Hello Traders,
This thread is meant for the new or struggling Trader.
During the last seven years i have been on a journey to become a constantly profitable daytrader and in this thread, i want to share some of the informations and knowledge i came across those last seven years which could have saved me a lot of time, energy and money. Maybe some of you will find this helpful and maybe for some of you, it will make a difference on your way.
Seven years ago i started trading the Spot Forex as a part time newbie wannabe trader with big hopes and dreams.
I bought several trading methods, indicators and expert advisors. I did read every book i could get my hands on but nothing really seemed to work.
I invested every minute of my spare time to learn how to trade and to reach my goal of financial freedom. Today as i use the Forex Factory Calendar on a regular basis to be aware of important news releases, i sometimes read one or two new posts in the Trading Systems or Trading Discussion Forum. Over the last few months i developed the idea to share some informations i think are very important on the way to become a trader and which are often missing in all those methods and trading systems which can be bought. It seems to me that the most important aspects to become a successful trader are often left out or are just provided in a meaningless manner without any solid explanation and an outlined way how to apply.
Instead of just writing things you maybe already come across in many trading books, i will try to go more in depth on why those general principles are important and how i believe they make a huge difference once correctly understood.
For example: Cut your losses short and let your winners run.
This piece of wisdom has been shared in many trading books but have you ever thought about why this is so hard for many traders to do and how to apply this as a whole concept in your daily trading? There are 1000 ways to apply this in a wrong way and maybe just a few ways to unleash its power and see how powerful and important this sentence really is.
Starting on a weekly basis i will add a new chapter to this thread and invite everybody to comment and ask questions.
cheers,
mike
This thread is meant for the new or struggling Trader.
During the last seven years i have been on a journey to become a constantly profitable daytrader and in this thread, i want to share some of the informations and knowledge i came across those last seven years which could have saved me a lot of time, energy and money. Maybe some of you will find this helpful and maybe for some of you, it will make a difference on your way.
Seven years ago i started trading the Spot Forex as a part time newbie wannabe trader with big hopes and dreams.
I bought several trading methods, indicators and expert advisors. I did read every book i could get my hands on but nothing really seemed to work.
I invested every minute of my spare time to learn how to trade and to reach my goal of financial freedom. Today as i use the Forex Factory Calendar on a regular basis to be aware of important news releases, i sometimes read one or two new posts in the Trading Systems or Trading Discussion Forum. Over the last few months i developed the idea to share some informations i think are very important on the way to become a trader and which are often missing in all those methods and trading systems which can be bought. It seems to me that the most important aspects to become a successful trader are often left out or are just provided in a meaningless manner without any solid explanation and an outlined way how to apply.
Instead of just writing things you maybe already come across in many trading books, i will try to go more in depth on why those general principles are important and how i believe they make a huge difference once correctly understood.
For example: Cut your losses short and let your winners run.
This piece of wisdom has been shared in many trading books but have you ever thought about why this is so hard for many traders to do and how to apply this as a whole concept in your daily trading? There are 1000 ways to apply this in a wrong way and maybe just a few ways to unleash its power and see how powerful and important this sentence really is.
Starting on a weekly basis i will add a new chapter to this thread and invite everybody to comment and ask questions.
cheers,
mike
.:: your stop loss is another trader's first target ::.