Any chance of explanation of your strategy/understanding and approach to those trades you take? Thanks
This is what keeps me going: I'm beginning to accept the fact that all of my trades won't be winners and everyday I get better dealing with the three M's needed for success: Mindset, Method, and Money (management.)
My intentions for this thread is to help my fellow traders, to educate them that if you keep looking for the Holy Grail it will keep halting your development as a trader for years (like it did for me) and it will make your learning curve more difficult than it needs to be. Develop the proper mindset, master the approach you're comfortable with, and protect your money so you live to fight another day. It took me three years to accept this truth and I hope new aspiring traders see this thread early in their own journey in order for them to start on the right path. After this initial hurdle, you will not be making money consistently just yet. Then comes the phase of desire and repetition. It will take you ten years to become an overnight success in this venture (I'm on my 3rd year.) The best education is your exposure to the market day in, day out. Remember, it's a marathon, not a sprint.
- #12
- Edited 12:54pm Dec 30, 2016 12:04pm | Edited 12:54pm
- | Joined Apr 2016 | Status: Trader | 95 Posts
Trade #3 December 29, 2016. (Loser)
My last trade of the month. The trade played out my setup nicely for a nice risk:reward ratio (1:3) but greed did not let me close the trade in profit, wanting more. Needless to say, I closed the trade in a loss. Your trading mindset needs to evolve or Forex will not let you win even when your analysis is correct. This is my current battle but all serious retail traders will understand my words. I wanted to close the month with $400 in profit and instead of taking the profits I had earned (+$300,) my greed too over and Forex capitalized on it. Now, I'm closing the month with +$100 in profits with a grin on my face and a lesson well-learned.
My last trade of the month. The trade played out my setup nicely for a nice risk:reward ratio (1:3) but greed did not let me close the trade in profit, wanting more. Needless to say, I closed the trade in a loss. Your trading mindset needs to evolve or Forex will not let you win even when your analysis is correct. This is my current battle but all serious retail traders will understand my words. I wanted to close the month with $400 in profit and instead of taking the profits I had earned (+$300,) my greed too over and Forex capitalized on it. Now, I'm closing the month with +$100 in profits with a grin on my face and a lesson well-learned.
I can't stress this enough: Stop looking for the Holy Trail! It will never let you become a consistent and profitable trader as long as you keep adding external variables to your technical method. Accept now that all of your trades will not be winners because when you lose a trader, the mindset you need to succeed in this game goes out the window. Don't let this happen to you. This is the reason I started these threads. Start with the right mindset from the get-go to reduce the learning curve significantly. Like I said in a previous post: develop the proper mindset, master the technical approach you're comfortable with, and protect your money so you live to fight another day. I admit now that I am not a consistent, profitable trader for these same reasons that all traders go through, yet for some reason we don't listen to this sound advice and must learn through market exposure (osmosis.) Time is our most valuable asset, save yourself the three years of sacrifice. I didn't, but it has lead me to where I am today. I am sharing a folder of three years where I kept looking for the Holy Grail and a folder where I accept all my trades won't be winners and in order to succeed I need to practice "perfect practice" and it clearly defines my Mindset, Method, and Money (management.) Last thing, remember Forex is not a get rich quick scheme. Any idiot can place a few winning trades, there's plenty of them out there. For those that are serious about this take a hard look at your last six months' winners and losers, have you been profitable? Poor money management will destroy even the most talented traders. There's a reason any investment firm will kill for a +5-10% monthly return, don't believe the idiots on Instagram doubling their accounts every two weeks. Access to large capital is a must, a 5% return on a $100K account can provide you with a comfortable living whereas a 5% return on a $5K account will most likely tempt you take more risk for an increase return that will lead to you breaking your money management rules. Forget the dreams of quitting your job and becoming a full-time trader with a $5K account. This is a marathon, not a sprint. Slow and steady wins the race.
Any true aspiring trader knows that becoming a consistent profitable trader takes years of hard work and sacrifices and clowns like these guys that portray trading currency as an easy journey should be avoided. They post a few winning trades (on demo) but they are not making consistent money by actually trading over the long run, instead they make their money with subscriptions to their methods. And then they have the audacity to called themselves traders. Clowns. I have no issue with traders that have years of proven consistency and profitability that make the decision to guide new traders in this difficult journey, but everyone nowadays on social media with three months of trading experience are selling signals and "training." On the first pic a "trader" which states that with only $40 in his name and a year of hard work he is able to throw a 100.0 lot. LOL. Another one with five months of market exposure with no prior experience is now able to teach thousands of students how to become a consistent, profitable trader.
Stay away from these guys. Even though I got my first trading book over three years ago, my drive and determination to become a successful trader began sixteen months ago when I first learned of Forex and had returned back to the US. Prior to that I was station in Europe (currently in the military) where I was able to visit countries like Spain, England, Portugal, Italy, France and was not as devoted to trading as I am now. In the end, it took me three years to write and most importantly comprehend my posts #13 and #17. Focus on your charts, ignore the rest and read those two posts over and over again. Honestly, I feel those two posts are invaluable to struggling traders that have lost hope and are ready to throw in the towel. Overcoming the threshold of consistency will not happen until the correct trader's mindset is unlocked.
Stay away from these guys. Even though I got my first trading book over three years ago, my drive and determination to become a successful trader began sixteen months ago when I first learned of Forex and had returned back to the US. Prior to that I was station in Europe (currently in the military) where I was able to visit countries like Spain, England, Portugal, Italy, France and was not as devoted to trading as I am now. In the end, it took me three years to write and most importantly comprehend my posts #13 and #17. Focus on your charts, ignore the rest and read those two posts over and over again. Honestly, I feel those two posts are invaluable to struggling traders that have lost hope and are ready to throw in the towel. Overcoming the threshold of consistency will not happen until the correct trader's mindset is unlocked.
