I was discussing the topic and wanted to post my thoughts on making money as a trader. Many people have the idea that they are almost there, just missing one piece and then they will be able to quit their job and buy a mansion and yachts and expensive cars. Well, you may be almost there. And maybe not.
Over the next few posts as time permits, I am going to tell you how I became a profitable trader. Some of it’s ugly, terrible disappointments, humbling experiences, horrible crashes that many do not walk away from. You really have to have a burning desire and a try and try again attitude to bounce back after you have blown yet another trading account and have to start over, Ouch!
I am also going to go over what I think is the mindset you need as a trader, to be able to take money from the beast that wants to devour any trading capital you feed it.
Welcoooome FxAnbarasu! That sounds really interesting. I really hope you find the time to share your experiences. That’s def something I’m gonna look forward to reading.
I became profitable after I finished all of the babypips courses (which I still read a lot of times), then went on demo for a couple of months, then started with a real money account.
Firstly I had no plan, so I lost 257€ of that account (started with 1000€). Then I stared at my screen and stared and stared and learned about every ■■■■*** candle and movement (for only two pairs) … unitll I totally adjusted a moving average crossover strategy with RSI to my personal needs and time I have to trade in a day (I prefer only day trading for now). I wrote it down and I only enter when I am “allowed” to same goes for taking profits took me about 1,5 year to become profitable, to follow my trading plan and to start trading only as per my trading plan - that was the hard part for me because I always thought I was missing out. Hopefully it stays like that, but I believe it will since I’m really putting in the work needed every single day and I just do not do anything else that is not on my trading plan which I analyze every Sunday.
Oh and NO blown accounts ever, because I was never a gambler anyways so no trades without a stop loss.
looking forward to reading more stories like that, have a nice day!
uuu I will check it out I use 5 ema, 20 ema and 50 ema on a 15 min chart, with RSI as a confirmation. And i open two trades, one is always closed after 40 pips, the other one is running (I trade eurnzd and euraud)… Thinking of adding double tops and bottoms, but I just can’t seem to be good at it and also I suck at trading ranges, haha for now this is good for me, still a lot of time to improve… good luck, we got this
I use a 14/7 Ma Cross Over Red and Yellow with the 50 MA. I trade the Day/Weekly Chart
Do your EMA use Cross Over’s for entry point? and have you ever felt the need for trailing stop losses. I do not use S/L either and also trade 1:1200 Leverage
@anjaanci
I use 5 min chart 8 ema 20 sma crossover for trigger and have 50 sma just for trend strength (always trade with the trend, having checked 15 min and 1 hour). I do bend the rules sometimes here, because you get some good counter trends on smaller time frames. It’s not all set in stone. I think time frames can be a big factor ie a range on the 1hr can have some nice little trends on 5 min. I sometimes look at 2 min and 1 min especially for exits when the 8 ema starts to flatten on the 5 min.
I look for s/r on the larger time frames also.
It’s not a set and forget strategy and can often be quite tiresome and boring.!
P.s
It’s interesting that you have success on 15 min chart as I believe this strategy works well on all time frames, currencies, comms and indices. It’s just that I am addicted to 5 min charts for my sins !
It’s not the Holy Grail. The most important factor with any successful strategy, and there are many successful strategies, is in your head.
yes, I also check and always have the big “levels” marked from the 4h chart mostly or 1h if the 4h is really choppy looking. It sure helps to figure out the direction, because as you said this strategies have to be adjustable and not just set in stone.
well the only reason for 15 min chart is, that I have a day job also. Luckily for me I can have the charts open all the time BUT still I think that 15 min candles are fair enough, so my boss does not fire me, otherwise I would stare at it for too long that’s also the reason I only trade 2 pairs, so I can do both things at the same time, check the news and manage my trades and have a day job. Oh and I can have a social life in the afternoon as well, haha… Trading can be so addicting
I talked to many professional traders about their thinking and what allows them to be profitable. The truth is that all the traders are very different and I think that a trader’s strategy should be combined with emotional mindset. If you’re careful and measured, then long-term trading is the point and it will be better to be a long-term trader. But if you are not afraid of risk, and waiting for you tires you out, then scalping is your strategy.
Typically, traders make profits for short runs and then make large losses, all amplified by the leveraged nature of their trading. It will be interesting for you to know that there is a competition called The 60-day challenge on the Zerodha website, you can participate in. All it takes to win this challenge is to not make a loss over 60 days.
I would love to hear about your experiences as I want to quit my job and make trading my sole source of income. It will be helpful to get a first-hand account of how it is to be done. Although I know there’s no single way to success in trading, but any kind of knowledge shared is bound to be helpful:)
That sounds really interesting. 
… unitll I totally adjusted a moving average crossover strategy with RSI to my personal needs and time I have to trade in a day (I prefer only day trading for now). I wrote it down and I only enter when I am “allowed” to 
