DislikedI started doing so, and one thing i keep forgetting to mention is the CAUSE of the failure or success of a trade. I'll make sure i will. Cloggie, since you're one of the experts here, do you have any advice regarding emotional intelligence? So far, mere words didn't penetrate my mind. I need convincing statements. Exactly what i get from you: firm, yet true advice.
Thanks in advanceIgnored
You went live too quickly. You need to work on demo, finetune your strategy, work with it for so long that it becomes second nature. Learn how the fundamentals and news works.
Some will say that you should always start a live account to get the emotions of live trading.
I totally disagree with that, you don't see new pilots jumping in the airplane right away, you don't see student doctors going "live" right away.
Everything that is worth learning and getting good at, take time and practise.
The only way to get better is demo, read, watch.
There are 4 different stages a new trader goes through when it comes to learning to trade, the first one is the memorising level. It is where you just do what your indies tell you, this will never ever work in the long run.
The second phase is understanding what the indies/markets/signals do, understanding what it all means.
The third phase is applying that knowledge to your trading, this is when the average trader is fairly profitable, he will still have large DD's, will still fight the market and himself at times and could well blow his account at some time in the future.
The final phase of a trader is the correlated phase, this is where a trader knows his system/style/strategy. He knows the calculations of each and every indy, why it shows what it shows and why price behaves as it does, he knows how the news affects him, he knows how the fundamentals works. He can thoroughly and correctly judge risk correlations. He makes quick decisions with a healthy dose of "gut" feeling based on his experience. Trading decisions are made often unconsciously based on a vast amount of experience. If he experiences something new in either himself or the market he knows immediately how to respond to that. This phase of trading takes the longest to achieve, for many it takes years and years.
That last phase is your goal, you need to write out a journeyplan. Where are you now, what do you need to do to get to your goal and how are you going about to achieve all of that.
Play it safe, make it a 5 year plan, you will be surprised how long it takes to become a competent, profitable, consistent trader.
GL.
