Whats the Best Education Around??

I started to learn how to trade in February, 2016 and have gone through two programs (MTI and Apiary Fund) and while I have learned a TON of information and have done some successful trades I feel there is a piece missing. I am sure it has a lot to do with the learning curve and just needing experience behind me but I can't help but feel there is something missing. My husband keeps telling me, one day the light bulb is going to go off and it will all click for me! I do not plan on being in the 95% of those traders who quit. I plan on making this my full time income so I am extremely determined to make it work!! Any productive advice is welcome!!

Thank yoU in advance for your feedback!! :-)

Robin

If you already have a lot of knowledge, but you still feel insecure, maybe you should try to improve yourself with a Demo account. This way you will not lose any real money, but you can create the perfect strategy to make you feel comfortable. I hope this helps you out.

Thanks Al... this is great advice!! I do feel comfortable with the knowledge I have - its just that one piece!! I completely understand what you are saying but I have a mental block on using a demo account as I have heard SO many new traders talk about once they got comfortable on the demo and move into a live account they blow their account. I feel like a demo creates false hope and confidence. With that said, I really am not sure how to create the perfect strategy for me... I guess thats the piece I'm desperately missing!!

Thanks again for your feedback!!

robinpike posted:
I started to learn how to trade in February, 2016 and have gone through two programs (MTI and Apiary Fund) and while I have learned a TON of information and have done some successful trades I feel there is a piece missing. I am sure it has a lot to do with the learning curve and just needing experience behind me but I can't help but feel there is something missing. My husband keeps telling me, one day the light bulb is going to go off and it will all click for me! I do not plan on being in the 95% of those traders who quit. I plan on making this my full time income so I am extremely determined to make it work!! Any productive advice is welcome!!

Thank yoU in advance for your feedback!! :-)

Robin

Try your strategy on the micro-account.

During trading, lead the log entry.
At the end of the week, to conduct an analysis of records.

Good luck!

robinpike posted:
I started to learn how to trade in February, 2016 and have gone through two programs (MTI and Apiary Fund) and while I have learned a TON of information and have done some successful trades I feel there is a piece missing. I am sure it has a lot to do with the learning curve and just needing experience behind me but I can't help but feel there is something missing. My husband keeps telling me, one day the light bulb is going to go off and it will all click for me! I do not plan on being in the 95% of those traders who quit. I plan on making this my full time income so I am extremely determined to make it work!! Any productive advice is welcome!!

Thank yoU in advance for your feedback!! :-)

Robin

Check out www.barchart.com. There are tons of resources to choose from and it gives you buy/sell opinion for long term, mid term, and short term. Also use the Futures resources as well to shed light on FX.

You don't need 'education' as you probably know as much as the basic beginner. You need patience. Think of trading like hunting an animal. You don't take a shot everytime you go to the woods. You have to watch every day and then strike when the opp hits.

A few rules to suggest and follow:
1.) NEVER trade against a long term moving average PERIOD. Yes, you will miss some good trades but you will never catch them all. This isn't Pokemon, LOL. EURJPY holds up fairly well against the 100 WMA. Never buy on a downtrend.

2.) Trade pairs like EURGBP, AUDJPY, and EURJPY. EURUSD and GBPUSD are gambling for those without discipline and perspective.

3.)In your post you say your goal is to earn a living doing this. I hope and pray you do but it will not happen in a few months. It will take several years of patience and learning and commitment to the craft of this. All gamblers lose in this game, period. This is a business and must be respected as such. Not saying you don't respect this, just saying that it's a dead serious understanding and commitment to achieve this. Most people I know who do well in this earn a great living doing something normal and they can afford to risk on their account and sleep fine at night because they are fueled with capital backing them.

4.) If you can't win on a demo NEVER deposit real money. It's 1000 times harder because the stress is real.

5.) Finally, stay humble and coachable. Consider this your golf game. You're not competing against anyone except yourself.

I hope these tips have helped. P.S. Don't get caught up doing 50 pip stops etc... Brokers blow right through them. You have no choice but 150+ pip stops if using a daily chart. I would never use a smaller time frame because volume is not readily available which will spike the chart and instantly stop you out.

a new concept to become alive from deep water trades. worth to read about Einstellung effect and its effect upon trader behaviour


 https://www.dukascopy.com/fxcomm/fx-article-contest/?I-Get-Catch-In-The&action=read&id=3277#read-article

I could advise not to stick to trading manuals and old video tutorials. market is always changed. And also stay away from binary options.

I started trading without any education beyond a demo account for three months and a software package I bought that was supposed to give me entries and exits. The outfit that sold that package went out of business shortly thereafter. Does any of this sound familiar?

I also tried varying my trading strategy, or more correctly trading strategies, including the amounts at risk in any one trade, because nothing worked consistently. Does any of this sound familiar?

