A simple diagram for all those traders here that feel like they have been putting in the ground work and effort but aren’t yet reaping the results. Hang in there…
The reward to effort ratio at the start can seem exhausting but eventually the tides swing the other way…
To those that are just starting and are hoping for an easy way to double your money with little effort… the odds are greatly against you so don’t bet the farm on it.
You can spend an age wandering in the foothills of the learning curve.
Eventually things do get better.
You stop losing so much.
You stop the boom bust cycle of your equity curve.
You realise you just have to accept losses are part of trading, rather than avoiding them by over analysis, indicatoritis, following gurus, and finding that one infallible system.
You start to enjoy your trading. You start to feel comfortable with what you have
You stop talking to your friends about the markets
You stop telling them how trading is different than gambling
You start following the fundamentals - even though you may never trade fundamentally
You think you have sussed it all, but you still have one or two hills before the peak.
Eventually you ‘arrive’ and wonder why the hell it took so long!!
95% of people lose in Forex trading. Because they have no discipline in their trade. They do uncontrolled trading after greed. Emotion trading damages their forex life. This thing is more noticeable among beginner traders. A trader’s journey can be very sweet if he follows money management and risk management with his trading strategy.
The right trader’s journey:
1 Decide what type of trader you want to be
2 Choose a trading strategy
3 Trading Tools
4 Expand your knowledge
5 Trading for a living