Yes, Forex trading is rather paradoxical. Although, more screen time may lead to a blown record. It is part of a mandatory process of learning from mistake, so as to evolve and ultimately be a better trader.
Unfortunately, it takes certain aptitude for an individual to succeed. Not everyone is suitable to be a trader. I suspect it has to do with how a person brain is wired.
A flexible person may find themselves hopping from strategy to strategy and end up being jack of all trades but master of none. Never achieving True profitablility. A stubborn person who is not open to explore new ideas may be forever trap within the boundaries of their own trading methodology. Although they may become ever more effective in that particular strategy. The irony is, inevitably TIME will weed out that effectiveness.
Thank you for your reply. I can see in forex trading there are so many mandatory processes which we new traders need to learn from our mistakes. Mistakes or wrong way of trading is must to become better or good forex trader. I as a person always want to explore new ideas. But, what about those who are here to make money for their livelihood, do they have time for this long process?
IMHO, FX trading learning curve is pretty steep. Occasionally, when the winning streak strike. You feel like, you have reach the summit , just when you thought schooling days are over, Earthquake appear out of no where and wipe you out clean. 1 step forward 2 step back. It hurts real bad.
I have said this before. Only the best of the best can survive in this line of work. Consistent Profitability has no mercy on mediocre trader. Sacrifice has to be made. Tears of blood need to be shed. From a newbie to profitable trader is more like an Arduous journey. " Long " process is rather demarcated.
In a nutshell, if you are not prepared to die in your climb to Mount Everest. You probably will never get to see the horizon sunrise on the Apex of Mount Everest.
As a part time trader it is difficult to survive with maximal result. I have seen so many traders who are particularly part timer always depend on PAAM accounts. Because , they have not enough to pass in here to acquire exact trading knowledge.
I don’t like PAAM services for any kinds of trader. I admit it’s quite difficult to survive as a part time trader with successfully but possible. Need more patience and discipline.
Discipline, not half, a lot of us know how to trade, I mean how many times have you put a trade on, that you know you shouldn’t have, take them out of the equation and I reckon most would be profitable. Discipline is the big Achilles heal.
The paradox for me is after all the years of trading, the bigger the timeframe the bigger my profits have been. It’s taken me probably the best part of a decade for it to sink in, I still trade with small amounts, but I have been profitable for a few months now, marginally but more recently quite reasonably.
Come on, we’ve all been there, you start trading on the 5 min chart, thinking wow, this thing can be ridiculously profitable, then you can’t find any consistency and blow most of your money, then you switch to 15 min chart, and it’s the same, but not as quick, then the 1hr, then the 4hr and so on.
I now use support and resistance on the weekly chart on about 10 pairs and trade off of these levels, it keeps me out of a lot of losing trades, and that is the KEY thing, stop losing money.
So yes many paradoxes, very much a tortoise and hair. Build yourself a strategy that will keep you out of losing trades, then the profit will come.
But, also as the full-time trader and new trader, I can’t earn enough money here. However, I am now giving priority to gain trading knowledge. I have to check out about PAAM accounts. Need to run long here.
I appreciate your priority to gain knowledge. keep moving with great patience and please don’t hurry. Because, to earn knowledge in advanced is not probable within very short time. happy learning.
If anyone focus just on learning instead of earning of course within very short time is possible to acquire good trading knowledge. but the main issue is only learning cannot bring profit in here until you ensure a long time practice. Without having practice a good learning can be valueless. So keep practicing in demo always.
Yes it is. Only learning and practicing can make a successful trade in forex trading. But it’s a long time process, so we lost interest to keep motivation.
I am not sure that I agree entirely. Yes, a good mentor can shorten the time you need to learn how to trade, but gaining experience does require time. It’s not something that can happen overnight.
Actually within overnight there is nothing which can be earned. We need to survive consistency with great patience in every section particularly in Forex trading where every faction is uncertain and volatile but the problem is when we trade practically our emotion works greatly than trading knowledge and try to become rich overnight. At the end of the day , we become loser. so, emotions is a big issue for having unfortunate loss.
Its okay . agree. What you thinking about the proper time of learning . I want to know how much time is more appropriate for learning forex accurately ?
According to me, there is no fixed time to learn Forex , it depends on your method. Generally we learn from our current trading and from demo experience. This approach can ensure good trading experience minimum from 5 years.
I don’t think there is an exact answer to that question. Every person is different and their learning curve is different. However I do think that it usually doesn’t take any less than a year, although it often takes a lot longer.
