What advice, would you give to someone who’s had limited success. I started a demo trading account in June, but still have struggled. I lost over $1400.00 Even today with much smaller lot sizes. I haven’t would make like $3.00 max profit. Then go on to make at least $6.00 in losses. There are so many times i feel to give up. How do you keep motivated ?.
just think about the potential life you would have if you were to master the skill. I’ve been at this for a good while now, so at this point it makes no sense for me to quit. I know that if I continue studying and pushing myself then eventually I will become a master trader. Also looking at some of my favorite retail traders’ lives. I literally stalk cuebanks page, but idc. Just learning his story is one of the reasons why I keep at it, because I know that’s exactly what he did. Also, you just need to have a WHY. What’s your purpose for trading? I want to be able to give back to my mother because she has done sooo much for my sister and I over the years and she deserves everything in the world
Difficult for everyone to answer this. Even harder to answer for another person you don’t know.
What about a shopping list? Make a list of what you would like to buy. Start small, not with a Rolex as your No.1 choice! Make enough money to buy the first item on the list - but do not buy it. When you have made the same amount again, buy Item No.1. When you have made the same amount again, buy item No.2. etc. etc.
But really I recommend re-investing profits to make the account larger, which means your positions can be larger, which will gain you more profits for less risk. If you can make only 6% per month, you will double your account in 1 year.
Just think of this as your journey to the ultimate glory. Failure is a part of the process. And this would be your best learning because you will not do these mistakes again
Watching motivational videos; besides reading book (based on successful story)! By the way, don’t be panic; it’s very normal! In my initial stage; I was doing the same!
Thinking about making a profit has always been all the motivation I need.
yea, that too LOL
You’ve only been at it for 3 months! Think of learning how to trade like learning a musical instrument. It takes about a year before you get comfortable playing the instrument with the correct technique. Thereafter you practice playing it in all different scales and to gain proficiency. Then you learn to improvise and practice some more to finally get to becoming a competent musician. This could take years.
You need to figure out what works and what doesn’t, what you need to focus on at every step of your developing time. Pick one thing to improve upon and gain proficiency in it then move on to the next thing. Be patient and accept that this will take time. You can compress the time it takes if you can put in spurts of concentrated effort during which time you live, breathe and eat trading and do nothing else. But few of us have that luxury.
The short answer is that learning how to trade will take time. Dig in and enjoy the learning experience. If you persist you will be rewarded.
As professional traders say, the whole trading process should be based on discipline rather than on motivation. You can be either less motivated or more motivated depending on particluar day and situation but discipline is something consistent - sinceyou need to be consistent to be able to be profitable.
Another important point is patience. As it was mentioned before, it takes time to become a profitable trader. Thus, you should not expect to become a professional in a few months (even if brokers say so) just like you cannot become a professional musician or dancer just after a few months of training. So, be patient and disciplined, and keep working on your progress. Actually, at this stage consistency in results is much more important than the profit itself. That is why it would be better to focus on performance rather than on making money - it would take place as the result of properly built trading process.
The time necessary to become profitable depends on the trader, his education, skills and also psychological issues. For example, one of the famous daytraders says that it took 2,5 years for him to become profitable.
One of my biggest lessons was learning not to try and chase everything! Be concise!
As long as you are learning from your losses you are on the right path! Well that is what I learnt from Ray Dalio he is all about truthful analysis and looking at things objectively.
You will find your own strategy and style of trading through having losses. Sounds annoying I know but if you look at gold it has to be melted down before it is shaped into beautiful jewelry the same goes for development in trading.
Taking the case of Ray Dalio he once lost everything and had to close down his hedge-fund after getting a call wrong…he was broken…but he was also reshaped!!
So like a lot of people have said here trading is a journey just stick at it and know that anything worth having has to be worked for otherwise everyone will have it .
if it makes you feel better we’ve all been there.
Now just reverse your thinking process. get out of live account, go demo / sim. work on that until you have 6 months - 1 year profitable on demo then start live with small size.
Going live before making money on Demo is useless you are just donating money to the market.
I have some affirmations that I work on every day. They keep me focused on my dreams.
Sounds like you are very new in this field. Its a stage in our growth as an up and coming trader. We all go through this.
Since you sound new, my advice would not be how to stay motivated, but what education have you done? Learning from the pros is the fastest way to grow as a new trader. I spent over a year trolling YouTube with no success. I still made consistent losses. Education out there was $6k+. I did not have that amount to put on a course AND money to put into an account.
On YouTube, watch the content from Urban Forex. It’s what I did because I knew I needed education on how to trade. They have courses. Check it out.
You will loose money in trading, it’s just a part of the business. Spend some of your future losses now to get some world-class education.
Just for the record, I’m not an affiliate of urban forex. I am a student and my stamp of approval to learn is with these guys. Hope this helps. Never give up.
I’ve been interested in the markets since 2015 with limited success but I’ve learned so much on the path that it’s been with it and I had a great 2018. I’d say one valuable thing to learn is the intersection between trading and other fields (like data science) that can be very valuable and interesting. Also try to learn methods that aren’t just basic Technical and Fundamental Analysis. Outside of the box thinking is rewarded and it can keep you motivated to try at this, one of the toughest games there is!
So you want to be the 1% or 99%?
we always should remember Forex is a place where at a time all money will come back that already lost . just need to stay here with great patience.
I bought myself a little gadget for fun. It plugs into the cigarette lighter of your car and makes it sound like a V8!
It detects the voltage increase through the power socket as the engine revs increase when you put your foot down and bangs the V8 sound through your stereo speakers.
Great fun. Suddenly my car sounds like Steve McQueen’s Mustang in Bullitt!
Since; you are facing consistent SL; then my suggestion is; stop live trading immediately and work on your trading strategy in demo once again!
It is all about profit making, if you keep your mind on focused and want to make profit then you will motivate yourself for making good trades.
Having a mentor is important if you want to keep yourself motivated. Choose a successful professional trader as your role model and follow the footsteps, be careful though. Strengthen your basics and learn how to execute profitable trades. Break your long term goals into smaller ones, it will help you to achieve your goals faster.