Reading, reading, reading and off course “The School of the Hard Knocks”, this is for the mentally though, here is where the line that separate men from children is set.
A good trader is the one who can tolerate pain, over, and over and over, and over, and after that over again. There is no light at the end of the tunnel. There is not such a thing called “I get there now what” that does not exists. It is a myth that practicing will lead you to a better trading, well that is BS, trading is easy, just right click and buy. The non easy part is to sit tight and let the profits run and cut the loses short. Most difficult is to like loses, you must to because is the only common thing i trading. Took me four years to raly like loses. Some say “if i practice enough i’ll be a good trader” well, instead think you are a good trader and work for train your mind to accept it and be formed to have a trading minset, that is not easy. Sorry, i didn’t make the rules, is just the way it is.
The key to becoming successful in forex is to have a winning trading plan.
With that said, how I learned to trade was studying, researching, testing, and practicing ideas on a demo.
You need patience, and inspiration to hurdle through the roadblocks you’ll face. And the Last thing I’ll add is to read as much good information about forex you can (like ICT’s videos), and weed out the bad information through logic reasoning, and tests.
Do not trade in the way that you wish but in the way that makes money.
Neither enter nor exit at a single price.
Even a short term trade should have long term potential.
Trust retracements but be leery about projections.
Risk/Reward ratios are for the most part meaningless; focus on reducing risk and
take what the market gives you.
You should believe that it is not very realistic that price will move to your stop loss,
before you have a chance to respond to new information, if you are to place a stop.
No matter what you read, you will likely suffer for around six years before you make
more than 24% per year.
I agree that you need to be mentally tough to trade. That is one of the reasons why so many fail. To reach the stage where you are a consistently profitable trader is something to be proud of, because very few people have what it takes.
As for losses, they are just part of trading. I don’t worry about individual trades, I only care whether or not my account is growing. Which it is.
learnt the basics from friends and details from books and the net and got experience by trading via a demo account and then every day you spend trading you learn something new !
The best way to learn the basics of forex is right here at BabyPips - check out the “School” section. No “miracles” or “secrets” etc., just solid information.
Read everything you can. - There are so many free blogs and forums out there like this that there should be no need to pay for any education really. The baby pips school here is an awesome educational tool, probably better than any paid for courses you can waste your money on.
Set up a demo and take your time. a LONG time. test several platforms and find the one thats right for you.
While demo’s are great and teach you much about trading in a safe environment, they do not teach you the psychological effect that trading and risking real money has on you. For this you need to trade for real, but I would advise that once you are ready to take this step, that you trade a very small amount of your trading capital with very low risk. Not enough to harm you financially but enough that you care, to feel the effect of trading your money.
At this step do not fall into the trap of believing that you are ready to trade profitably consistantly. You will learn as much trading small like this as you do in demo and should really take your time, learn patience and learn to develop a trustworthy system.
Time. Effort. Discipline. Dirty words to a lot of people, which is what I think accounts for most of the “95% of traders fail” thing. Trading is not hard in terms of understanding, just in terms of application. At least while you’re going through the initial (albeit long) learning stage. Once you come out the other side, trading is not that hard. It’s easy when you know how - it’s getting to the point where you know how that’s difficult.
Their is a long process from the starting of the journey of Forex trading and becoming a successful trader. As it dawns it looks easy in the starting but then later trader gets to know that this is the most competitive financial markets in the world and much skills are needed for both survival and becoming a successful trader.
Indeed at the begining looks hard but that is because most of your trades goes to the opposite direction. Once you learn to accept loses then you must learn to let your profits run wich at the begining is hard too.
Getting the Loss also as a part of our trading is a reality. The sooner we are able to accept this the better we will be able to control the over all order flow and management.
It’s surprising how difficult it can be to accept losses when you are new to trading. Even when you accept them, logically speaking, it can still take a while to accept them emotionally.
Trade demo account for two weeks just to practice the basics of forex you learnt from any good educational trading material.
Open a Live account with a minimum amount and practice risk management (especially, avoid overleaverage, it kills account fast!) stick with 0:02 lot size for starters.
It’s okay to below up your first Live! account. Learn from your mistakes, improve your trading strategies, forgive yourself and don’t give up!
Yes theory of forex trading is best available at baby pips where you can know what trading is and how is take place in market. I will not say to trade for just some weeks . It should be for months so that you completely learn trading its problems and ways to face different situations.
One day, my friend told me aabout forex and i searched about it on the internet. I became addicted to it and snce then i haven’t stopped. I learned about forex by searching about it on the internet. I did a lot of demo account trading and then i was able to invest in the market to some positive result.
