You know how they say it takes 10 years to become an overnight success? Well, I'm on my 3rd year. I bought my first trading book on October 1, 2013. By January 2014, I opened my first trade. After a year of trading I managed to break-even and had a book collection of almost thirty books (value of +$1,000.) My most valuable lesson learned was reading books do not make you a profitable trader. This was an osmosis type of training that must be learned with proper chart time.
1st Year
At the start of the second year after breaking-even, I continue to read my books and had purchased a DVD course on stocks and options, where I learned of a trader that focuses on trading options. I joined his team (for $1,500) and learned of an excellent options strategy. I had initial success with this strategy but shortly after was introduced to Forex and made the decision that I want to become fully proficient in this market instead.
2nd Year
For the last fifteen months, I have been actively trading the FX market. When I was first introduced to this market I was also new to social media (Instagram,) where soon enough my news-feed was full of young traders that were killing the market. Since I was never exposed to this phenomenon, I joined a team (for $250) to get a better understanding of how this market works. Pretty soon, you realize that what you see on Instagram is only an epidemic fueled by extravagant photos and demo accounts. I left the team and have been focusing on becoming proficient on all aspects of trading with the goal of one day becoming a consistent, profitable trader. I could say that up to this point I had not really defined what my actual technical approach was until I met a trader with ten years of market experience. He fought his own demons that prevented him from becoming a consistent, profitable trader for eight years. He has now overcome the threshold of consistency and has taught me that in order to become successful in this dynamic market you need to fully understand what Price, Supply/Demand, Support/Resistance, and the Trend really mean in your charts.
Despite what you may think, the more market analysis you perform will not equate to a consistent trading performance. Yes, a good technical approach is required but the key for this approach to overcome the 'threshold of consistency' is to unlock the correct trader's mindset. I'm getting more comfortable with my technical approach and know it will only get better with time, but I now understand that my current battle is developing the proper mindset to make money and KEEP it.
AUG2015-NOV2016 (Forex Trading History)
I decided to attend a seminar recently (for $1,000) with a professional trader with over twenty years of market experience and it only reinforced what I already knew. I am not a consistent, profitable trader yet because I have not fully developed the correct mindset needed to succeed in this market. For this reason, I have decided to share two things that I believe will help any aspiring trader get on the right path and significantly reduce their learning curve. One comes from the book Trading in The Zone by Mark Douglass that share the attributes of successful traders. The other one is my personal opinion from my own experience of the two biggest mistakes I was making that halted my trading development for years. After spending over +$3,500 on education and losing roughly $750 in the course of three years trading, I have decided to share my personal story in hopes that it points all struggling traders in the right direction. After all, time is our most valuable asset.
"Traders must first learn to survive, then learn to thrive." I know my time to thrive will come.
1st Year
At the start of the second year after breaking-even, I continue to read my books and had purchased a DVD course on stocks and options, where I learned of a trader that focuses on trading options. I joined his team (for $1,500) and learned of an excellent options strategy. I had initial success with this strategy but shortly after was introduced to Forex and made the decision that I want to become fully proficient in this market instead.
2nd Year
For the last fifteen months, I have been actively trading the FX market. When I was first introduced to this market I was also new to social media (Instagram,) where soon enough my news-feed was full of young traders that were killing the market. Since I was never exposed to this phenomenon, I joined a team (for $250) to get a better understanding of how this market works. Pretty soon, you realize that what you see on Instagram is only an epidemic fueled by extravagant photos and demo accounts. I left the team and have been focusing on becoming proficient on all aspects of trading with the goal of one day becoming a consistent, profitable trader. I could say that up to this point I had not really defined what my actual technical approach was until I met a trader with ten years of market experience. He fought his own demons that prevented him from becoming a consistent, profitable trader for eight years. He has now overcome the threshold of consistency and has taught me that in order to become successful in this dynamic market you need to fully understand what Price, Supply/Demand, Support/Resistance, and the Trend really mean in your charts.
Despite what you may think, the more market analysis you perform will not equate to a consistent trading performance. Yes, a good technical approach is required but the key for this approach to overcome the 'threshold of consistency' is to unlock the correct trader's mindset. I'm getting more comfortable with my technical approach and know it will only get better with time, but I now understand that my current battle is developing the proper mindset to make money and KEEP it.
AUG2015-NOV2016 (Forex Trading History)
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I decided to attend a seminar recently (for $1,000) with a professional trader with over twenty years of market experience and it only reinforced what I already knew. I am not a consistent, profitable trader yet because I have not fully developed the correct mindset needed to succeed in this market. For this reason, I have decided to share two things that I believe will help any aspiring trader get on the right path and significantly reduce their learning curve. One comes from the book Trading in The Zone by Mark Douglass that share the attributes of successful traders. The other one is my personal opinion from my own experience of the two biggest mistakes I was making that halted my trading development for years. After spending over +$3,500 on education and losing roughly $750 in the course of three years trading, I have decided to share my personal story in hopes that it points all struggling traders in the right direction. After all, time is our most valuable asset.
"Traders must first learn to survive, then learn to thrive." I know my time to thrive will come.