LOOL! I’ll wait
That’s great man! good luck.
Exactly! That’s my problem. I can’t just pause trading on demo accounts, my question is that how can I control myself in a real account??
I have a really good solution for you, Avoid overtrading. Overtrading is a common mistake that many of us make, which can lead to impulsive trades and losses. To avoid overtrading, set a maximum number of trades you will take each day or week.
Or better yet, make a habit of not opening more than one trade at a time. The market is heavily correlated so if you open 2 or 3 trades within a short time-span, chances are the outcome will be the same with all of them. So yes, avoid over trading, but you also want to avoid overexposure in the market as well.
Good point! Thank you!
Consider using limit orders: Rather than relying on market orders, which execute at the current market price, utilize limit orders to open and close positions at pre-determined prices. This approach can help you steer clear of chasing prices and entering trades at unfavorable levels!
This is the answer. Let’s not soup it up and just keep it meat and potatoes.
Quality time spend matters a lot. However, for beginners it is important to spend more time so they can learn from others too.
learning from others is a temporary session but learning from self is a permanent solution
“We must all suffer from one of two things, the pain of discipline, or the pain of regret”
For me I had to create a system to work around my strategy and keep me from de-railing my trade psychology. I wrote an entire e-book about it with chart examples, templates, outlines, etc.
It works around any trading strategy. All you have to do is follow your rules.
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As you learn and practice, your patience will come with it. At least in my situation it did.
I don’t stare at it all day but I did when I first started - the thirst to learn and make it work. Now, I pick times throughout the day to look into my charts. I trade on daily and 4h chart so it gives me 4h between each candle to sink in new information and prepare decisions- which does not take 4h to do.
hahaha. just build Ago for your strategy.
Good point! thanks!
great points! thank you!
Have a trading plan in place.
Trying to develop that!
I realised that I don’t even understand what would work for me yet. Sometimes it’s like info overload. I may take a lil longer than realise.
You can give yourself time in understanding the concepts before grasping too much knowledge.
I forgot which book it was, but in one of them I read the following which is still in my mind every day:
“There are three positions you can take: long, short, or no position at all”
You have to get comfortable with not being in any position at all, in the beginning this was very hard for me but after seeing that my way of trading didn’t work I changed. Currently I’m perfectly happy with not being in any trade if the setup is not there or if I decided it has been enough for the week. I know this will bring me more returns and thus I know I’m earning money by not being in any trade from time to time.
Also before I was eager on Monday mornings (EU timezone) to enter trades, even with valid setups, right away. Nowadays I know that the opening of US timezome on Monday me cause strong movements, so my rule is not trade until the US is awake, even if there are valid setups.
Once you notice and see that your results will benefit from being patient, you will become patient.
Hope this helps. Good luck.