Most of traders come to this industry, because we were sold the idea that trading = freedom & you'll get rich with little to no effort, wouldn't you agree?
But most of us fail to do so, why?
My thesis here it that: it's the belief that trading = freedom is what makes you fail at trading, i think it's a fools' mindset to think that trading = freedom = good
People obsessed over freedom like they are born in the 17th century in a cotton field lolx
I get it, some of you distaste the idea of working 9-to-5 and being a company slave for 5 years and can't even buy a house
Just so you know, I worked 9-to-9 for 2 years from Monday-Saturday. Eventually I open my own shop and I believe I am richer than 99.9% of the traders here
I did become a company slave, but I was mastering my craft to reach my ultimate goal,, opening my own shop and freedom to pursue my hobbies, which is trading haha
I believe people who thinks that trading = freedom are lazy motherfuckers, they don't put in the work to master their craft, just like they hate collecting data
These people don't back-test , they don't do their homework. They use the ultimate power of hope , hope that one influencer they saw on Youtube will teach them , tell them all the secrets on how to make money in the market whilst that influencer is bagging cash from your hard earn income
Now I'm not saying that don't buy the courses that they sell, I'm implying that you should do your own due diligence by back-testing & collecting data
I believe there are only a few steps to become a profitable trader:
1. Collect Data
>> There are 2 types of data collection, back-testing & forward-testing.
>> How far of a back-testing session do you need? I'd say collect at least 500 trading data and evaluate it
>> I'm not a fan of forward-testing , i believe everyone should master & have a number on their strategy's probabilities before trading it with live money
2. Risk Appropriately
>> Only risking until the dollar amount / percentage amount felt "meaningless" . I myself feel the position is meaningless when i risk 0.5%
>> The amount you're risking will have a great impact on your psychology in trading
3. Realistic Expectation
>> The truth is, not every month is a winning month, let alone every position. So don't be quitting your 9-to-5 to trade fulltime before you can accept this truth
>> Trading does not and will never equal freedom, you have to put in the work, you have to gather data, you have to work crazy hours and maybe, you'll have a chance on this industry.
Below is the time i spent on FXreplay mastering my craft:
But most of us fail to do so, why?
My thesis here it that: it's the belief that trading = freedom is what makes you fail at trading, i think it's a fools' mindset to think that trading = freedom = good
People obsessed over freedom like they are born in the 17th century in a cotton field lolx
I get it, some of you distaste the idea of working 9-to-5 and being a company slave for 5 years and can't even buy a house
Just so you know, I worked 9-to-9 for 2 years from Monday-Saturday. Eventually I open my own shop and I believe I am richer than 99.9% of the traders here
I did become a company slave, but I was mastering my craft to reach my ultimate goal,, opening my own shop and freedom to pursue my hobbies, which is trading haha
I believe people who thinks that trading = freedom are lazy motherfuckers, they don't put in the work to master their craft, just like they hate collecting data
These people don't back-test , they don't do their homework. They use the ultimate power of hope , hope that one influencer they saw on Youtube will teach them , tell them all the secrets on how to make money in the market whilst that influencer is bagging cash from your hard earn income
Now I'm not saying that don't buy the courses that they sell, I'm implying that you should do your own due diligence by back-testing & collecting data
I believe there are only a few steps to become a profitable trader:
1. Collect Data
>> There are 2 types of data collection, back-testing & forward-testing.
>> How far of a back-testing session do you need? I'd say collect at least 500 trading data and evaluate it
>> I'm not a fan of forward-testing , i believe everyone should master & have a number on their strategy's probabilities before trading it with live money
2. Risk Appropriately
>> Only risking until the dollar amount / percentage amount felt "meaningless" . I myself feel the position is meaningless when i risk 0.5%
>> The amount you're risking will have a great impact on your psychology in trading
3. Realistic Expectation
>> The truth is, not every month is a winning month, let alone every position. So don't be quitting your 9-to-5 to trade fulltime before you can accept this truth
>> Trading does not and will never equal freedom, you have to put in the work, you have to gather data, you have to work crazy hours and maybe, you'll have a chance on this industry.
Below is the time i spent on FXreplay mastering my craft:
Steps to profitability: Collect data, money management, stay bored