How do you get good at trading?

dray032

How long did it take you in years, blown accounts ect… to get to your trading mentality and discipline you have now.

I have had back to back mornings where I made $2500 scalping . I read somewhere we are traders NOT gamblers. After earlier this year taking my account over 10 Grand back down to less than $300 ( totally loss my MIND) … I can make 400 pips a day without scalping just need to be satisfied with my own strategy ( just like scalping… :skull:

TabiusLee

1 Like

He wants to get good at “scalping”. How can you tell him to forget about scalping?

1 Like

Scalping for fun , like one holidays at year and the rest you work t shr out. As a starter , do h4 h1 . Take your time. How our friend said. Market doesn’t go no where and the fun thing, the key is patience. We are hunting :sunglasses:

1 Like

By the way, scalping as is advertised everywhere on internet for beginners . In fact is for pro forex. But Newby will bite the 1 dollar million business

Ooohh i just find out after years off weed , a smoke is the best with some blueberries juice . Best day in my llifee All the market’s went in my favour :wink:

1 Like

Yes there does seem to be some contradiction there.

But as much playing around with different ideas should be done on demo along with backtesting.

The minute you move to real money for every dodgy trade, poor trade, wrong trade you start collecting emotional baggage - which is harder on you than any monetary loss

I was on the endless tweak for 8 yrs and would not have been necessary if Id find what worked for me prior to going live.

I agree that of course there are going to be some slight adjustments but they need to be kept to a minimum.

An alternative suggestion is to set up an account with small deposit and really not care if it loses - you can test to your heart’s content with real money in the full knowledge you will probably lose it, but later you can open a bigger one.

This might actually be better than demo - if you can afford it.

2 Likes

www.thenakedtrader.co.uk

Robbie Burns

The endless tweak is an interesting phase in a traders career.

Some get stuck in for decades - not realising what they are doing.

They can tell you all about how to trade, all about every aspect of technical analysis but cannot make money.

There is a book written by Gary Smith - How I trade for a living - one of my favorites - he tells his very painful story of how it took him 27 years to trade properly.

Pit bull by Buddy Schwartz (interviewed in Market Wizards) tells how it took him 9 years.

The problem with the holy Grail, is you actually think your being productive - when all your doing is constantly moving the goal posts.

All this can be avoided if we truly accept that losses are part of the game. Sure we have all accepted it on a theoretical level, but we haven’t on a deeper level.

We still think we can avoid losing, so we go searching for that system that never loses.

I think one of the biggest errors in this business is this myth that as beginners we can find a system with a 75% win rate.

While it’s possible it gives unrealistic expectations. Some of the best traders have a win rate of 30%

But that thought would terrify a newbie. Profitable traders though know on a deeper level that it’s not how many you win

Is about when you win how big you can make them.

Which brings me to the whole profit target thing, and this has been debated many times

If you are using profit targets at something as absurd as 2:1 you gonna need a very good win rate

If you let profits run and get out when the market tells you the move is over you will catch the bigger moves that mean you can have less of a win rate.

I am also one for disencouraging scalping - now I may be wrong here but - scalping forex probably doesn’t lend itself to larger r multiples because it is such a whippy market on the lower timeframes.

So traders use profit targets, but profit targets tend to mean you need a higher win rate - hence the endless tweak.

It’s all a vicious circle with only the broker the one making money.

There will always be exceptions to the rule, what I am saying is general to most people.

5 Likes

This is important and useful stuff. Thanks for taking the time.

How do you get good at trading?

  1. Make assumptions base on statistical data.
  2. Define your trading criteria well.
  3. Only trade in the direction of your bias.

2 Likes

Absolutely :facepunch: :facepunch: :facepunch: :facepunch: :facepunch: :facepunch:

1 Like

Great post, @Johnscott31

Because it clearly isn’t working? Failing over and over again but expecting different results is insanity. Plus he’s asking for advice.

What platform do you use to place a trade?

How do you get good at trading?

You need to unfuck your brain from all the bs that you read trough out the years, get rid of those high expectations and get rid of the dream that you will make a lot of money trading.

This is the hardest thing, where you throw the dream that you had for the last months or years away.

The reality in forex trading is very different of what most think,
99% if not 100% of the scalpers , daytraders, holygrailers are full of …
They will always share their strategy but wont ever share their account statements
But if they where really profitable they would share their account statements but they would never share their strategy.

This to say, aim for where your best chances are, trade longer timeframes, keep the size of trades small, forget what others are claiming on the internet.

Your psychology takes a big part in trading, and i realised that if i dont unfuck myself i have zero chances in becoming profitable.
Just one last note, forex his highly addictive and yes you guessed it, it usually translates in to scalping and daytrading. Took me some time to realize this.

4 Likes

(Pats hooman’s head)

There there… purrhaps you try too hard? purrhaps you are trying to make it big in a short time?
Yes the mawwket is unpredictable and this is a difficult business (where 90 purrcent fail).

The positive aspect is all your troubles happened on demo. You did not take an actual loss so good on you! :heart_eyes_cat:

Take a break and enjoy your life outside trading to regain your composure. When you’re ready, review every trade you took on demo and see where you went right, where you went wrong, and where you can be better.

I wish you well, hooman! Don’t give up! Some kittens take 3 or 5 years to get to that “break” where they finally figure things out! Also, you are not alone! We in the babypips community are in dis together! Good luck! :smirk_cat:

2 Likes

Please, you said you scalp. please help me with a few basic scalping strategies! i have failed at forging one for myself in a while, but hopefully if you share, maybe i can just follow.
my major attempts endup being fib swing trading strategies, but my intention was to scalp in the beginning.

Seams your account is small and you are worried off losing.

If you will ever ,write a book send me a copy . Thx in advance

Practicing is the only way to get good at trading. It won’t happen overnight. You will have to keep at it. Find a trading style that suits you, use proper risk management methods, and learn from your past trades. If you’re a beginner concentrate on one instrument at first.