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.
@CoinLady I definitely understand that. Life can be very distracting, I’ve also recently been prioritising time for forex whereas before it was a case of if I could fit in I would xx
I think that’s amazing. Although what’s more amazing to me is that you’re a female trader! That’s something pretty uncommon. Do you have other female friends who are into trading also?
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
