The learning cycle for a newbie trader

[dude_speak]

SoulTrader,

Thank you for the post on this. After reading your post, I feel like I am in Stage Two - Concious Incompetence now. I tried different studies (MACD, Fib, RSI, etc), and seeing more loses than wins.

What I have done A LOT is to
1. put a position (usually EUR/USD)
2. things moving the opposite direction
3. keep waiting until it gets bad
4. finally decided to close the position
5. things turn the other direction, and wished I didn't close too early

I am curious what I need to do to get to the Eureka Moment. From your post, you mention about reading about psychology of trading book.

Any other suggestions?

[Soul-Trader2004]

just keep testing dude - time in the market cannot be bought, read about or accelerated - you just have to do your time and all will come - keep doing what you are doing.

[sirch985]

I agree with SoulTrader is saying, you've got to put in the work as in any other business.
"If it were easy everybody would be doing it"

Do your research to get your footing in forex.

[Time Trader]

It takes most new traders WAY longer to get to the Eureka moment than it needs to because we just don't want to hear the truth, until we are forced to - and sometimes its too late.

Almost every book/training course on trading says the same thing - Money Management and Mindset are critical - more important than your system - and yet the majority of new traders put almost all their effort into their system and only a tiny fraction into Money Management and Mindset. We treat them like optional add-ons rather than the priority.

If every new trader got hit over the head repeatedly with the reminder "its 80% Mind and Money Management and only 20% system" and they allocated their time and effort accordingly, many more would make it.

[Dox]

Thanks Soul!
Its much easier to lear, accept own fulishnes and uncompetence, after you know - it`s not just U - everybody get true this stage... I`m learning hard, i know - i will becom a trader! I will! Sooner or later, it`s my attractant.
I houpe - u gys will help me with advice.

[ramdas]

Originally Posted by Dox

Thanks Soul!
Its much easier to lear, accept own fulishnes and uncompetence, after you know - it`s not just U - everybody get true this stage... I`m learning hard, i know - i will becom a trader! I will! Sooner or later, it`s my attractant.
I houpe - u gys will help me with advice.

I completed this hard journy, i read this thread three years back and all said is true. it's tough journy.
Stage 3 - The Eureka Moment says
"you realise that its actually possible to make money with a simple moving average and nothing else IF you can get your head and money management right"

I Realize this...
I created one forum and blog where i shown how you can make money only with Simple moving average
Forum http://forextradingwithsma.forummotion.com/index.htm
Blog http://forextradingwithsimplesetup.blogspot.com/
and yesterday i created one private google group
http://groups.google.co.in/group/for...gwithsma?hl=en

I do not expect anyone to visit and see what it is..since most run behind Nice indicatores.

Today i am posting to this thread ...since i was subscribe to this thread long back and received email since new post arrive

[bullseye81]

I am from egypt and related with the foriegn exchange business and live in seoul. I use www.stateforex.com for forex rates. Since i have to make a record of the rates, i have to copy the data but they have disabled the copy option of the rates. This is the best website i know as they give all the information of all the countries on a single page region wise. Is there any way that the rate values can be copied?