My chart reading skill is the key; it helps me a lot to understand the momentum!
How long did you study about VSA?
Thank you for the tips @Trueman23.
Iām finding this a bit hard to do. Being a beginner I always think that I need to keep putting in more trades to learn.
1 Like
If you donāt mind sharing, what strategy do you use?
Same here. Even after seeing that my trade is invalid hope gets in the way.
Donāt you regret not letting your winning trades run some more?
How long did you study and demo trade before you went live?
There are two types of regret in trading. You regret when you cut your profits and realize you could have earned more. And you regret when you donāt cut your profits and you end losing.
Which one do you prefer? I prefer the first regret because it doesnāt break your mental health. The second regret makes you take bad decisions in your next trade because you start think only in taking āyour profitsā back, aka ārevenge tradeā.
So to answer your question, yes I do regret but itās a good regret from my point of view. As I just mentioned in my last comment, you canāt win them all. We must understand that to make profits. Hope that helps.
1 Like
what rule is that?
1 Like
Patience is the biggest asset a trader can have and pretty much whats required to be a profitable trader. The turning point of my trading was when I literally had no more money to invest and thats when my real, responsible trading journey started.
Good job! Keep up the good work!!
1 Like
AppliƔnce of availability within automated intelligences, totally my filled love within the market.
The most important thing from me is to be good at money management. Experienced people know that money management is the foundation of any business. My successful Forex trading depends on how well I can evaluate the ratio between my own losses and profit. My first rule is that the maximum amount I can risk is 10% of the deposit. And I divide my profit into two parts. 50% of the profit is kept in reserve, and I try not to use it without special need. I use a money management calculator to make my calculations easier. It helps to calculate the size of possible losses so that they do not exceed 2% for one transaction. Also, I always need to stop trading for a few days if I see that I face some difficulties.
1 Like
I donāt really believe in follow the trend, donāt invest too much , cut your losses early etc phrases. I think until you actually evaluate whether this applies to your trading psychology or not, there is no need to follow anything blindly.
I agree. You donāt need to follow lot of pairs. I only stick to gbpjpy and gold and they pretty much move every day
Trading psychology strongly influences trading style, and this can cost or make more money than simply differentiating between two strategies in the same style. The main opposing styles (for a start) are day-trading and long-term trading.
Once that is sorted out, our trading has at least a chance to make money. But everyone should have a well defined plan for every trade they take.
3 Likes
It goes the wrong way I guess at least you have stops set stupid is stupid.
As I am a daily trader I also dont use TP order. It is simply because I am in front of my trading platform and can close my position in any moment. But, when I sometimes leave position overnight, then I regularly use both SL and TP orders as I dont know if something unpredicted can happen
Yes. Even i believe the same and i have been back testing my strategies before going live now.
By keeping emotions separate from trading.