Believe me amigo, you are where over 75% of retail traders are right now and where I was for several years after starting out - I can relate to everything you have written here - I read it twice because I thought it was my post! LOL
You are much closer to ‘making it’ as a trader than you think
There’s a trick you must master to turn your trading around - it’s the trick successful traders accept but losing traders don’t see. Are they all stupid?
Heck no! They are not stupid - you are not stupid - but consistently losing money makes you feel that way for sure! - Shall I write a book - ‘How to lose a fortune trading markets’? Think it might sell? Hmm…
Sorry, I digress. So, what’s ‘the trick’ you need to master?
One of the biggest mistakes traders make after spending money on courses, learning new strategies etc is they believe they know what the market will do next
And, why not? After all, just spent 2 grand or more on a weekend in London to learn this stuff, right? Doesn’t that entitle me to know what the market will do next?
I thought that after I forked out the brass, but sadly no, it doesn’t. Sorry to disappoint! But don’t despair! You simply need to change how you think a little, that’s all!
Consistently profitable traders 'Think in probabilities’
What the hell does that mean?
It means they think over many trades - judge their strategy over multiple trades not on a single trade by trade basis That’s the trick you have to learn
They KNOW a percentage of trades their strategy identifies won’t work and have learned to ‘ACCEPT’ this fact.
They also accept the fact they have ‘no idea’ which of their trades will work and which of them won’t.
This leads to the next question…
How does a trader make money not knowing what will happen next in the market?
To become successful, you must think over at least 30 trades, controlling your risk on EVERY TRADE because you have no idea which ones will be the winners and which will be losers
Suppose over the 30 trades you risk 1% of your trading account on each one - when they work they make an average of 2% profit - and let’s assume only 50% of the trades work - that’s 15 winners and 50% fail - so 15 losers. Making sense? Remember, you don’t know which 15 trades will work and which won’t. Get it? But also remember - no one else knows either.
Can you make profit with a strategy like this? Let’s do the sums…
Over the 30 trades 15 winners x 2% = 30% profit - 15 losers x 1% = 15% loss
OUTCOME 30% profit - 15% loss = 15% overall profit across 30 trades
The moment you can accept the fact you have no idea what might happen next in the markets on a single trade basis and start to think in multiple trades, you will be amazed how your results will improve - trust me!
Any ‘fear’ you may have disappears once you accept this. Try a sample size of trades even if on a demo account - follow the strategy rules without hesitation or remorse and see the results for yourself.
Welcome to the profitable traders club!
Hope this helps amigo