You are not stupid, this is hard! But stay with it, this is long term goal, and EVERY thing you’ve accomplished up to now is experience and you cannot put a price tag on what you have learned.
I am just getting into trading too and I’ve looked at many of the same FX educators you’ve described and I’ve also looked at the online trading academy. Everyone has a bit of the same advice and for a price they will impart upon you even more wisdom so you to can be successful!
After 3 months of education and 4 weeks of DEMO trading, what I have learned.
- Risk management is the most important step of FX trading and the least talked about! Your system, good or bad, automated or manual, will ONLY be as good as your entries, your exits and your level of RISK.
- Your emotions will cause more harm when using a system.
I treat my DEMO account like its my own cash.
– I lost sleep when my 1st trade dropped 24%, then yelled like a crazy man when that trade broke even!
I’ve still managed to lose money because
– I ignored what my indicators where telling me and/or traded when I KNEW I should have walked away.
– I place trades when I KNOW I should not place the trade because the buy or sell signal is NOT 100% complete, this has bitten me 3x actually.
I am actually writing out my trading plan and spend more time writing and back testing then trading.
3: My evening and weekends are spent backtesting my system and then trading with it on the daily time frame (Thanks VP at no nonsense trading for showing me the light when it comes to longer setups).
I no longer feel the NEED to trade everyday. Unless my signals are 100% confirmed, I DO NOT trade.
When I place a trade, I try every hard to not look at the trade for 24 hours. Then, when I come back, I have a set of actions to take to manage those trades, TP, close, Manage SL, or do NOTHING.
I am working hard to NOT be in the 99%, which means I have not actually traded any CASH and I wont until
I can follow my plan (the plan I develop for myself, not something someone on YouTube as provided me) in my sleep.
Good luck and stay with it…