three months before you trade with real money.
Every loser can have a winning streak and think he's cracked the market.
You will have winning streaks and losing streaks along the way. This is part of the learning.process.
Imagine that you need a trading license to trade live, and that you must be consistently profitable for at least three months to earn that license.
Don't create any shortcuts or loopholes. Earn that license fairly and honestly, or it'll cost you, I promise.

When you've earned your trading license, celebrate. Have a party if you like. Award yourself the license, either physically or mentally.
You'll need that memory to cling to in the dark times ahead.

When you're ready to trade live, remember this: You're still going to blow three accounts.
So deposit no more than 10% of your nest egg with your broker. You WILL need the rest.
You may find a big psychological difference between paper trading and live trading, so keep your positions small to start.
Don't imagine that you'll later deposit a great amount to your account. Make it your goal to compound your account into something great.
If you cannot double your account by having many many little winners, then you shouldn't be adding funds.
Compounding is often overlooked, but is a massive part of wealth collection.
Compounding doesn't work by increasing your risk; blowing your account does.

Successful traders don't just take money magically from the markets. They take it from PEOPLE. They take it from the 95% of people who try to trade and fail.
Don't let them see YOUR money in the market until you're one of them.




If

Brilliant post

Study pure price for 3-6 years and you will hopefully understand the manipulation then learn to trade it profitably. It is you following the biggest money, nothing else matters.

im glad i found this thread - totally new to trading and i posted in some other thread here (no answer) in order to gain some insight on where to start as a newb for forex... thanks for the tips guys
starting with these few for now - should keep me busy....

Price is Everything, Romancing the Price, PIE Chatroom, tradingit.com

if anyone else can add to this list it would be apprecidated

thanks

For a very reasonable intro into alot of the dimensions of currency trading, id recommend the learning materials at babypips. http://www.babypips.com/school/

Easy read, and deep enough to be getting your times worth from reading it. Took me a few weeks to go through it all

Thinking more, after some solid background, its all you:
- Get a demo account from your favourite broker. This gets you access to price data, and experience on the actual platform you'll be using live. Don't worry if they suggest that the demo account is time limited, you can always use another broker, or if using metatrader, you can make yourself another demo account typically from within the program itself once your first one expires.

- Got an idea of what timeframe you'd like to trade? Open a chart of your favourite major pair, and start scrolling back though it. Identify the price movements that you think will be good to trade. You want lots of opportunities, and consistency in the movements. Reliable.

- Once you have an idea that 'yep i've seen prices in this currency in this timeframe move in a way that is good for me', only THEN you can start asking the questions of what in the universe of information is going to help you identify when these trends start and stop. With currencies as least, basic technical analysis goes a long way!

- Subjectively, id also say its better to start developing your own, personal method, and adding to it from bits and pieces of other peoples ideas that work. Course if your method is wrong you have to fix it.. but rote learning techniques someone else as come up with.. doesn't feel right. Your experience will be greater (though probably longer) if you first want to 'own' the techniques and methods before you apply them to your own trading.

2 cents.

As fresh as i am Hellas i can already see that i would like to have a few things programmed to make my life easier ... is custom programming an outlandish expense like web and other programming services ? is it something thats reserved for the big boys ?

thank you all for your posts they have been a massive help already !