Motivation comes from the efforts you make. Many traders link it to the end result but process is the key I believe.
In my case, motivation comes when I get some profits, that makes me inclined towards improving the forex strategies in order to get more profitable.
I try to motivate myself by being discipline and working on my trading plan and setting targets.
For me, as a beginner, the best motivation is the result. I try to motivate myself with the result, which I constantly try to improve.
Everyone has a different motivation. For some, it’s earning money and making profits while for others, it’s simply the enjoying the trading process.
Don’t get swept into the action since trading moves quickly. Go ahead and think about something else for a bit, then come back and reflect. To get the next thought, check through your trading journal to get the next idea.
What is the intersection between trading and data science
If you never try, you’ll never succeed. There are traders out there who have lost way more than you have. If they give up at that point, they’ll only ever be a failed trader. If they keep going, they have the power to turn things around. Those that become success keep pushing forward.
If things are going to badly, I would stop and take a look at everything. Start keeping a detailed journal if you aren’t already. Spend more time learning. Go back to demo. Consider a completely new approach. Whatever it takes to keep you in the game.
True that well said
Man, everyone here seems to be giving good advice if you want to keep trading but honestly my advice is if you’re already ready to give up after like 3 short months in and a measly $1400.00 trading isn’t for you bruh ha.
Most successful traders I know weren’t successful/profitable for a year or longer (took me this long just to become a “break even” trader) and have lost ten fold what you have to get there.
But guess what they may have lost 10k+ learning the skill but they never gave up and now they make that almost daily… heck I am in a group with some traders who make 6 figs consistently weekly/monthly… you gotta think big picture. Trading is a marathon not a sprint, quit focusing so much on the losses and focus on learning the skill and becoming profitable.
My advice would be to either:
A) give up, quit trading, don’t think about it and don’t look back.
B) Get obsessed with trading and beating the markets, soak in all the information you can and take it seriously. Find a mentor that you like their trading/teaching style and get to work open up a demo or small account using extremely small lots to practice up a strategy and JOURNAL all your trades and try to try and become a break even trader if you are unfamiliar what this is you should be able to open up a 1000 dollar account actively trade it for 6 months and a year and still have 1000 bucks in there or damn near maybe + or - like 50 bucks… than start to really figure out what trades/setups are jigh probability for you and really dial in your strategy giving you a further edge in the market. Eventually you should realistically be able to consistently profit 5-15%+ a month and compound it up with confidence.
Trading is like a roller coaster. You don’t get even results all the time. However, as a trader, you must be self motivated to make trades and money in the market. So literally you can take inspiration from other successful traders in the market.
If your trading skill is below the point; then money management or small trading leverage can’t help actually! So, try to learn the basic & advance of your trading chart! But don’t be frustrated, as a newcomer it’s very normal!
Some healthy ways to maintain motivation are -
- Set realistic and small goals that you know you can achieve
- Treat yourself with your favourite thing every time you achieve a goal
- Learn and practice trading psychology diligently
- Do not compare yourself with other traders, everyone has their own problems and achievements.
Motivational videos don’t work for me. They are short-lived. What works for me is consistency and results, even small ones.
If you struggle to stay motivated when trading, you’re probably in the wrong line of work and are only trying to do this for the revenue.