How is this working out for You?
Demo 6 months to a year with consistent profits from at least a few trades a month before moving to real.
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After reading and learning more I decided to change to a more conservative ratio of 1:1.
no minimum is a 2 profit and 1 loss, it is written for longer term health and survival.
I have must define my trade setup , backtest it. Wait&see the market then execute trading plan when the time come not emotion come. Write and read trading journal and find the way to improve it. And the most important thing donât overtrade and get big lost!
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Try demo, read babypips, take real practice on small deposit, using EA.
Spend ample amount of time in learning, take demo account seriously, donât be greedy,learn to love small losses.
Demo trade as long as you can until you can really honestly convince yourself you are ready to put real money on the line. Youâll know this when your overall profit gains is more than the losses meaning youâre winning more than youâre losing.
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To make even more money. Its a very simple answer. Why would a pro golfer bother coaching if he was a pro and could earn money from golf?
Open a demo account and try to use it as much as you can! Donât expect instant success here! Actually, Forex isnât so simple, so make your trading skill 1st to be a consistent player!
Donât try to make money so early; Forex is a long-term process! Donât expect any easy money here!
To stop being an idiot!
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Understand why you are doing what you do.
Most people just go through the motions and think they know what they are doing.
But understanding that your job is to identify and capitalise on an uncertain event with a probabilistic occurrence as consistently as possible.
That means you have to ârealizeâ a statistical edge.
That can only be done by systematic repetition with a reduction in variation in the process to allow the odds to play in your favour.
Thatâs why pure price action traders will struggle to obtain âconsistent profitabilityâ over a prolonged period of time as they tend to have too much discretion and variation which leads to the statistical edge not playing out. They get some wins and think they have cracked it but then give it back. Classic doom loop of too much discretion and not enough info on the chart.
Get your head around that and you are half way there as âconditions of a strategyâ do not make the trader a success, the implementation of said strategy does. But only if it has a statistical edge over a long period of time 12 months plus.