Hmm well I decided I was going to do it. Then I spent a long time practicing and researching and learning which in theory I’m still doing. And then I was doing better and I guess there wasn’t a pivotal moment I just found that I began thinking about it when I was trying to sleep, dreaming about chart patterns, looking forward to Monday’s. I literally think about forex all the time now, even when I fail I’m excited to look back and reflect and see what I’ve done wrong or what I could have done better.
I’m not sure if that makes a lot of sense but I guess that maybe when I saw the positive results of educating myself I got more excited about it.
Hi sorry for the late reply! I’ve done some of it and have some more to complete. Had a couple of weeks off from trading. Been in hospital but I think it’s been the break I needed to stop over thinking my trades! Hopefully haha. Been reading a lot just looking forward to getting back on my laptop when I can sit up properly lol! Xx
Hi Lilly and welcome (somewhat belatedly!) to BP. I quoted this paragraph of one of your posts as I think it showed good insight, you have really hit upon one of the key areas. A good strategy can become a losing strategy if it is not implemented with the correct discipline. I took three live losses in a row in my first months of trading and it was hard to push through with a clear head and stick to my rules.
Without wishing to patronise, Id suggest a very rigid approach when it comes to risk. I find that if I have to follow my rules slavishly it helps me resist the temptation to overload a trade, or to dive into a good-looking opportunity even though I am already exposed to the market up to my personal tolerance.
Personally, I risk 1% of my account per trade, and never have more than five open trades with exposed Stops at a time. So even if there is a crash or something I only lose 5%. Not saying you have to go with those numbers, but I struggled with pulling the trigger and staying methodical, and setting some numbers in stone really helped me.
Do keep asking questions - it’s a good community here. but take everything with a pinch of salt until you can stress test it yourself, as something which works for one trader is a disaster for another. We each have our own trading personality. Lots of approaches work as long as they are executed within a cohesive context.
Sorry for the opening waffle - welcome to another UK trader!
Thanks so much Simon for taking the time to comment. I really value your advice. I’ve been working on setting strict rules with so much focus on strategy I haven’t written anything down for risk management. I never risk more than 3% but 1 % with 5 trades open at one time sounds like a sensible approach so I might give that a try. Thank you xx