Every person passes through this phase where it seems like nothing is working out for them, but one good day they wake up and feel like yes this is the point, this is the moment and they start working on their thing and it just starts working out.
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Actually I suppose Iāve had three important points in my forex trading where I was able to make steps forward. All are to do with long-term trend-following.
Firstly I realised that focussing on entry patterns was a waste of time. Its the trend that counts, not the candlestick pattern.
Secondly, I cut back on efforts to refine my TA to find the best trend. Good trends are obvious. Theyāre all worth taking.
Finally I am working on using the trendiness of all the 28 key pairs to tell me when to not bother trading, just stay out and enjoy life.
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Iām just a rookie, and Iām not consistently profitable yet.
Iāve had several āa-ha!ā moments. Each one of them turned out to be no good.
However, thatās part of the process. Keep going, and donāt quit. Analyze the mistakes and make small improvements.
A snake can only shed its skin against sharp rocks.
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I really believe a journal is key. See where you entered, where you exited, and what you could have done differently.
At the end of the month, or week, look at all your errors. Count and see how many times you repeated the same mistake. This will show you a pattern in your mistakes.
Do you keep a journal?
For me, journaling took longer than the trade. But it helped a lot. Iāve modified my journal a few times.
Now, I keep an excel spreadsheet with a comment section.
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For me the one that probably made the most difference in my trading is the realization that working āharderā and putting in more hours on the charts didnāt necessarily increase my P&L equal to the effort put in.
By finding hobbies and other ways to occupy my time and let the markets do their thing without me constantly tweaking things I started to do far better!
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Could not agree with you more!
Finally someone else has figured out that getting away from the markets by finding other things to do is one of the best roads to profitability.
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Yes, it is very uch possible to make good profit with good strategy and plan and if you will find a good one then it will be the day where you can rise up and start making good money.
I think my turning point in the market will start when I can work according to proper discipline and plan.
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I always remember in Reminiscences of a Stock Operator when Larry Livingstone (Jesse Livermore) takes out his yacht for a few weeks to go fishing because there was nothing going on in the market.
He pops back to shore once just to check up on things, and decides to head back to New York.
The other instance is when he takes a trip to Europe for a holiday, and but then sees bullish conditions so heads back home - probably on a ship which would have taken weeks.
Point is, taking a break is important - whether itās kicking a football, watching a movie, or going down the pub.
Better still get a hobby to take your mind off things. This is what always worked best for me.
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@Johnscott31 I only just started reading this book a couple of days ago after having it in my bookshelf for a year! Have heard alot about it.
It helps I now have a 2 year old boy to keep me busy!
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thatās really nice!
The day I will make the desired profit which I have planned to make will be the turning point in forex trading, but Iām still waiting and learning to make such a huge profit.
My turning point will be the moment when I will quit my 9-5 job to become a full time trader.
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Yes, so buckle up and start off early!!
Tommor,
Iāve been focused on the majors only. May I ask which you consider to be the 28 key pairs please?
These are the 28 pairs you get from combining the 8 major currencies against each other - AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD.
Thankfully, I never analyze without a plan so my loss percentage is much lower.
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Thats is actually good
Hi Mate! And have you thought of a point when you think you can actually do that? That is pretty cool idea.