Thank you El-knit! I’m learning the rules of the forum. I’ve been following this website for about 15 years, off and on again. Every time I come back, I learn something new. All trading is a journey. You will uncover psychological traits within yourself that can hold you back. Fear, greed, the need to make money, the need to learn, discipline, consistency all of these matter. It may be there is just ONE thing you need that will suddenly make the difference for you. It might be risk management, risk to reward etc.
I’ve traded penny stocks, stocks, commodities, gold, silver, exchanges etc. There are so many areas to choose from. I personally chose to focus on spot forex around 2009. I choose it because I could learn all about one currency pair (or 2-5 whatever) and master those over time. It is almost as if you begin to learn the personality of a pair. You’ve marked support and resistance, you’ve studied big round numbers and know how that currency pair reacts historically. You watch the news and study the fundamentals, you take a look at market sentiment. You watch price action and look for confirmation. You plan A+ trades and choose whether you are bullish or bearish. You have your own goals written out or recorded in some way. I’m old fashioned and use sticky notes in my work space.
Example: I’m just going for 10 pips today on the Eur/Usd. I’m trading only bullish continuation signals and I’m only trading .05%. If my losses reach !%, then I quit for the day and focus on adding to my trading knowledge. I ask myself, why did I take that trade? What factors worked against me? Spread, time of day, was I at my peak? Was I gambling or was I trading based on a plan and high probability?
I hope some of these ideas fuel your coming week. Any one of them or a couple may make the difference between growing your account or shrinking it. I am hoping it grows!! Let me know.