Hey! I have been trading on and off for 2 years now, I haven’t been able to become consistent and profitable. But I have now decided to give my all and dedicate myself to this world and are willing to put the hard work in. I really love trading and looking at the chart an analyze it. All I do is to watch strategies and tips on youtube, reading books, yeah you name it. I’m wondering if you have any tips for me how to become consistent with my trading. Is there any good courses out there? Do I need a mentor?
I have learned the basice like S & R, trendlines, candlesticks and so on, but I don’t know which type of trader I am… I have seen that many traders use price action, and other successful traders use indicators. I know certain patterns, but it seems that everytime I see a good setup and I have my confluences and my confirmations it always goes the opposite direction… So Traders, do you have any good tips for me?
Are you profitable and consistent, and if you are, how did you achieve it? which strategy do you use and how did you build your tradingplan?
(P.S, sorry if my spelling is bad or my grammar sucks, english isn’t my main language, I’m from sweden)
It is just the practice man. Just give in your 100% to explore this market, if Plan A fails, re-frame it to Plan B, but don’t stop. And do not follow anyone’s strategy blindly, study it based on your trading system and then decide plz. All the best
Pick a simple strategy, the simplest you can find, and demo trade it until your eyes bleed. If its consistently profitable, stick with it: if it isn’t, you will understand why it does not suit you and what would be needed to improve it or in the ultimate case why no strategy whatsoever of this type would suit you. All this is useful information to learn and it all comes to you free through a demo account.
Try to find real traders with years of verified trackrecord.
Lower you expectations and tune them to these long trackrecords.
Learn to backtest.
You need a ton of patience, unfortunatelly patience can’t be learned.
If you are unpatient trading and the market are not your place.
Yes there are but I would suggest only 3 guys and I have 8 years of experience.
You need a winning strategy, you don’t need losing mentors winning your money.
To discover a winning strategy you need books, backtests and years of hard work.
Biggest tip is to spend less time watching trading vids, reading trading books and generally loving the market so much.
It’s overkill, you can’t see the woods for the trees
You can only assimilate concepts when you step away from them.
If you have to follow the markets, just spend some time reading the financial press
There are only so many ways to draw trendlines, plot moving averages or learn price action.
Develop a sideline income outside of trading, that in itself will give you more consistency in trading as there will not be the desperation for trades to work out.
That’s the million dollar question. If I had an answer, I would not be on this site. For Forex, I don’t know how you quantitatively define an objective edge. For U.S. Equities (more specifically, derivatives)- the answer is to always be selling premium.
Trade out of practicality and good trading decisions, rather than plans affected out of emotions and greed, hat is one thing which can help you become a better trader for sure. Just plan your day nicely, know what you have to achieve with your goals clear in mind.
@CavaliereVerde [quote="CavaliereVerde, post:7,
To discover a winning strategy you need books, backtests and years of hard work.
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I think this is the hard truth. The problem arises when you think it’s easy.
And basically, trading in principle is easy: buy when it goes up, sell when it goes down.
It’s simple but very difficult. And you don’t realise how difficult it is until you start losing money consistently.
Then, you find a trade that you can’t possibly lose, you buy a large lot out of desperation, then bam!! You just lost a lot of money, and now you’re convinced that forex is rigged, and it’s not possible.
That is the moment you get hit with the hard truth of how difficult trading can be; you realise your true starting point as a beginner; and you start to understand what price you will have to pay to be a profitable trader.
Keep patience and you will get there! Forex trading doesn’t get results from the very beginning. You will have to test different strategies, time frames, brokers, trading platforms, and currency pairs before you find the one that works for you. Stay open to learning and you will do good.
