No such event. But I can recall how some consecutive losses made me change my style of trading and that really worked for me.
I like your post. I will definitely try to apply whatever you have mentioned.
Developed patience and then started trading.
Demo traded for more than 6 months. It helped me learn a lot!
I think you have to be âin marketâ for some time to make correct trades. By this I mean to look for price action for some time, trying understand buying and selling pressure imbalances in combination with fundamental events. It all comes with experience thatâs why for a newbie the primary goal is to learn how to manage capital and avoid big losses. Profits come later.
Traderâs success consists of three point: self-control, skills and good broker. For me helped self-control and a lot of training. Sounds simple, but its works 
Hi everyone!
For profitable trading, iâll boost up my trading skill with excellent experience. That will be possible with strong knowledge. Learn from my failure and move on. Donât forget about golden rule that is Keep Patience and never stop trying to become best and best.
I traded a lot on demo account. I know that some experts suggest to move to the real market as soon as possible, but I was unconfident about my skills. Frankly, every trader has a different story of success as this highly depends on traderâs personality. Someone has problems with indicators, while others were so emotional that they couldnât avoid revenge trading. But the same thing is not to give up and believe that you will overcome all difficulties. This sounds like a phrase from soap opera, but thatâs trueâŚ
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A lot of interesting approaches in this thread.
Even though i am not fully profitable yet, i have improved my win loss ration to a significant degree.
Here are the things that helped me improve
- Focus on longer time frames, because the signals are much more valid
- Patience for the position to develop
- Being conservatives with my entry policy
- Minimalist approach to charting
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To profitable, the important is money management and risk management, if you have control over your mind and you can understand the market then you can make more profit.
In my opinion, profitability is a mindset. Profitability depends on an individualâs perception. Letâs say some traders consider their trades profitable with a small amount of profits, some traders consider a large amount of profit as a sign of their profitability. So, to become a profitable trader the first and foremost requirement is to have deep knowledge about forex and powerful strategies.
Donât do what the loser traders do. Just doing the opposite side of what the loser traders do! Do not follow the crowd.
keep emotions at bay and trade with full attention. do keep backtesting in loop and be confident, not over-confident. and never trade without stop loss. these are the only things i kept in my mind since day one.
Hi! I have my own strategy. And I pray a lot!)))))
First person to teach me trading ended up being a nut job believing everything was driven by supernatural forces or him fighting evil forces of the world. ehh⌠at least he opened the door and did give me some decent insight to markets. Conversing with family who specialize in mathematics and computer science really set me straight.
- Gave up on the notion of trading with subjective methods that require interpreting âwavesâ
- Left behind esoteric methods of aligning time & days with price movement
- Outlined a strict set of rules of engagement with the markets
- Journaling and tracking profits with goals for each week; hit goal and leave the market.
- Learned how to manage statistical risk and capital preservation
- The power of compounding gains; even small regular gains mean massive profits over time
- Writing my own indicators and scripts that would âcrunchâ the stats for me or output meaningful trade data firms use to make their decisions
- psychology of profitable traders vs everyone else (that lead me to learning stats)
- Backtesting strategies and demo account testing better ones for 3 months or more before putting money on the line.
- Gave up on the idea of trading my own funds for a living
- Learned how the industry works on the professional side and play along accordingly
- Be patient and let the strategy work
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This is me.
I have to make it an absolute to manage my losses and take care of the downside first.
Lately Iâve just been like a deer in the headlights when the market goes against me
Can you please elaborate on the strategy part?
For me, it was simply taking a step back. I was obsessed with trading during my first year and didnât want to miss out on any opportunities. Therefore, I ended up over trading and forcing trades that âlooked like it might be a good opportunityâ (5+ trades/day). I also didnât have the patience to wait for the ideal entry point and also got greedy when price went by my ideal exit point. I found that when I let a trade run further into profit that many times it reversed on me all together and I would end up exiting the trade with 50% - 75% less profit than my initial target. I think my overall strategy was effective, but I was simply not following it to a tee (subconsciously for the most part)
After a year of this, I made an effort to make the necessary adjustments and since then, my results have increased significantly. I only wish I had made the almost obvious changes sooner. I certainly couldnât have made these changes w/o journaling and jotting down previous trades. These issues werenât overly apparent to me until I reviewed the notes I had taken for all previous trades. Be sure to keep a journal, it can make a huge difference!
There are some things in trading that are very important. And to make a profit in my trading, this is very important. Trading requires a lot of patience. Patience is a profitable trading strategy. I also noticed some important issues including money management risk management which helps me to make a profit. And it is very important to keep an eye on these things if you want to make a profit in trading. Trading is not a game. To make a profit here, you must first manage discipline. And work according to plan at all times.
If you are a profitable trader, there are some rules and regulations that you have to follow. Money management is a part of it. If you donât focus on money management, you will never make a profit. You always have to observe a 1: 2 risk-reward. And you canât lose more than 2% in every trade. You have to work according to the plan and if you are trading in front of the market without any plan then you will never make a profit. Trading requires a lot of patience so you have to move forward with patience.