One gets good with a lot of study, practice and discipline. There are no shortcuts really.
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This is true, if you are not able to figure out anything then you should learn from a mentor because forex trading involves various concepts and it is important to understand the basics before starting with the actual trading
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It is never easy to get to get good with trading, you will need lots of determination and patience to make sure your trading goes in the way you want it to go, that is, consistency for making the profit.
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Firstly define “good”.
To answer the question how do you get better - countless hours of practice and learning and a genuine desire for self improvement.
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When we are making the Efforts in doing our trading then we can easily get income from the trading business.
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For me, the thing that has worked the most is knowledge about current events and the right broker, it is the key. You can also top it with lots of practice on the demo account as well.
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I don’t know what your trading style is but one mistake that some new traders make is trying a bit of everything. So they will use different strategies for each trade and that means that there is no consistency so it’s hard to analyze their trades and trace them to see where things might be going wrong. I’d say maybe identify a safe strategy like not risking more than 1% of your account per trade, going for reasonable profits and using some indicators. Good luck!
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Even I have read the book naked trading. It is really knowledgeable so if you want to learn more about forex and clear concepts related to SL TP then you should give it a shot
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Learn as much as you can. You won’t get better at it just by reading books or articles, you must practically implement your learnings
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Agree, only reading books and watching videos will not help, try to add practical lessons by doing demo trading.
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Did you try the Pipsology school? I guess that must be the missing link here. Learning will simply clear up a lot of aspects and give a better picture of where and how you went wrong.
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Comments like this should keep anyone interested in FOREX interested.
I am going 5 years and I barley decided to trade one pair. The reason behind it was because of what BabyPips taught and others have to told me, you can earn with just one pair. If you are great with one pair move to another.
Consistency and following a plan is great the best way forward.
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Practice, practice, practice
Join me, and quit. Do you really think your gonna win at a rigged game? Notice how everyone on here says the same thing, same advice; watch your time frames, manage your risk, control your emotions… it’s an echo chamber of delusional people who think some day their gonna be the one that wins. People make a few good trades and come on here giving their advice like they made it, their pro now. Thing is, they won’t tell you about all their losers, or that they really haven’t made real money over time. Put your time and money else where.
Take a break and study about trading then come back to the field!
Before you start using real cash, make sure that you are taking the risk which you can afford
By trading. Nothing beats time in the tape.
Why are you so hell bent on gathering people to support your bias and give up trading?
Trading wasn’t for you… that’s fine. But that doesn’t mean just because you couldn’t make it work for you that everyone else falls into the same basket.
I played soccer when I was younger. After a while I didn’t enjoy it and struggled to get into representative teams so I gave it away… But you would never find me standing on the sideline telling the players to come and join me and quit. Seems a bit jaded.
You probably need to change your strategy. It is uncommon for people to lose on their demo accounts.
Higher time frames trading should be a strategy that you should follow. And if scalping is not helping you, you could try swing trading. Even if you are in a full time job you could easily trade with this form of trading. Your returns would be better in swing trading rather than day trading.
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