 I watched helplessly as a huge spike crashed down through my stop loss positions and found that 'Surprise, our contract says that we aren't responsible if the market moves so fast that our touted superfast trading computers couldn't keep up so will you please come up with some more money for your trading account margin protection.' Does any of this sound familiar?

I wandered around the internet, went to 'expos' and followed the trading advice of several gurus employed by reputable firms. (You probably know who they if you surf around the net) I also followed the advice of several individual gurus not affiliated with any recognized trading firms. Boy did I see some scams along the way! Does any of this sound familiar?

I was basically treading water, neither losing a lot nor gaining a lot on a consistent basis. One day I decided to try a free ten day trial of a educational training room. I had seen a brief presentation on the system that was taught at the Dalas Expo, and it looked good, but involved fibonacci levels and technical stuff that I didn't like because I don't like math. But I figured, 'Ten days free, why not check it out?' I learned two basic things in those 10 day. 1. You cannot win as a 5-10 pip scalper unless you are correct 90% of the time. 2. A trade set up that was described as effective 90% of the time and that sounded good--but I didn't buy into the program. Smart guy that I am, I figured to try out the 90% trade I had learned to see if it worked over time. It did. I started to make consistent pips at levels way beyond the 5-10 pip scalp I had been using.

That doesn't sound familiar does it? Well, I went back for another 10 day free trial about a year later---and I was sold on the system and the tools. Since then I have been consistently trading profitably, so much so that Oanda gave me an 'attaboy' certificate that I was one of their 'Elite Traders.' Now that just means I was in the top 5-8% of their traders for the year, but at least I don't feel like a jerk any more. I banked a net of 93, 237.1 pips on my FXbook portfolio since June of 2014, and I'm very happy with my progress. The cost is absolutely insignificant considering the results. I feel like I can trade with confidence daily because I can interpret where the Big Boys are going.

I'm not a 'know it all.' I'm still learning at this program's daily mentoring every day. I'm sure there are other reputable mentoring programs out there--but this is the one that turned things around for me. I don't want to come off as a shill who makes money off of this post as I have no financial interest in the program, but if you look around you can find this program.. Good luck with your trading.

sozofxtrading posted:
You don't need 'education' as you probably know as much as the basic beginner. You need patience. Think of trading like hunting an animal. You don't take a shot everytime you go to the woods. You have to watch every day and then strike when the opp hits.

A few rules to suggest and follow:
1.) NEVER trade against a long term moving average PERIOD. Yes, you will miss some good trades but you will never catch them all. This isn't Pokemon, LOL. EURJPY holds up fairly well against the 100 WMA. Never buy on a downtrend.

Very nice and interesting description!
I like the comparison to hunting an animal. It´s really like this (from what i learned untill now)!
The beginners want to trade all the time, this is a tipical mistake. It´s important to analyse the market and decide if it isn´t better not to trade untill it changes.
Rule 1 is also very true in my opinion. Every time I traded against the trend (when i saw a 'spike') I always lost.

@Robin,
at least you don´t do the mistakes I did.
I lost all my economies with crappy EAs, bad copytrades, lousy and gambling manual trading and now i am learning to trade with respect, discipline, risk management and a very little account.. 😭
I will need a lot of time before i will eventually be able to quit my job.

And I would never start with a demo account.
First and only time I traded with a demo account, 6 years ago, I made lots of profits, without having any idea about trading.
I hope my english is ok (I´m from Germany)

ricki72 posted:

sozofxtrading posted:
You don't need 'education' as you probably know as much as the basic beginner. You need patience. Think of trading like hunting an animal. You don't take a shot everytime you go to the woods. You have to watch every day and then strike when the opp hits.

A few rules to suggest and follow:
1.) NEVER trade against a long term moving average PERIOD. Yes, you will miss some good trades but you will never catch them all. This isn't Pokemon, LOL. EURJPY holds up fairly well against the 100 WMA. Never buy on a downtrend.

Very nice and interesting description!
I like the comparison to hunting an animal. It´s really like this (from what i learned untill now)!
The beginners want to trade all the time, this is a tipical mistake. It´s important to analyse the market and decide if it isn´t better not to trade untill it changes.
Rule 1 is also very true in my opinion. Every time I traded against the trend (when i saw a 'spike') I always lost.

@Robin,
at least you don´t do the mistakes I did.
I lost all my economies with crappy EAs, bad copytrades, lousy and gambling manual trading and now i am learning to trade with respect, discipline, risk management and a very little account.. 😭
I will need a lot of time before i will eventually be able to quit my job.

