So, there is a lot of information on this forum regarding trading and how to become successful. I will say this, one of the absolute most important things you need to master is becoming comfortable with your losses and risk management. This concept took me a very long time to understand. The way you cope with losses will make or break your trading career and your account.
The number one most important thing in my opinion to long term success in this business is PSYCHOLOGY. Not your trading strategy. I believe that you can achieve success with ANY trading strategy. I say this all the time, but your entry is only 10% of the trade! The other 90% is managing your positions. Knowing when to take profit, when to take a loss, and how to do this successfully is what matters the most.
So, for any newbies out there sifting through the crap on here looking for the golden nugget, understand that you need to master your own psychology or else you will never succeed no matter what strategy you use.
Everyone is different, maybe you are someone who likes to use SL, maybe you like to hedge out of losses, maybe you like to use tiny tp with huge sl, IT DOES NOT MATTER. As long as YOU are comfortable with it. Become friends with your RISK. Plan your downside, not just the profits.
Once you master this and stay consistent in your losses, aka the same risk every time and never deviate. You will be one step closer to success. Then you can look at other things on how to improve.
I really wish I had known this sooner, and this piece of advice I am giving you truly is a golden nugget. Those who do not follow this simple rule will never succeed! I promise you that!
You can be in a winning trade and not exit because you have no plan, or in a losing trade and cut it too early and be mad at yourself. But if you already predetermine what you can control you are ahead of the game, and the market will not make you feel emotions.
This is what I teach in my group, psychology. I do not charge anything, I do not teach any strategies or recommend any indicators because that is different for everyone depending on many factors. I simply help traders to understand how to master their emotions and the psychological side of trading.
Good luck.
The number one most important thing in my opinion to long term success in this business is PSYCHOLOGY. Not your trading strategy. I believe that you can achieve success with ANY trading strategy. I say this all the time, but your entry is only 10% of the trade! The other 90% is managing your positions. Knowing when to take profit, when to take a loss, and how to do this successfully is what matters the most.
So, for any newbies out there sifting through the crap on here looking for the golden nugget, understand that you need to master your own psychology or else you will never succeed no matter what strategy you use.
Everyone is different, maybe you are someone who likes to use SL, maybe you like to hedge out of losses, maybe you like to use tiny tp with huge sl, IT DOES NOT MATTER. As long as YOU are comfortable with it. Become friends with your RISK. Plan your downside, not just the profits.
Once you master this and stay consistent in your losses, aka the same risk every time and never deviate. You will be one step closer to success. Then you can look at other things on how to improve.
I really wish I had known this sooner, and this piece of advice I am giving you truly is a golden nugget. Those who do not follow this simple rule will never succeed! I promise you that!
You can be in a winning trade and not exit because you have no plan, or in a losing trade and cut it too early and be mad at yourself. But if you already predetermine what you can control you are ahead of the game, and the market will not make you feel emotions.
This is what I teach in my group, psychology. I do not charge anything, I do not teach any strategies or recommend any indicators because that is different for everyone depending on many factors. I simply help traders to understand how to master their emotions and the psychological side of trading.
Good luck.
