The reason I am starting this trade journal is to document my trades so that I can improve the success and my discipline in trading this method I am trying to develop. It is not my main trading method so if it doesnt work no problem, I have begun trading this on demo. I will not be giving specific details on this method. (This thread is not in the Trading Systems Forum it is in the Trading Journals Forum.)
This is also not a signal service. As this method is unproven it is not recommended for anyone to trade this with real money at this point in time including myself.
I believe that to be successful in trading you have to treat trading as a business. I also believe in the 10,000 hours concept (4-5 years full-time). To be expert in something you have to spend approximately this amount of time practising, studying etc. Of course there are no guarantees. It is no coincidence I believe that to gain a degree in most disciplines it takes 4-5 years of study. A lot more in some cases.
https://www.investorsunderground.com/10000-hours-day-trading-success-doesnt-happen-overnight/
Many newbies like to think there can be shortcuts in trading to be successful. Just follow some of the threads here on Forex Factory and they will make loads of money. Maybe some of them will. I doubt it though. There is no substitute for hard work I am afraid.
I also believe that every trader should develop their own trading method. The trading method should match their personality. Dont subscribe to signal services. I used to do that. I dont think one was ever consistently good. And it just distracts you from learning to trade profitably.
Following a Trading System thread here religiously may help you to become profitable. The trouble is most thread starters do not provide proof that they are actually trading that way successfully. You have to take their word for it. Undoubtedly some will be profitable at their own method but it can be very difficult to know who is and who isnt.
This is also not a signal service. As this method is unproven it is not recommended for anyone to trade this with real money at this point in time including myself.
I believe that to be successful in trading you have to treat trading as a business. I also believe in the 10,000 hours concept (4-5 years full-time). To be expert in something you have to spend approximately this amount of time practising, studying etc. Of course there are no guarantees. It is no coincidence I believe that to gain a degree in most disciplines it takes 4-5 years of study. A lot more in some cases.
https://www.investorsunderground.com/10000-hours-day-trading-success-doesnt-happen-overnight/
Many newbies like to think there can be shortcuts in trading to be successful. Just follow some of the threads here on Forex Factory and they will make loads of money. Maybe some of them will. I doubt it though. There is no substitute for hard work I am afraid.
I also believe that every trader should develop their own trading method. The trading method should match their personality. Dont subscribe to signal services. I used to do that. I dont think one was ever consistently good. And it just distracts you from learning to trade profitably.
Following a Trading System thread here religiously may help you to become profitable. The trouble is most thread starters do not provide proof that they are actually trading that way successfully. You have to take their word for it. Undoubtedly some will be profitable at their own method but it can be very difficult to know who is and who isnt.
Everything will be okay in the end. If it's not okay, it's not the end.