I got good at trading by losing money!! No joke - in the end I was nursing losses of about £12K after my first month in (lost £3.5K in a day once) and was literally 1d away from packing it in and going back to demo (again…)when I changed my strategy and became a lot more cautious - concentrating on not losing money and then making tiny profits. Then my confidence built-up and I became a profitable trader. 2 years on and I’m never going to own a private jet, but it pays for the skiing hols and summer hols and helps support my kids at uni.
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I’ve forgotten the name of the website, but forex simulation trading allows you to trade historical charts as if they were live. You can make your predictions then fast-forward to see if you were right. This really helped me and it’s much quicker than a demo account cos you can get instant feed-back on your choices.It’s scary how often apparently really obvious trends/set-ups go the other way!
I’m not sure about the Naked Trader. He seems to make a lot of money from publishing and holding conventions / seminars… Why does he choose to do this if he’s raking it in on the charts? Also, he’s very scathing / dismissive of technical analysis and believes +++ in fundamental analysis. I think, at best, he’s more an investor than a trader. I’m not sure I believe him. Sorry.
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I read the book too.did not rate it it was a while back remember him mentioning IG a few times I wonder how much he got paid for that
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There is no shortcut to being a better trader. If you want to get good at trading, practicing is the only way to achieve it. And do not forget to enhance your knowledge and skills, as these are essential elements of a good trader.
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If you want to be an expert in trading then you’ll have to learn as much as you can and practise upto the mark. You can learn from a variety of sources from the Internet or read books related to forex. For further learning, after clearing the basic concept, you need to practise in a demo account. Not only do you get experience in a demo account but also it saves a lot of money.
Can you tell me more about your friend and his six strategies?
Hi. My friend Hal has designed his own EA strategies in line with differing market conditions, back tested over 18 years. He also subcribes to expensive financial DATA like TradeThe News as he considers access to ‘up to the minute’ info is critical.
He found that the impact of the Ukraine War affecting his FX trading strategies was intangible, albeit I noted FX market sentiment apathy during March to beginning of May favoured trending pairs. Traders weren’t trading stocks as before, but sitting on their positions.
His company manages two institutional Hedge funds and a cluster of private clients using IC markets - I am one - and his server set up is situated on Wall street.
Hope that helps.
I totally understand how you feel. It is normal to get frustrated and burned out at times. Just take a break and refresh your mind. Constant learning and practice is required to get better. You might feel like you didn’t make any significant progress over the past 1 year. But you must have come a long way from where you started. Improvement will never be an upward graph. One day it will move upward and the next day we see a dip similar to the charts we use for trade. Losses and setbacks are part of the journey. Just be patient and keep trying until you get there.
The tips that personally helped me are:
1.) Stay positive but also be real and use your brain more than your heart/emotions
2.) Be consistent, as it will help you a great deal
3.) Try to learn from market trends rather than guessing it all by yourself
4.) Risk management should be your utmost priority
5.) Prices matter a lot while trading
6.) Be a constant reader, keep yourself extra updated with all trading related news/articles/market etc
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To be good at trading, set aside all your excitements, sentiments and anger. Hail the patience and learn more.
I used to lose money when I first started trading since I was learning and figuring out my best trading methods through constant practice. I have explored my trading style that met all of my needs while keeping in mind the risk management used. I started out making small gains, and that gave me the confidence to do better. As time went on, I kept improving daily.
Just by trading regularly. And learn from your mistakes. There’s no shortcut.
Hello.
Can you tell me more clearly?
This is key, you can learn all you want and practice all you want, if your emotions are not right and are not put on check things will always go bad with your trades.
Who is a good mentor do you recommend? I’ve been looking into finding someone to help along this process? Thank you !
There is no other way to get better at trading except by upgrading your knowledge and skills. Traders also need to do extensive practice.
should be easy if you trade high timeframe, so you check practically once a day or week
The very first thing is to start with very small amounts of money. You will have to make a lot of mistakes to learn your way around, so starting big might only hurt you. Instead, you should choose an amount that you are comfortable with losing, and use it for your forex learning games. Second, you should place reasonable targets for the short term. It is quite natural to think of a big target, but you will be more effective if you choose something achievable. Third, be aware of your risk factor. Don’t put more than you can afford to lose on any single trade. Don’t make the same mistake over and over again. Take your time, learn step by step and you will get there.
I use EAs, i use it as a tool for trading.