- Always learn from your mistakes.
- Never ever trade when you are unable to focus and concentrate.
- Always plan for the worst case scenario.
Well said!
I totally agree with OP on the point that we should not switch our strategies too often. Give it some time to work and see how you can improve it further. And keeping a trading journal is truly helpful in many ways. You will be able to see if you are on the right track or not as you journal your trades. It can be used as a tool for measuring your progress from time to time. And this habit will also help us to build trading discipline which will help us to remain consistent.
Unfortunately, a number of new traders try to make quick money here without learning! Basically, they face a huge loss in their trading life! Money making isn’t an easy option here!
- Have a good trading plan.
- Always use a stop loss.
- Control your emotions while trading.
According to me,
- Always stick to your trading plan
- Don’t give up when you encounter a losing streak
- Be consistent and patient
Three golden rules of trading are:
- Take calculated risk
- Use leverage wisely
- Control your emotions
My personal experience says that
1 Take calculated risks
2 Don’t be greedy
3 Always use stop loss
Agreed.
But we can explain it in other more words too sir
View my post
Regards
These advices are truly golden and invaluable for trading forex, and they greatly increase our chances of success.
Hello Angel,
Your golden rules resonate with my beliefs too! Sticking to one strategy, maintaining a trading journal, and consistency, indeed, form the backbone of successful trading. Your emphasis on cutting losses early is crucial as it’s an aspect often overlooked.
To add, I appreciate your idea about learning from the trading journal. It’s almost like having a personal trading coach. Reflecting on our trading decisions and learning from our past actions is a powerful way to grow and improve as a trader.
Lastly, your point on consistency and staying informed is commendable. Forex trading isn’t a get-rich-quick scheme, and treating it like a long-term journey will surely reap rewards. It’s all about patience, persistence and never-ending learning.
Keep up with your positive approach and happy trading!
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For me, trading is gambling. During my early days i tried different strategies and traded in a 5 minutes timeframe and disregarding any market conditions and gaining few pips in return. I never lose a trade in those 3 months since i started trading but then it happened. I lost momentum because of a one bad trade. I was in a slump for 5 months. It feels like every trade i get into losses. I tried jumping to any strategy and backtested every strategy i ever used but it still doesn’t work with me. That’s when I realized that trading is gambling. U lose some u win some. So I decided to do trading as a gambler. Now my rule is i lose some but i win big. In my portfolio as of today, u will see a lot of loses but when i win, i make sure that i let my winners run as much as possible. Now my psychology is good, and now losing doesn’t hurt me anymore and I maybe losing money, but I am winning a lot.
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Just be patient, during your one year you will lose a lot, you will be stressed a lot, but after a while during your 2 years or 3 years of trading, it will get better and better. So hang in there, lose are necessary for you to become a consitent profitable trader. You won’t be learning if you won’t lose anyway, treat it as a fuel for your future ride.
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In trading, I always protect my money, stick to my plan, and stay curious to keep learning and adapting.
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