Newbies are Lucky

tkpower8

tkpower8

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I just wanted to make a quick post to all the newbies out there because you are actually very lucky. You have not yet been poisoned with hopes of magical indicators to tell you what to do. This allows you to look at the markets with a fresh set of eyes and I would like to share with you all that you will ever need to know to be a successful trader.

Forex has been my main job for the past 5+ years, I had my ups and downs in the beginning and I wasted A LOT of time looking for 'something better'. It's just human nature and psychology that end up being what makes trading difficult for most people. Trading itself, it turned out, is very simple.

I will list here all you will ever need to learn and you need to trust me,
I speak from experience and I am a teacher of many traders so this is proven fact.
My current favorite hobby is to help people become successful traders.

1. Support/Resistance (Also know as Supply/Demand)

2. Trend Lines (Drawing these is an art)

3. Candlesticks (valuable information in picture format)

4. Risk/Reward (The art of never risking more than you are trying to gain)

5. Money Management (don't be greedy)

These 5 items will make you as much money as you want but only if you allow 1 thing not to get in your way. That thing is of course your very own brain, you will be your worst enemy. Understand that you will NOT win every trade, it is NOT possible and it will NEVER happen. Accept loss as part of your success because with correct Money Management and Risk/Reward loss will not effect you.

Now, this post is not very detailed but if you concentrate on learning these 5 things in depth then you will succeed.

I wish you all the success in the world
 
Last edited by a moderator:
What a brilliant kind person you are.
The ebook is great and a real help to anyone from novice to professional
and the mt4 stuff that is out of this world.
 
Last edited:
gamma said:
What a brilliant kind person you are.
The ebook is great and a real help to anyone from novice to professional
and the mt4 stuff that is out of this world.
Click to expand...


the hooks in now how much for the premium lessons:LOL:
 
rc450 said:
the hooks in now how much for the premium lessons:LOL:
Click to expand...

I was only refering to the free ebook
But to be honest I had a look at the premium bits and there are no where near as expensive, as some of the rubbish spammed here.
And if the premium courses are of the same quality as the free ebook then it is definately worth it.
 
gamma said:
I was only refering to the free ebook
But to be honest I had a look at the premium bits and there are no where near as expensive, as some of the rubbish spammed here.
And if the premium courses are of the same quality as the free ebook then it is definately worth it.
Click to expand...

ignore me, i've just had some monkey on the phone offering free cavity insulation,
anytime the word free comes up i run a mile without even listening to the offer.

which reminds of an occasion in a garage when the cashier said " would you like another sir as they are 2 for 1" (this was in the early days of offers like this) i quickly without even thinking replied "no i don't have enough money" :eek: he looked at me as if a had two heads.
when i walked out it dawned on me what he'd said and as you can imagine, i felt a bit of a tw@:LOL:

perhaps i need to stop being such a sceptical old git, i'm sure if it's good enough for you it's good enough for me.
 
rc450 said:
ignore me, i've just had some monkey on the phone offering free cavity insulation,
anytime the word free comes up i run a mile without even listening to the offer.

perhaps i need to stop being such a sceptical old git, i'm sure if it's good enough for you it's good enough for me.
Click to expand...

Ref the cavity wall insulation. It's actually funded by govt grants so the companies who provide this service do get paid :). All part of the drive to reduce energy consumption so the govt can claim to have met targets.
 
counter_violent said:
Ref the cavity wall insulation. It's actually funded by govt grants so the companies who provide this service do get paid :). All part of the drive to reduce energy consumption so the govt can claim to have met targets.
Click to expand...

doh! there i go again:LOL:

i had a little look at this a while back and but our property isn't suitable for the grant, cheers.
 
rc450 said:
ignore me, i've just had some monkey on the phone offering free cavity insulation,
anytime the word free comes up i run a mile without even listening to the offer.

which reminds of an occasion in a garage when the cashier said " would you like another sir as they are 2 for 1" (this was in the early days of offers like this) i quickly without even thinking replied "no i don't have enough money" :eek: he looked at me as if a had two heads.
when i walked out it dawned on me what he'd said and as you can imagine, i felt a bit of a tw@:LOL:

perhaps i need to stop being such a sceptical old git, i'm sure if it's good enough for you it's good enough for me.
Click to expand...

I understand how you feel and like most of us have fallen pay to some scams
And everyone knows what a skeptic I am to courses etc.
But the ebook is a good read and he shows you some good features on mt4

They way I am going on One would assume I am being paid by the OP
I am not
Its just nice to see a good post after all the crap we have been having recently.
 
Sorry I have not checked in here for a while and I didn't realize my link was removed.

The Free eBook can be found if you search Google for electrofx

I guess I can not post links here so I will not bother.

PS. Checking back on this thread I notice the comments about 'The hook is in the premium lessons'. So just to let everyone know.. I have created a video course for v1 and only charge 8euro to cover website costs etc (I see nothing like it anywhere for under $350, usually more). For the VIP level I am basically giving away the education for Free, I have kept the price to a complete minimum but what you are paying for is an account on my dedicated server (VPS), access to use my EA's, and a student profile with access to my live classroom. I do not look to the website to be a source of income but it has ended up making me some extra pocket cash anyway so I am not complaining about it either. Trading is where the real money is ;)
 
tkpower8 said:
Trading is where the real money is lost ;)
Click to expand...

Fixed :LOL: lol


Actually the best "teacher" in trading is yourself. #5 on the list should be #1 imo. The only true way of learning to trade is live trading for several years with real cash, then you can start to begin to understand what it is all about. I don't think anyone just comes right into trading making a butt load of cash. Even veteran traders lose every day. I do know traders that are correct 30% of the time, but make more money than most. That is because they have good risk management skills. If people need a little push in the right direction for calls or ideas on what to trade next, that is one thing....but to actually "teach" someone to trade is nearly impossible. That is why this is a market and a zero sum game.
 
