Training course or books?

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Iain1971

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Apologies to those of you who see this kind of post a lot. My current job is not particularly secure and I am seriously considering 'trying' to make a living from FX trading (from home). I am fortunate in that a reasonable sum of money behind me and I can also afford (if need be) to earn very little from this in the first 12 months.

I was hoping that somebody out there might be able to give me some advice regarding possible ways to enter this profession. I have read many negative comments about courses but do need to start somewhere and see this as possibly a quicker route to gain some knowledge rather than going down the road of reading a few books on the subject.

Having said all that, if the general consensus is that books are a great way to start, it would be great, if somebody could advise me on the best read for somebody like me.

Thanks (in advance)!
 
Going from zero to trading for a living is probably a more precarious thing than your current job. Trying to develop your trading skills under the pressure of not having a fall-back can lead to all kinds of stress - especially when in all likelihood you will suffer losses in the early stages - and that stress can hamper your performance considerably. I'd be very cautious here.
 
I was only able to begin trading for a living after taking terrible losses equivalent to several months pay and that was before the world economy went haywire. My goal was to simply get my money back, but by the time I had actually done so I had put thousands of hours into trading and decided I might as well run with it. You will lose your money no matter how intelligent you are because the dirty tricks the market plays on you disregard intelligence and rely on you having the wisdom to avoid them. Unfortunately, the only way to gain the wisdom is to play and lose. As long as you are willing to invest in your education by losing then you will be in good shape.

You should read elementary books first and then read books with specific trading techniques.

I really like "Forex Patterns and Probabilities" by Ed Ponsi (not Ponzi) .. Get it off Amazon. Most books available at local book stores will be different versions of the same "learn how to trade" book.
 
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Thanks for all the advice. I have decided to learn as much as I can in the next six months and at the same time spend about six months trading with a practice account. I will see how I get on then before making any big decisions.

Thanks again,
Iain
 
Iain1971 said:
Thanks for all the advice. I have decided to learn as much as I can in the next six months and at the same time spend about six months trading with a practice account. I will see how I get on then before making any big decisions.

Thanks again,
Iain
Click to expand...

This would be a much better idea than to jump into full-time trading before having an opportunity to practice.

If you're looking for a different approach to trading that may allow you to accelerate your progress towards your goal, you're welcome to begin your free trial of our forex trading algorithm. Just click the link in my signature below.
 
I would seriously advise against doing what you are doing. Its like saying i'm going to be a race driver coz i got a couple of quid to buy a ferrari. It aint going to happen. You either keep up with the pros till the first, second or third bend and then wipeout and smash a small fortune to bits or you take it steady and learn to appreciate each gear on a practice track. It will take longer but at least you wont wipe out too quickly.

I strongly advice against taking any courses that cost you money. Your path to success would be more rewarding just by posting on here. Get a good book. There are a great many. Their is a lot of recycled rubbish out there. Once you read the rules and maxims and drill them into your head. They are adaptable to most markets with slight modifications. Technical Analysis is TA etc.

I've read a fair few and they all boil down to trading plan trading plan trading plan. Do it now. Document it in detail. Have change logs flow diagrams check lists. Keep doing them until you are bored senseless and you can do your monthly, weekly and daily routine without needing to refer to them. This is the golden rule.

Dont trade demos. Start with micro-lots. Get some fear and greed emotions into your sytem with next to no money on the table. It is still there just in smaller quantities. Not the case in demos. Everyones a winner on demos. Why do you think the broker companys offer them up.

If you fall out of your job for whatever reason get another one. Trade every evening. If you are good at it then do it full time.

Again dont buy courses. People will tell you they are wonderful but you can find ten times the amount of info and more in a good book. Which incidently is next to your pc as you apply the every paragraph to the realworld.
 
Iain1971 said:
Apologies to those of you who see this kind of post a lot. My current job is not particularly secure and I am seriously considering 'trying' to make a living from FX trading (from home). I am fortunate in that a reasonable sum of money behind me and I can also afford (if need be) to earn very little from this in the first 12 months.

I was hoping that somebody out there might be able to give me some advice regarding possible ways to enter this profession. I have read many negative comments about courses but do need to start somewhere and see this as possibly a quicker route to gain some knowledge rather than going down the road of reading a few books on the subject.

Having said all that, if the general consensus is that books are a great way to start, it would be great, if somebody could advise me on the best read for somebody like me.

Thanks (in advance)!
Click to expand...

Try reading these books:
1. Market Wizards - Jack Schwager
2. The New Market Wizards - Jack Schwager
3. Trader Vic--Methods of a Wall Street Master - Victor Sperandeo

I suggest also you try subscribing to newsletters. thestocktradingnewsletter.com is a good one
 
Rhody Trader said:
Going from zero to trading for a living is probably a more precarious thing than your current job. Trying to develop your trading skills under the pressure of not having a fall-back can lead to all kinds of stress - especially when in all likelihood you will suffer losses in the early stages - and that stress can hamper your performance considerably. I'd be very cautious here.
Click to expand...

You should listen to this guy.. to be successful you need to be able to think objectivly about the market.. very difficult to make objective decissions when you need to make profits to pay the bills.. markets are open 24 hrs now so you should be able to trade and keep your job at the same time until you have a consistant strategy.. best of luck.
 
Wasn't that thread started like 1 year ago?
Perhaps he's already sipping Champagne in St Barts by now.
:)
 
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