As with any new business venture there will be costs involved whilst learning how to run the business properly. There are also mistakes made, and I trust you are keeping a daily journal to record every single trade you made, in line with your system process - which should be repetitive and sound.
An analytical mindset is important, and this would help you learn why the outcome of the trades acted as they did. IMO, what is missing from your posts is that you have not yet learnt how to know yourself and your emotional reactions to trades. To blame it all on lack of learning doesn’t cut the mustard. It’s a bit like ‘it’ll be alright on the night’, mindset. To which, my answer would be - yeah, sure. Being British, I’m sure you can appreciate the irony.
Psychological well-being - and it’s not at all easy - separates the successful from the also rans. A very experienced trader is tradertom.com whose wisdom on this subject is well worth reading. It’s at no cost, which would save you money.
In principle, Tom does apply S/L except if he’s trading the 5 minute scalping chart while at his terminal. He has a telegram signal service where he always adds a S/L.
I would suggest as he’s trading thousands of pounds per trade he would now place a S/L after learning that the loss of £300,000 caused him pain - his reaction.
Yes, I watched all three. Informative, albeit what he recommends is not necessarily what he adheres to all the time. Visit his site - he has many free ‘resources’ including a number of blogs and writings.
But I like his style and approach, and most of all his generosity in helping traders become profitable.
To be honest I’ve only seen a few of his live trading videos and all of them were the 5 minute scalps. And he stresses on proper risk management for his telegram group I’m remember. He takes a riskier approach to his personal trades and gives a very good reason and rationale behind it.
Plus he apparently lost a significant sum of his profits last year and he’s very candid about the reasons behind it. He’s a straight shooter and got a very healthy approach to looking at things IMO.
I think media is incredibly antagonistic to good trading. I disagree with the vast majority of ideas I see on this website but it’s still interesting to observe. I also believe that independent thinking may just be the difference between winning traders and losing traders - most winners don’t have the time to post on media about it and don’t want to as they’re too busy making money. I imagine they’re very happy with the noobies posting a bunch of incorrect information.
I highly disagree with you on this. I think that a lack of knowledge is the reason I have lost so far, and I am content with how my losses are going. I do not expect to make money until at least a few years as other businesses are rarely profitable in the first few years. Thank you for the reference though I will make sure to check out!
Oh dear. You are more like me when I was 18 than I dared to think. When friends ask me for financial advice, I say - look at what I do… and do the opposite. LOL.
In reality, I have had a very fulfilling and rewarding life. I have not always got things right first time, or even some things fourth time, but when I have a pursuit I wish to follow, I “JFDI” and learn as I go. The only thing old age has taught me is to have more patience because the world will not stop if I don’t do stuff today.
I have a joke with my younger brother. Forex trading is now firmly in the realm of my “Get Rich Slow” schemes. About a decade ago, my brother and I reviewed over 20 get rich quick schemes that either of us had pursued, and laughed at our stupidity in pursuing such schemes. So I coined the phrase “get rich slow” schemes, for any pursuit that did not result in profit to be put on the back burner (never thrown away) and revisited at some time in future when there was more time to focus than on previous attempts. My current iteration of Forex trading is a revitalized GRS10 (get rich slow scheme number 10 since I started counting), and Crypto is GRS16 - the sixteenth get rich slow scheme. Just be careful out there. I will not try to slow you down any more. Go for it.
Your responses have been slightly condescending, perhaps unintentionally.
However the ideology that I have been lured into trading by some Forex gurus promising unrealistic prospects is totally untrue.
I am not at all expecting to “get rich quick” - quite the opposite, which is why I am putting emphasis on the learning procedure.
I’m puzzled at why you consider that learning to a certain level would resolve your losing pattern and begin to make consistent profits at a future date. This Holy Grail approach is short-sighted - see below.
I was watching YT last night and one guy - one of the good mentor types - was talking about this. He was saying there is no end to the learning process as the world moves on, and so do the financial markets - change is inevitable constantly. What works today won’t work tomorrow.
In other words, FX trading won’t remain static and today’s strategies will be replaced by others that are better at making profits than the existing ones.
IMO, FX trading by humans will become less and less, as more and more robot EAs are developed. A good friend of mine who is managing part of my account is a long-term pro trader managing both investors and hedge funds. His servers set up - identical to those used by Goldman Sachs - is based on Wall Street,NY, and he has developed at least five strategies for differing market conditions. He recently spent weeks analysing the major markets conditions for the last 18 years - using the 'what if this happened approach etc etc? to produce a latest scalping strategy.
Perhaps that’s all you need to spend your money on? Keeping up to date?
Hi,
They were not intended to be condescending. Look at the number of new joiners from all over the world. It is a very busy forum, and many members genuinely care that new members can and do avoid many of the pitfalls we believe happen to the majority of new Forex traders. In reality, I admire your approach. And your acceptance to lose “a relatively small amount of capital” for your circumstances in the learning process.
Best of luck, and please do continue to report on your progress. Feedback is very important in this game. Whether you perceive it to be condescending or otherwise, it is my belief that any feedback is more beneficial than none at all.
Good idea. I agree there is always more to be learnt, however I am using my money to make losses (obviously not intentionally) and in making losses you learn the most in the market. This develops the analytical mindset I need to get good at trading - I’m already seeing that I’m starting to lose a lot less. Forex market obviously changes with time and season as does every market, so my approach is about being able to interpret the market and understand it in whatever state it is in.
OK, that is good progress. So what have you learnt from your losses? Is it technical or/and psychological reactions to an outcome?
My motto is to do more of what works and less of what doesn’t. I write a journal every day even a non-trading day, including key aspects and mindset. I’ve recorded which pairs, and which days of the week and which time zone that I’m more profitable. I’ve kept one strategy in place, which is my cornerstone, while trying out other experiments which also cause losses, as I don’t yet understand how they function.
I’ve probably made every mistake under the sun, i’ve overloaded my charts with indicators, overtraded, suffered FOMO - you name it I’ve done it. But all through this I’ve preserved my capital and never blown an account demo or live. Remember the FX market doesn’t know you, doesn’t care about you and never gives you anything back. It needs perseverance to overcome that.
That takes discipline and patience, money and risk management - because the only thing you can control in trading FX is RISK.
Forex is a risky business itself and you can blow your trading account very fast if you want to start making money but have proper knowledge and strategy. So before start develop a staregy and plan to make good way in forex trading.