And I would never start with a demo account.
First and only time I traded with a demo account, 6 years ago, I made lots of profits, without having any idea about trading.
I hope my english is ok (I´m from Germany)

Thanks! I worked for a top Market Maker. They are good people so let me say that first but it started to seem fishy when people were literally stopped out within 10 pips and then the market reversed. When it quacks like a duck, then guess what, it's a duck. LOL

orderflowtrading.com teaches you things on actually how to become a trader not just stupid TA bs that every losers online spits out. A lot has changed since and I don't know if he still has any copies of his book but that is one of the best gems I ever bought. taught me how market actually works and what goes on behind the scenes.
PS this is no way to promote any material or advertise any products, I am just speaking from my personal experience and opinion.

yes looking great

AlGauthier posted:
If you already have a lot of knowledge, but you still feel insecure, maybe you should try to improve yourself with a Demo account. This way you will not lose any real money, but you can create the perfect strategy to make you feel comfortable. I hope this helps you out.

Thanks Al, I completely understand what you are saying but I have started with a live account from day one. The main reason is because I read a lot about how people starting with a demo account, getting comfortable with winning and then crashing quickly once they were in their live account. I think a demo account is great to work with a new strategy to see what works best but not to do regular trading in... gives false hope! I really do appreciate your feedback though!! :-)
Robin

3.)In your post you say your goal is to earn a living doing this. I hope and pray you do but it will not happen in a few months. It will take several years of patience and learning and commitment to the craft of this. All gamblers lose in this game, period. This is a business and must be respected as such. Not saying you don't respect this, just saying that it's a dead serious understanding and commitment to achieve this. Most people I know who do well in this earn a great living doing something normal and they can afford to risk on their account and sleep fine at night because they are fueled with capital backing them.

I definitely realize this won't happen in a few months to make a living ... and I also understand it may take a few years to get to that point. I am fine with that as I plan on doing this for many years and look forward to seeing the progression as the years go by.

You don't need 'education' as you probably know as much as the basic beginner. You need patience. Think of trading like hunting an animal. You don't take a shot everytime you go to the woods. You have to watch every day and then strike when the opp hits.

This is exactly true... patience has been a problem in my life in general and I am definitely learning this skill each and every day!! I believe it is the key to becoming successful in trading!!

5.) Finally, stay humble and coachable. Consider this your golf game. You're not competing against anyone except yourself.

I am definitely coachable and would love to find someone that is looking for someone to take under their wing! I know that is wishful thinking... but wishing is a good thing! ;-)

I hope these tips have helped. P.S. Don't get caught up doing 50 pip stops etc... Brokers blow right through them. You have no choice but 150+ pip stops if using a daily chart. I would never use a smaller time frame because volume is not readily available which will spike the chart and instantly stop you out.

One thing that I am in the process of changing is moving from smaller time frames. I am now seeing it isn't the right style for me. And Yes, all of your advice has been very helpful and I truly appreciate it.

Robin

Clert posted:
I could advise not to stick to trading manuals and old video tutorials. market is always changed. And also stay away from binary options.

Binary options is where I started and got scammed for more money than I care to admit... thanks for your advice!

robinpike posted:

Clert posted:
I could advise not to stick to trading manuals and old video tutorials. market is always changed. And also stay away from binary options.

Binary options is where I started and got scammed for more money than I care to admit... thanks for your advice!

I wouldn't touch binary options with a ten-foot pole. It's full of unregulated brokers - if they can be called brokers and not outright scammers, though the latter term is more suitable anyway. Even ESMA issued a warning about them and their shady practices (https://smnweekly.com/2016/07/26/esma-cfds-forex-binaries-risky-speculative-high-risk-loss/) - like cold calling and luring gullible people to “invest” their life savings, promising easy profits. If a person's interested in trading it's best to work with a well-regulated, licensed broker they've researched extensively before investing in them.

Binary options is where I started and got scammed for more money than I care to admit... thanks for your advice!
You are welcome. The specificity of binaries itself is as for me an obvious gambling with enticement. Quite a smart trap for newbies who came to trading for conquering riches. Truly hope you did not get scammed with too much funds.

There was a comment about the micro-lot account that makes perfect sense to me for any beginner. When it comes to the timeframes, it really depends on your strategy and style. I would suggest to avoid news trading.

robinpike posted:

AlGauthier posted:
If you already have a lot of knowledge, but you still feel insecure, maybe you should try to improve yourself with a Demo account. This way you will not lose any real money, but you can create the perfect strategy to make you feel comfortable. I hope this helps you out.

Thanks Al, I completely understand what you are saying but I have started with a live account from day one. The main reason is because I read a lot about how people starting with a demo account, getting comfortable with winning and then crashing quickly once they were in their live account. I think a demo account is great to work with a new strategy to see what works best but not to do regular trading in... gives false hope! I really do appreciate your feedback though!! :-)
Robin

I see you are a passionate trader and I wish you success in long-term!