For those who are profitable,What is that one thing or a couple of things that made you turn profitable in forex trading?
Following trends.
Sticking to one strategy.
Concentrating on how long I can follow a trend, rather than how soon can I get in.
My best ever trade was when I entered a trade long and added to the position multiple times as price rose.
Iām not profitable, but Iām making a point anyway. I disagree that there are just one or two things that people do and bam, the money starts rolling in.
Thatās looking for a shortcut. There are NO shortcuts. Some people may learn faster than others, yes. But there are no shortcuts. It takes years to become profitable. During that time, your mindset may shift; you develop new habits; etc.
I think anyone who says they did one thing and then became profitable, is giving a misleading answer. That person is talking about the LAST thing they did that helped them become profitable. Theyāre leaving out all the other stuff that happened before.
And just because it worked for one person, it doesnāt guarantee it will work for anyone else.
We all have different layers of ourselves that we have to peel away in order to accomplish something. Maybe I need to be less greedy. Maybe the next person needs to wake up earlier. Thereās no one-size-fits-all fix here. Achieving any significant goal is a personal journey thatās different for everyone.
Sure, people can share experiences and maybe we can get ideas of some things that could be missing in our own lives. But just remember, theyāre likely giving a short answer that has a very long story.
I have been profitable on and off, but overall have lost money, due to my impulsiveness, greed (letās call it what it is) and impatience to get into a trade.
Those things have robbed me of trading success, and I continue to fall for them
I think knowing that, will help you more than knowing any āsecretsā or āinside knowledgeā.
What I really believe will help you - apart from understanding that you will never stop learning - is to learn to read TREND and MOMENTUM.
You can nail both by using MACD and STOCHASTICS.
Over the years I have used just about every system, indicator, trading mentor and strategy.
There are only those two above that are still always present on my charts, even though I continue to try other things, like Heiken Ashi candles, and variations of indicators. These have stood the test of time since 2004 with me.
Understanding what is going on in the higher time frames (eg weekly and Daily) for trend and momentum, and trading one TF below (eh 4Hour) in line with the higher TF direction, will increase your success rate.
Having said that - I can trade successfully on demo, but still get cleaned when trading live.
Hope this helps.
Have a look at the AUDJPY Chart.
Look at WEEKLY, then DAILY, then 4H.
You should be enlightened by what you see there.
Look for MACD crosses on the 4H and trade those in the direction of the Daily and Weekly.
On 20th january, there was a āsignalā candle on AUDJPY (entry is at open of first candle after signal candle) and if you closed it on 4H when MACD crossed again, you have 200+ pips.
But if you keep an eye on the Daily chart, you could close out the trade at the last Daily candle of this week, for 300+ pips, because MACD and Stochastics will keep you in the trade if the higher TF is in strong trending mood. There is some pullback on 23rd and 24th January, but the Daily chart did not indicate an exit on either day. Experience and nerves would have kept you in the trend.
Donāt mix your emotion with trading rather try to understand the reality of the market and trade accordingly.
Itās patience because traders canāt retain their patience level for a long time in trading. So, keep learning and executing your ideas on the market.
Thanks for your inputs.
surely agree there is no shortcutsā¦for sure.
just like if things come easyā¦very likely it is a scam
LOL
But what i wanted to find out or know if thereās collectively certain things (not one,not two but a couple) that makes one fail.
Just a small traderās experiment, though i roughly knew already what are the likely things that will be listed cheers
Very nice and insightful trade review and sharing of your thoughts
Yes we are all human,we tend to sometimes react on impulsiveness and impatienceā¦Thereās where i think seperates the pro and those that are still learning
I am a trend and early trend trader. But if i do see counter trend trades which met more stringent criteria of mine, i would enter.Thatās me.
And yup, at the end of the day will be only important to see your consistency and results that you get from trading. That is suffice.
Cheers and happy trading.
If you are on tradingview and dont mind learning togetherā¦I do have constant sharing on it with my trading ideas and streaming
The one thing is that you have to control your emotion to reap much gain from the market. Besides that keep studying a lot.
Focusing on RRR instead of pips count. A good RRR will have you risking a small amount for larger gains. Risk 1 - 2% per trade.
It is eventually more effective than pips count trading with signal providers.
I love this comment which, though an understatement gives a detailed answer to that question! Thank you very much!
Having control on your high expectation is inevitable for us because high expectation fuels our negative thinking. And earn efficiency on market analysis.
STBB
The question is simple but the answer is more than one thing.
Trading is a marathon in my opinion and takes time but itās not impossible. Trading is a psychological game.
To help you become profitable a few factors need to be in play such as:
Routine everyday as in backtesting, reading, learning and managing your risk based on your trade frequency.
Youāre inner circle and the attitude you have when entering a trade on that specific day.
Many more attributes can contribute to being profitable but the key is consistency in which your mindset needs to be in as well.
Hope this helps you in future and feel free to send me a message if you want further help.
Take care.
Thatās a good question . I would say learning consistency , being confident , risk management, never give up , always know the market does random ā ā ā ā , learning how to step way , learning how to take loses & shake them off
In my humble opinion, itās about experience. In my 3 years learning, I realized that trading is not only about understanding technical or fundamental matter, but more into developing our psychology. Thereās alot gurus or mentor who can gives us a free solid strategy, yet it could turned off to be disaster when it applied without mental development.
- Lack of discipline
- Impatient
- Greedy
All is the cores of the problems. Causing overtrading, revenge trade and keep changing strategy.
Iām agree to anyone who said āthereās no shortcutā in this field. Bcuz even though we know weāre doing wrong, yet all the red light can just be thrown away in a second when one of those three major problems hit our mind.
-Backtest in both technical and fundamental while also practicing to develop our trading psychology is the only way to overcome.
But it needs efforts, focus, consistency and of course TIME in process.
- You need to know how to read market trend or structure.
- You need to know how much u can risk, if you are beginner, I recommend max 2%. of your acc.
- You need good trading setup.
- min risk to award 1/3.
5 donāt use strategy based on indicators, signal and other useless things. - Donāt trade on high impact news.
7 You need learn about supply/demand zones, balance/inbalance and bullish/bearish order block. - You need backtest your strategy.
- You need learn about liquidity.
I can write more about fx but i choose for you basics.
Increment in profit ratios will come when traders can use flourished tactics of trading and have brokerās good facilities alongside. The risk management policy should be followed in all cases.
Patience
Protecting the Capital - be a good loser.
High spread means your broker is taking high commission from you for each trade opening. So, every trader should try to trade in low trading spread-flourished pairs.
Actually I donāt think thereās no only one thing to do
The only one thing to do is to follow your laid rules based on your strategy