Well said; I really agree with you! Low risk reward ratio is the best medicine for new traders!
could anyone advise me on the best book to read regarding analysis of trendlines
Buddy you need patience, Keep tweaking your strategy unless and until you get the desired results. Dont be in a hurry to trade in the market. Markets around the world are now in a overbought phase and any new position should be taken wisely. Donât lose hope you got this!
Trading in the zone by mark douglas is a must read.
I went from a live account and forced myself back to paper.
Write down your strategy and plan and follow them to the âTâ.
Journal
1 Like
This is a good read.
And @WaterRock All iâd suggest you is donât you lose hope. Did you try trading with a plan? If not that can be of help Iâm sure. Also try to meditate and take breaks in between for a relaxed mindset.
It is never possible to trade without patience. Trading will be according to discipline and plan. Money management and risk management should be controlled and meditation should be done every day.
Hi!
I think that quality is better than quantity trading. Itâs better to do few trades than lots of them.
With few trades, you want to trade responsibly. It doesnât help to make several trades, and then lose them.
Quality trading may help you here. It will force you to select a method which avoids gambling, and you are careful because you have few trades to do. When you want to trade too many times, chances are very high that you wonât pay attention to your good trading plan. In the end, you may throw it away by not trading according to your initial plan. You wonât have the energy to trade according to a set plan when you are overwhelmed by a large number of trades. So, you may start trading by chance. That is gambling.
Itâs good that you are analysing your situation. You will change when you want to change. A counselor may be helpful in this situation before it leaves bankrupt.
Sorry for this tough love discussion, but I have to say it.
All the best!
I think you are right with this and having a few good trades is way better than making multiple ones and losing most of them.
1 Like
GreatâŚAll the bestâŚ
As a newbie, I prefer taking these tips seriously and I think I kind of understand what youâre saying here. But how will I know when I should trade less?
1 Like
Hi again!
I may not have the right answer (s) for you. And I donât wish to sound like an expert on your issue. You are the best person. Youâre the much-needed expert to change yourself.
However, Iâm discussing with you from a psychological point of view. Although I am more of a Human rights law expert, and PM, I have also a degree in Psychology and I have lectured it for 4 years, and built programs about it. I hope that you can trust the basis of my data with you. It is easy for me to comprehend what you shared earlier due to this background.
You and I know that itâs very possible for you to reduce, or even totally change your behaviour. This happens only if you really want that particular change despite itâs pulling back effects. It may not be easy to stop when you are accustomed to doing something.
Yet, if you set parameters for yourself to consecutively follow for at least 14 days, without breaking much of your new system, you would get used to a new habit by the end of the month or even in one month and a half.
Thus, you must identify what triggers you into making risky trades if you have not yet done it. Then, list all major triggers, and start working on them today: not tomorrow. Should you would know why you risk your money when trading, it would be easy for you to stop taking those particular trade risks. This would help you to stop sticky risks. You may even begin earning money, which you can withdraw, enjoy, or re-invest in your trade business rather than seeing money on the paper only. What good is money only on paper?
Now that you are looking for a solution to your problem, you plausibly find it. Get help in your home country. After all, not all risky trades are bad. Some help us get out of danger . . .
Warm regards, I am hurrying to sleep. I worked all night. I need to rest.
All the best!
I donât think it is about trading less, rather it is more about quality trading. You donât necessarily have to keep trading on multiple accounts just for earning profits. You can simply trade on a few systems and work hard to make them profitable. Like I have a few accounts with ICM and TurnkeyForex and Iâm okay with perfecting my strategies on them instead of having multiple accounts that are difficult to manage.
Okay, I think I get what youâre talking about here. I recently opened 2 demos too and will probably stick with them for a while.