Joined Apr 2007
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Status: Dont get greedy. Dont be too shy
|453 Posts
I think it took me 1.4 years to finally start profiting. The first thing i had to realize was that the trend is the trend is the trend. Next thing was money management. And last, market psychology and Price action for entries
100% of traders are losers. Just that some win more than they lose!
I think it took me 1.4 years to finally start profiting. The first thing i had to realize was that the trend is the trend is the trend. Next thing was money management. And last, market psychology and Price action for entries
it took me 5 months to have a solid footing in this business though i lost virtually all of my first investments which i have recovered in multiples and afterwards i got to a stage i can boast that the most impossible thing is loosing money.
well i was self taught, though it was not easy cos it took me time and d greatest determination of my lifetime to comprehend fully all the intricasies involved in this game and aquire all d skills i possess presently which i must confess was best for me cos no one culd have taught me all d skills i have presently.
well u do not need a relevant certificate to be a successful trader.its all about knowing the right things to do , applying dem at d right time with discipline, watchfulness, care and intelligence.
enjoy d pips............................
know thy edge and abide by it ! 4 in it shall thou be successful !
That's how long it took me. 6 months, I would highly recommend a mentor. Mentorship is the fastest way to learn. If you don't have one, then follow everyone else's advice here.
Tips that work for me:
Trade larger time frames like dailys. The technicals seems to hold up a lot more on the larger time frames. Also it will keep you from over trading which is a common pitfall for many people.
Follow the trend:
The longer the trend the more likely it will continue from a pure statistical view point. I look at daily, weekly, and monthly trends and intentionally don't trade against them. If you see a counter trend that takes a deep dive just know that on the way back you will have more room to catch profits.
These are just to basic things that have helped me to be profitable. I haved other but they are debatable to some traders so I will not list them here.
How much time ? I depends on the individual. It can takes 1 months, 6 months, 1, 2, 5 years or never at all become successful trader !.
Thus, before I take someone to mentor, few factors takes into consideration. I remembered a friend of me asked to be my mantee and got 100K to trade. I told him keep the money and give me 10% as mentoring fee. He is more than happy to do that because he lost hundred thousands already. Within 6 months he consistently winning trades (but also losing some for violating the rules). Although you have the basic knowledge of trading, you still need a mentor.
It just like karate, football, swimmig and so on, it's not enough just by reading the books, then try to practice what it being written and expected to get your black-belt, a professional footballer or winning swimming olyampic medal without a coach. Get it ?.
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Additional Username
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Joined Apr 2018
|393 Posts
Time is not a big deal in Fx trading even though generally we think we have to pass a very long time , if we want to get better result from trading . in order to me , if you have analyzing trading strategy with most powerful money management there is a chance to get good result from trading very rapidly.
6 months to become profitable. I know this will rustle feathers of some of you who've been trying for years and failed. I started with technicals and realised after a month it was a waste of time for me because you can fit any narrative to a chart. Moving onto fundamentals I spent 3 months educating myself on the basics and then after another 3 months of applying the knowledge the account started growing. 12 months later the account is 132% up without taking stupid risks and carving out small sub percent to several percent gains per successful trade.
For me the key was focusing on market moving drivers and ignoring charts.
{quote} If you were irregular for just one and a half years you've actually done incredibly well! Most people need a lot longer to improve, congratulations!
Ignored
Thanks mate, for your words! Have a good day, keep hunting green pips.
