God what a week!
Not a question per se, more general ramblings.
I’ve made almost every mistake known to Traderkind, and probably a miliion more to go.
But my attitude is this:
If if takes a Doctor 7 years to earn £100k+, why should I be arrogant to assume I can ‘hack’ the market in 7 days?
Get rich slow. Don’t get poorer. That’s the plan.
So I welcome every lesson, and every mistake.
Here’s what I have learned in 5 days:
- MetaTrader 4 was not designed by UX (Uxer Experience) experts. I am still weighing it up vs TradingView, but my first impressions are: it should be simpler.
2… The Trend is your Friend. Going long on a speculative GBPUSD trade in the middle of a 1 day/4 hour bearish trend. Yeah, let’s add that the the file marked “duh!” - Everyone wants to sucker me for a dollar. Buy this signal, follow this pattern, pay for this EA bot. I don’t have the stats, but it does make me realise that, just like fishing, you can buy gear to help catch the fish, and even more gear to catch the fisher.
- I need to get a grip of my emotions. Thinking about a trade when I’m in it is a bad idea. I need to have done the work before the fight, the learning before the earning. Watcing a screenful of red and blue flashing lights is hypnotic but not the best use of my time.
- I need time to figure out which trading style suits me, I might discover that scalping (a) is mentally draining (b) doesn’t suit my temperament.
- Stop putting my faith into finding the perfect Technical Indicator. Keep it simple: price action, overall trend, a bit of Heiken Achi and a sprinkling of EMA’s…
- I have to sort my risk management out. Entering a trade with no stop loss = duh. Having no exit strategy = duh. Chasing losing trades = double duh.
- Study, Study, Study
- Money Management starts with not pissing away my ££/$$ to every self-professed guru out there.
- Have fun. I am learning a new skill.
I know almost less than nothing, but less nothing than a week ago.
P.