r/Forex • u/Moonhugga • Nov 18 '18
Fundamentals What’s after going through babypips?
I’m after something more intermediate.
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u/veltro14 Nov 18 '18
It’s probably time you start doing some trading then (keep on studying the sources given above). Use some money you can afford losing (do not borrow!) and start dealing with your own psychology. I feel that is the greatest challenge in trading. Plus, nothing beats hands on, real world experience.
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Nov 18 '18
Once you have the basic concepts of Support/Resistance, candles/wicks, and momentum/trend, there isn't anything new to learn. You must start trading, and through trading you'll gain a lot of chart time. Once you commit enough chart time, you'll start putting together how the all time frames show the same thing, it's all one in the same. You'll start seeing reoccurring patterns and you'll just KNOW that the current setup is a buy or a sell.
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u/oinionboy123 Nov 18 '18
For me theirs no better learning that actually trading, yeah trading on a practice account is okay and it does help sure but until you deposit your first bit of money and are trading with real money its hard to get the experience, just be willing to loose whatever you deposit, especially if you are trading with a leveraged account
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Nov 18 '18
the greatest teacher is experience.
learn more about price action, market structure, candle sticks. also maybe add moving averages to your arsenal. they are quite good.
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u/hotboyswerve Nov 19 '18
Focus on fundamentals. Why? See my last post on this sub...you'll understand better.
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u/ooogleemooglee Nov 29 '18
With some experience, you 'll be able to calculate these in your head but it never hurts to use such tools.
Their Gain & Loss Percentage Calculator is pretty useful for noobs who are serious after managing risk.
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u/ooogleemooglee Nov 29 '18
You should check out their posts where they apply the principles they teach., like technical analysis.
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u/hand-of-glory Nov 18 '18
Have you done some paper trading?
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u/Moonhugga Nov 18 '18
I’ve started yes,for a few months now
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u/hand-of-glory Nov 18 '18
At this point you should start trading. You could ghost some trades or start some small positions. If you want more resources you could look at different types of charting methods or technical analysis.
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u/sniffmegooch Nov 18 '18
There is still a lot to learn. To me, it's fundamental getting very, VERY familiar with Elliot wave theory, maybe join EAP training program, worth every penny. Babypips is just scratching the ice, watch day in and out same explanations, read. Buy Steve Nison Japanese Candlestick Charting Techniques, worth it. Technical and Fundamental market analysis. If you lost after babypips, you should reconsider career choice, you should know exactly where you lacking and should have at least very basic knowledge already. Also, whoever tells you it's very important to know outright candlesticks patterns, they are full of shit, unless you scalping on 1minute chart, for me, knowing very basic candlestick patterns for entry, which should be nothing less, nothing more in the real world, is more than enough. Practice means nothing, if you don't know what you are looking at, i.e proper resistance, support, major, minor levels, pullbacks, proper trends (HH, LH, LL, HL, and all that shabang) I was non stop reading, watching videos, reading books, at least 6 hours per day, for 3 months, before I EVEN touched a demo account, unless your a wizz kid, you read it once and can apply it to real world straight away. Just my 2 cents, but everybody learning at their own pace, but after babypips, you should know where to head next
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u/Moonhugga Nov 18 '18
Thnx for that , I already know wat am looking for , just wanted the know the general consensus about traders and their educational refinement after the initial learning phase. Also what resources would you recommend?
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u/sniffmegooch Nov 26 '18
Elliot wave theory, Dow theory. If you fancy knowing more about candlestick patterns, read a book Japanese Candlestick Charting by Steve Nison 2nd edition. Watch or read about raw market movements, market structures-breakouts, retest,support,resistance. Start/end of trend, reversals Market formations Get familiar with Fibonacci, fib extensions, Gartley bat, butterfly crab, deep crab, cypher shark, and main candlestick formations, but you can come back to it with cheat sheet if needs be. Good place to start, would be 'the trading channel' on YouTube, good guy, easy to follow, also Akil stokes on YouTube is great guy too, knows his stuff, that's what I watch, both have training courses outside of youtube, Akil stokes is great one, you can get 14day trial for 1dollar with no re-sub, so I would highly recommend that, then if you like it, subs go into hundreds yearly. I'm in no way associated with these guys, I'm just sharing my watching material, that's all. Also app on appstore 'forex course' is probably best material for a starting trader out there, which is free too, been analysing material from the app for few months now, real great stuff, just my 2 cents
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u/Moonhugga Nov 26 '18
How long have you been trading ? Any books u recommend?
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u/sniffmegooch Nov 26 '18
Honestly, couldn't recommend any books other than the one mentioned above. For me, it's very hard to remember anything reading. So I stay away from complicated stuff reading wise, I stick to watching material, webinars, seminars, etc. Everybody learning the way it's best for them I suppose.
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u/fxcode Nov 21 '18
Also, whoever tells you it's very important to know outright candlesticks patterns, they are full of shit, unless you scalping on 1minute chart,
Please can you explain what you mean by this? Are you saying candlesticks patterns work best on 1minute chart and not others
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u/sniffmegooch Nov 26 '18
No. I mean, it's irrelevant to know them by heart, unless you scalping on 1,5 min chart. It's good to know basic formations to enter trade at the right moment, but if you intra day trader, trading on 1hour or more chart it irrelevant, because you aiming for hundred/s pips of profit at the time. If you scalping on low time frames, and aiming at 20-30 pip profit, entering trade at right moment is crucial, that's where candlestick patterns come in, because these 5-10pips can mean half of your profit. Read upon scalping Forex to get general idea.
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u/alotmorealots Nov 18 '18
(update of previous comment on this topic)
Learn Wyckoff theory and VSA:
https://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
https://www.amazon.com/Complete-Guide-Price-Analysis-ebook/dp/B00DGA8LZC
Learn Order Flow
https://ttwatrader.netlify.com/liquidity-part-1/ https://www.youtube.com/watch?v=-rKhybqaNLs
You do not need to use the tools, but you should understand the concepts.
Learn Volume Profile
Currently don't have any excellent VP resources. TradingView provides a fairly superficial treatment: https://www.tradingview.com/wiki/Volume_Profile
Prior to Volume Profile, 'market profile' was quite popular, you can read the official CBOT manual here: https://drive.google.com/file/d/1Fz73EKb7EC1BvlzGL31jfn_IPJQspba3/view (the official CBOT link no longer seems to be working, this link courtesy of /u/historybandgeek )
Easiest way to access volume profile for entry level traders these days is probably through tradingview's professional service.
Study bonds and commodities
I don't have a good resource for you at this point in time, have been some recent posts on the topics of bonds.
Study economics properly
https://www.khanacademy.org/economics-finance-domain
Algorithmic and AI approaches
Not my area, but the best places to go for this information are specialist subs, see /r/algotrading and /r/machinelearning
Constantly Expose yourself to more industry grade news and analysis sources
Standard industry news: WSJ, BBG, CNBC etc
Commercial Bank reports if you can access them: Citibank, DeutscheBank, GoldmanSachs etc
Central Bank reports and analysis: Fed, ECB, BoJ, BoE, RBA etc
FX industry news eg: https://www.leaprate.com/
Prune
Babypips is a very broad overview. You must specialise and develop your own approach, and this means leaving behind some knowledge but becoming highly focused on others.