Totally agree ..... Sitting next to a top trader even at an IB will not guarantee that the trainee will perform any where near as well where left to his own devises. Each and every one of us has our own neural nets so the approach will need to take this into account

LiveTradingZone said:
Fixed :LOL: lol


Actually the best "teacher" in trading is yourself. #5 on the list should be #1 imo. The only true way of learning to trade is live trading for several years with real cash, then you can start to begin to understand what it is all about. I don't think anyone just comes right into trading making a butt load of cash. Even veteran traders lose every day. I do know traders that are correct 30% of the time, but make more money than most. That is because they have good risk management skills. If people need a little push in the right direction for calls or ideas on what to trade next, that is one thing....but to actually "teach" someone to trade is nearly impossible. That is why this is a market and a zero sum game.
Click to expand...
 
Trading is where the real money is lost for most people yes, totally agree with you.
That's why there is so much money left for the rest ;)

Patience and controlling your emotions can't be taught... agreed.

But I have proven to myself that trading can be taught, just not to everyone,
and it is no easy task at all, teaching has been a hobby of mine for a while now.
(IQ and self awareness/control vary from person to person)

It's not for everyone to say the least
 
tkpower8 said:
Trading is where the real money is lost for most people yes, totally agree with you.
That's why there is so much money left for the rest ;)

Patience and controlling your emotions can't be taught... agreed.

But I have proven to myself that trading can be taught, just not to everyone,
and it is no easy task at all, teaching has been a hobby of mine for a while now.
(IQ and self awareness/control vary from person to person)

It's not for everyone to say the least
Click to expand...

Has nothing to do with IQ imo. You can teach a 8 year old kid to trade better than a 40 year old genius scientist or brain surgeon.

A very smart brain surgeon would probably do worse than the kid because the brain surgeon has to be correct 100% of the time. No room for error. In trading there are always losses and you have to deal with failure.

The kid will do what you tell them to and not get emotional while trading....

just a thought :)
 
Well said :)

Technically IQ has nothing to do with being well educated which is why I worded it that way.
IQ tests are usually figuring out puzzles after all.

But we are both on the same page for sure.... it's all in the emotion and psychology... IF you have a good trading plan (the part that can be taught) .. loosing is part of winning in any strategy.

Most strategies found around the web are flawed anyway which just makes things worse.
Everyone seems to forget about solid money management and pre-planned risk reward for some reason.
Getting in to a good trade is easy, it's what you do after that matters and that is not something you want to be deciding after the fact.
 
Sure ... but I wonder how the kid would react if you told him pips represent sweets he could have

LiveTradingZone said:
Has nothing to do with IQ imo. You can teach a 8 year old kid to trade better than a 40 year old genius scientist or brain surgeon.

A very smart brain surgeon would probably do worse than the kid because the brain surgeon has to be correct 100% of the time. No room for error. In trading there are always losses and you have to deal with failure.

The kid will do what you tell them to and not get emotional while trading....

just a thought :)
Click to expand...
 
tkpower8 said:
I just wanted to make a quick post to all the newbies out there because you are actually very lucky. You have not yet been poisoned with hopes of magical indicators to tell you what to do. This allows you to look at the markets with a fresh set of eyes and I would like to share with you all that you will ever need to know to be a successful trader.

Forex has been my main job for the past 5+ years, I had my ups and downs in the beginning and I wasted A LOT of time looking for 'something better'. It's just human nature and psychology that end up being what makes trading difficult for most people. Trading itself, it turned out, is very simple.

I will list here all you will ever need to learn and you need to trust me,
I speak from experience and I am a teacher of many traders so this is proven fact.
My current favorite hobby is to help people become successful traders.

1. Support/Resistance (Also know as Supply/Demand)

2. Trend Lines (Drawing these is an art)

3. Candlesticks (valuable information in picture format)

4. Risk/Reward (The art of never risking more than you are trying to gain)

5. Money Management (don't be greedy)

These 5 items will make you as much money as you want but only if you allow 1 thing not to get in your way. That thing is of course your very own brain, you will be your worst enemy. Understand that you will NOT win every trade, it is NOT possible and it will NEVER happen. Accept loss as part of your success because with correct Money Management and Risk/Reward loss will not effect you.

Now, this post is not very detailed but if you concentrate on learning these 5 things in depth then you will succeed.

I wish you all the success in the world
Click to expand...

Hi there
I tend to think Candlesticks -- especially for Newbies are a confusion.

For Newbies I would recommend starting with LINE GRAPHS of purely the End of Day CLOSE and then you can add your Moving aveverage and other indicators on the graph very easily.

TOO MUCH data is only a confusion when people are just starting to learn to trade. A simple LINE graph of the CLOSE value is very simple and uncluttered. Most beginners work with End of Day data anyway so the CLOSE is probably the most useful value per day.

The rest is GOOD advice.

I'd add a VERY IMPORTANT ONE HERE -- NEVER EVER CHASE LOSSES -- this is a 100% losing strategy -- biggest error for beginners (and I'm sorry to say sometimes even experienced traders do it too).

If you are in a losing or Bad position -- CLOSE ASAP even if you take a hit -- then forget it and concentrate on the NEXT trade -- as if NOTHING HAD HAPPENED.

Don't alter plans such as trying to recover the loss from the previous trade -- each trade is a NEW one. If the share you sold at a loss suddenly goes up DON'T EVER THINK =="IF ONLY I'D HELD ON". -- Each trade is a NEW ONE - independent of the previous one.

You must be cold and unemotional when trading - sentiment will LOSE you money very fast.

Cheers
jimbo
 
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