Regular practice is what allows you to continue trading for a long time. It is not simple. You make mistakes and learn from them, and this is how you improve day by day.
If you need some more time to gather information and make it work, then go back to backtesting and practising on a demo account. It will make your situation easier once you get a hold of where you went wrong. Have you painted a journal? Revise it, find a new strategy and time frame. Try again. The best traders never give up, so keep working on getting better in pulling profit. Good luck!
By being patient and disciplined, you will start to get along with the flow of the market. With knowledge and learning, they will benefit the most.
As a beginner, I strive to comprehend the concept of forex trading so that I may apply strategies that I understand.
Forex trading is risky, and the market is volatile. Hard work and perseverance are the only ways to achieve success. Improve your knowledge and practice as much as possible.
To become good at trading is not a single day’s task. Traders who have spent years trading forex are the ones who have become consistently profitable. Yet, there are a few things one can always keep in mind in order to become better each time -
- Never place a trade without analysing the market
- Trade when the liquidity is high
- Close all trades before the closing hours
- Use leverage only if are able to risk that much of your own money
- Develop trading psychology
- Make only a fixed number of trades in a day/week.
I totally agree!
There are a few things you can do to improve your trading skills. First, reading trading books and learning how to use charts and indicators can help you better understand the market. Additionally, going through online trading courses or watching live trading events can also give you a better understanding of how the market works. Finally, always keep in mind that it is important not to overtrade or make too many mistakes!
Trading at the right time is crucial. Trading with the right mindset along with the right tools and management (time, money, and risk management( is crucial. One should never follow random tips and tricks online because they are not useful. Instead, one must do one’s own research before considering such tips and taking action. With discipline, patience, and consistency, everything will fall into place automatically.
You forgot this
7. Always place a stop loss
Maintaining an attitude where emotions do not disturb a trader is crucial. FOMO, greed, or anxiety can negatively impact a trader’s trades, and therefore, a trader needs to sort them out before trading. Otherwise, they will find it troublesome to control their emotions and losses. Being disciplined while trading will help them control their trading and will prevent them from overtrading too.
We get good at trading when we gain enough knowledge and experience. The experience comes from practice and being in the market as a keen observer. It will surely take time for a beginner to become a good trader. The learning period can be prolonged. But we must stay patient and keep on working towards our goals as a forex trader.
With learning and experience. There is no other way to get good at trading. You will have to put in the effort and take your time to learn everything. Rushing the learning process and chasing profits will not help you much in the long run.
I spent about 6 hours in front of the trading screen (demo, live and historical) for about 4 years every day, That’s about 8000 hrs so far. And that’s from a back-ground in investing, where I was putting in about 4 hrs per day for about 3 years. That’s the sort of exposure I have needed to be able to trade instinctively and understand the movements of what I trade (mainly oil, copper and GBP pairs) Other people who a more formulaic and algorithmic may need less? Don’t know, they still need the same level of understanding. You need to be totally obsessed with trading to rack up those hours without getting bored.
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I think one has to expand their knowledge and develop their skills to get good at trading. They have to adopt a professional approach and be disciplined as well. You should be patient and willing to learn from your mistakes in order to get better at what you do.
Bro, do you use support/resistant level on your chart? I think, you are trying to rely on the technical indicators & that’s why your trading result is suffering!
By sticking to a specific strategy consistently, we improve as forex traders. As a trader, you should be aware of your decision-making process before entering any market. You must be aware of the data you will require in order to decide whether to enter or leave a transaction. Some traders decide to keep an eye on the fundamentals and charts that underlie the economy to decide when to place the trade. Some people exclusively employ technical analysis. Whatever methodology you select, stick to it and it will become adaptable to shifting market conditions.
You need to revise your approach, explore other options. Backtest different strategies and keep trying until you get one that works efficiently. Trading is not only about generating profit, it’s also about learning from mistakes and rectifying them. Analyse the market, pick a trend with a shorter time frame and try it out. Be bold in making choices. Good luck.
15 years of continues hard work in anything that could work , and if you still alive to be on of 0.5% winner , this mean you are so intelligent because you have your own way to “Trade or Gamble” it should work for both . You deserve an Oscar for that but at that level you will clever and wise enough to shut up your mouth , to keep eyes away from you , and walk with Visa Card that can cash any amount you want