It will be interesting for everyone who is trading Tesla stock.
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Still not profitable after 1 year.
Still struggling with getting strict on entry and exit.
Still struggling to walk away and sit out
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Some will tell you one year is not long to be searching for success. Actually it is already far too long.
Question everything you accepted as truth before you put on your first trade.
As for the first trade a trader takes, I will bet it looks like this -
EUR/USD has been rising for 3 days
there’s a possible double-top on the 4-hourly, it looks text-book on the 1-hourly and like the mother of all double-tops on the 5-minutes
RSI says over-bought and MACD and stochastic oscillator are on the same page
price falls and they sell
the r:r looks fantastic: price is down from the high, but the r:r is still double figures
price rises and the capital loss is over 10% within 2 hours.
Everything the text-books said…
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Very nice!! Congratulations! I’m rooting for you!!
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Imagine if you guys had given up at year 2…
I think back-testing, forward-testing, and analysis will expose the truth.
You might believe XYZ is a great strategy, and then when you try it yet you’re still losing money, well, you have some work to do.
Back-testing will expose the nature of the strategy. Forward-testing will expose the nature of the trader.
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This is great. An army spends most of its time training: but the training never ends.
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As we all know, only about 5% of traders are successful, and it will remain so. Thats the honest truth. Why is it so? The real traders are very very conservative and it takes only special grace for them to come online to give advice, Guess what? If this real traders come online to give advice, it won’t make any sense to an average trader, infact they will be bashed and abused.
As for the question, I wont say that I am consistent or I am not. Those saying they are consistent should back up there claim with just 1 year trading history.
Follow my trading journal, you won’t regret it for a fact!
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Actually at any point in time about 20 to 30 per cent of traders are profitable.
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true. daily , weekly time frames are good, but will give fewer trades but with greater chance of profits
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Please explain in more details.
Psychology plays a crucial role in trading because it affects the decision-making and risk management processes of traders. Emotions and biases can have a profound impact on a trader’s behavior and decision-making, leading to impulsive or irrational trades and negatively impacting the trader’s performance.
Common emotions like fear and greed can lead traders to make impulsive choices, while overconfidence and a lack of discipline can cause them to engage in excessive risk-taking that goes against their established strategies.
Therefore, to be successful in trading, it’s vital for traders to have a strong understanding of psychology and the ability to regulate their emotions. By being aware of and managing their emotions, traders can prevent impulsive decisions, follow a disciplined approach, and make informed trades that align with their risk tolerance and overall strategy.
You have to wait to gain trading success. But don’t be upset in the meantime because in forex your time is your investment.
That sounds good. I was expecting that it would be about 2-3 years to even consider trading live.
How long did it take for you to see good results?
That’s not too bad. 3 years isn’t too long if the result is positive.
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I just wanted a gauge and see an average of how long it took people to become profitable. Thanks for the tips.
20 months in and not yet consistently profitable. But I’m close to being a break even trader and have had 3 back-to-back green weeks.
Treat this like college. In my mind, I’m near the end of my sophomore year at Harvard.
Also, I just read a statistic that 80% who attempt trading have dropped out by year 2. So by just still plugging along for 2 years, we will have outlived and outlasted the vast majority. Stay in your sim until you have proven you are profitable, then switch to live. There will be a blip and another learning curve once you do move to live, but at least this way you haven’t crashed and burned like 80% do.
I took me almost 2 years tilll I started making frequent withdrawals
This is my sixth year of continuous trading and I am still not profitable. Well, i am not losing money either, so I am just a breakeven trader, after half a decade.