about 6 months before going live
thanks for replying
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Doesn’t seem that long to me
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No 4 is the most important.
I would put knowledge in the first place. Every trading problem can be solved with knowledge (including emotions). No matter how good or experienced you had become, you will always need to read more.
So
- Knowledge
Since there are 3 ways to lose all of your money, I would arrange them as follows:
- Not taking care of a losing position (no closing manually, no stop-loss, without a hedge, no reversal signal)
- Irrational position sizing (including leverage)
- Overtrading
The last problem is
- Being a Forex trader only
There are good opportunities in the currencies no doubt about that.
But there are other markets where your chances to make money are bigger.
- The worst problem is the one you don’t know even exists! So it is better to learn those 77 problems and see which one is currently hurting your trading.
Revenge trading was my biggest nemesis. I lost focus all the time while trying to get back my money and it always ended bad or worse than the first loss.
- Sticking to my plan
- Not letting emotions run the show
- Patience, with trading, with not jumping to the next topic before giving the current topic a chance to tell me something
- Consistently looking for trade opportunities (it’s tough when you lose a lot and motivation drops)
- Analysis paralysis
Well you are not alone mate. Many traders have been indulged in revenge trading and lost money because of that.