For me the turning point from losing to consistently profitable trader was getting my psychology and risk management right. When I started trading I was a trader who opened up account with 500 or 1000 euros and because I wanted to earn money from it right away, meaning if I put in 5 hours of trading day, I want to earn atleast 100 euros a day. But this was completely wrong way to go because to make this amount of money from so small trading account, I had to risk a lot, meaning 5 or even 10% of my account on single trade, this is just crazy. But I was thinking well if I keep learning and learning I will get to the point where my win rate is like 80 or 90% and then risking 5% per trade is fine right? And I spent 4 years blowing up accounts, taking many courses to get better until I realized well the problem is not in my trading strategy, its normal that even best traders in the world have 5 losses in a row so I must adjust my risk management.
Actually im happy that I did this mistake because I learned so much knowledge from these years, if I would’ve been successful from the get go, I would’ve settled to the strategy that makes like 5% a month if I risk 1% per trade, but now because I have so much knowledge and experience, getting 20-40% returns a month is nothing special
The thing that I hate about forex is that there is so much BS education rolling all over the place and because of that most of the retail traders are as institutions call them “dumb money” and its because this is a zero-sum game, someone must loose so that someone else can make profit.