I am a guy from Sweden. I was introduced to Forex trading long ago and have yet to become good at it. I have made every mistake a newbie Forex trader can make and blown more accounts than I care to admit and have really struggled with my own psychology and keeping my head while trading, which is probably why I’ve failed time and time again.
I guess the reason is, because I was in a hurry to make money working from home I wish I had found BabyPips and the school of pipsology when I first started out and also followed all the steps, instead of just jumping right in without having a clue what I was doing.
I like to think I have learned a few things on my journey though. I have gotten pretty good at technical analysis, backtesting, finding good entries. I just really need to work on being consistent with my trading plan and system, my exists, risk management, journaling, fundamental and sentimental analysis, and try not being so emotional when a trade goes against me
I really enjoy the BabyPips website and love all the great tools, news, education and everything you have here.
I have gone over all the courses in school of pipsology and will go over it again to pick up things I missed and need to get better at. You make learning how to trade fun!
Wish everyone here a successful trading journey and a wonderful life.
Welcome aboard. As I understand it, your issue is adverse reactions to emotional challenges, which means the problem is you.
The good news is that you can resolve it in several different ways. First and foremost learn how to detach your mindset from money - ZEN - as you have control only over your risk exposure. Think only in percentage terms. Just accept an emotional challenge as the norm and ignore it. That’s it.
You have NO control over what the market throws at you, so apart from placing trades with a T/P and S/L in place and then turning off your desktop until the next morning, as I do, here follows another solution to FEAR & PAIN.
With losing trades, close early - do not let them run longer than your winning ones, and never ever add to losing positions. While I hate losing I hate losing big, more so. There’s always another trade awaiting.
With winning trades, aim to move the S/L to breakeven, scalp off 30% - 50% profit and let the balance run, using a trailing stop, to your profit zone area.
it seems right now your only objectives from forex are to become a good trader, make money from trading and work from home.
This all seems logical but vague. They also mean that when you evaluate your day’s or week’s performance, you will always be attracted to shorter and shorter-term gains and achievements.
Set a real target. Make it distant so that your decisions are not affected by short-termism. Let’s say you aim to be able to withdraw the average salary in Sweden out of your account every year, starting in 10 years’ time.
This is achievable with a strategy that is only modestly successful. Its also more attractive than it sounds - imagine if your boss said this was going to happen to you - “Hey PipMick, if you will please work for us for 10 years we will give you the average Swedish annual salary to not come in to work any more for the rest of your life.”. Doesn’t that sound like a great boss?
I appreciate your enthusiasm and zeal to try again from the beginning! Not every person has the courage to do so, so well done!
More importantly, despite all those years of bad trading, (if you look at the positive side), it has given you a proper knowledge and overview of how the market works, how spreads and leverage can affect trading, and how other things like timeframe and analysis are important).
Now that you are well-acquainted with technical analysis, after you have gone through the course, it will help you more to form better strategies.
I should amend this answer a bit… of course the reason I trade is to make money, but my point was that my goals for making that money is what I can do with it. And buying luxury items isn’t on that list
I also realize that trading is a marathon snd not a sprint and building up a decent captial to live off will take years.
I would say that only using money you can afford to lose in trading is important, and to have an edge in the market when trading using proper risk and money management. Those are my take aways after all my years of failure which I hope can be useful to others.
I wish I had found BabyPips and the school of pipsology when I first started out and also followed all the steps, instead of just jumping right in without having a clue what I was doing.
