When freed of psychological and irrational presumptions, fantasies or guesses about what trading is, one can look at it very plainly and practically. Having reached that, the rules that apply to it as an activity are not so different than anything else. In that case, the study of human excellence in any field will guide you through learning the ins-outs of trading. However, FX trading will yield higher rewards and quicker financial independence than anything else you can invest your time and discipline into.
I recommend the following strategy above all others. Trade demo for a specific period that you assign yourself, then switch to cash with a $25 or $50 account. If failure follows, back to demo for an assigned time. Never begin live trading with greater than $50. If impatience causes you to resist this idea, then the psychology of trading and the business of trading have not been studied adequately yet.
Here’s the trading plan. a) make as few losing trades as possible. Attempt with great effort to never have a losing trading day. b) the goal of the trading day is to get out with a 1% account gain. If you started with an investment of $50 on 06/10/2023, and earned a profit of 1% of your starting balance for 260 days (1 year) your principal amount will grow to:$664.40 by 06/08/2024. Your rate of return would be 1,289% for the year. And if you do this successfully, then you will have probably nearly mastered the basics of trading and demonstrated higher returns and greater consistency than any financial entity in history. This combination of accomplishments will have prepared you in for increased leverage.
If you are capable of this, you will discover that it is quite accomplishable, as in any video game, to execute 50 positive trades in a row. If you are capable of this, you will likely have many days where you made 2 or 3%. If, the second year, you do 3% per day average for 260 trading days, starting with $664, your account value would be $1,401,357.00 at year end and the earnings for your last trading day of the year would be $40,816, and you would have the confidence and experience of someone who has traded in a disciplined way for two years, and is making yearly returns higher than any dependable financial instrument on Wall Street, at a rate of return of 217,635% per year.
A $1M account at 3% will not disappoint you.
I know traders who do double-digit profits daily.
Consistency of aggregated, compounded marginal gains as a strategy will grow you, and will enable you to grow in skill and profitability in accordance with your psychological readiness to flow wealth and power in proportion to your skills. You’ll be rich and it will be easy and you will have earned it.
Consistency will make you The Beast.
Small, consistent, slowly increasing, compounding gains. Program yourself to hardly every lose.
Wait, wait, wait for great entries and know your exits.
And use your wealth for good; you will be on God’s radar, and also Satan’s.
I think that’s the hardest part… so much you think you need to learn. Not sure what the right answer is, I’m still learning too. But I think you should find a simple strategy and just trade it for a couple of months. Just get in a groove. Try to make predictions and see how it turns out. Figure out trading times, and pairs, and what works with you. Maybe even try trading two simple but different strategies at the same time, and see what you can learn from each. But keep asking questions!
I remember I also had that nasty feeling that I’m newbie and can do nothing. Sometimes I even thought that I would remain newbie forever. It scared me to death. Fortunately as my experience grew that feeling faded away and I started to feel myself more confident.
and when i do, i can’t help instinctively wondering whether the people making them actually realise that (for example) if you started with just $1,000 and made 12% per day (that’s just into double-digit profits, isn’t it?), even if you compounded your position-size only once per day (though why would you?), in less than 6 months you’d have made more than a BILLION dollars
maybe i’m too churlish? maybe i’m too much of a skeptic? but my honest guess is that they really haven’t worked it out at all and genuinely don’t know how implausible it is
and yet, if you question it at all, you often get people making comments like “I don’t get people constantly insisting that something is not possible” - in other words, you’re more or less accused of negativity
perhaps i’m just not well suited to posting in forums …
I remember myself a novice trader. I can’t say that I hated that state. I liked that. I was overwhelmed with hopes and sweet illusions. Of course, part of that was ruined but something remained. In general, it was the time of great enthusiasm, although at that time I knew nearly nothing.
I remember by newbie time with great pleasure and warmth. It was an exciting time when I was overwhelmed with high hopes. Over time I gained enough experience and got rid from many illusions. Today I trade much better but it’s a bit boring. I don’t discover anything new anymore.
You know, based on observations, I can say that you always say things based on some valid reason and not just assumptions, It’s not skeptic, it’s not your fault that some reasons are not what other people desire to hear.
When I started this thread, all I was thinking about was how others were good and I knew nothing. But over time, I learned more, and now I can say it’s all about mindset.
Our attention is selective, thus. You can decide what to concentrate on. Therefore, in circumstances like the one you found yourself in, you could either concentrate on not knowing anything and let that mindset devour all of your energy and motivation, or you might concentrate on something else, something uplifting that can aid you down this route.
