I think what is also very important is to just stay patient and wait for the right opportunity. Further, not to be greedy! Take certain pips in/out and just move out! When I will be able to achieve this, I will also quit my job and indulge in full time trading. But this is hard to achieve whoa!
Haha, well this is true to much extent , as with job don’t get enough time to analyze forex in better way.
Yes, patience is the key. I wish you all the best for your full time trading journey!
For me, it wasn’t a great start at first but moving on I understood being disciplined and organized is one of the most important things in forex. That would be my turn around point.
Yeah buddy! I can imagine that day!
Mine was when I started sticking to my trading plan. A trading plan in a forex trading is a must and stickingt to it is the most important thing in forex trading. When I used to see losses I used to panick and flip my plan but now I am confident and patient enough to just folloe my tradimg plan and relax and let the market do its thing.
I wouldn’t say actually a turning point to profitability, but in trading development early on, was actually taking a trade. Plenty of beginners can get lost in the overwhelming nature of forex that they spend all of their time reading and analyzing, and never actually pull the trigger on a taking a trade. Analysis paralysis and fear of losing. Once you understand that loses are part of the game, I think it clicks on the emotional side. Fear can make traders do bad things, like revenge trading or over trading, but fear can also paralyze you into not doing anything at all.
10yrs and lot’s of blown accounts with hard work before i became a successful trade. some people would of gave up after 1yr
This is the perfect real example that forex needs patience and consistency.
That’s really great! Thank you for sharing.
Thanks dear. Wish you the same!
Patience is tough to have in the beginning, especially because you believe you have to trade to learn, which makes perfect sense. I would say it’s a balancing act. Too much patience and you might be waiting for a perfect setup that never comes and you never have trades to actually analyze.
I think losses are the only part that proves to be turning point in any forex trader’s life.
I think this is a valid point, because when someone learns the discipline and start accepting losses in a positive way and avoid repeat the same mistakes, then only he becomes a real trader.
The losses themselves or what you learn from them? I think plenty of traders only ever experience losses, so no turning point for them if that continues. The losses have to trigger some reaction or change in how they trade.
Realising that I, as a retail trader, don’t matter in the grand scheme of the market direction.
I am still a beginner so there was not much of a turning point yet. However I have learnt that the best thing to do is to try to take small steps not leaps, and I have felt great solace in demo account as a form of learning. I am no expert at all but I do feel I am learning little by little. I also like to read other traders’ posts as well as follow news.
It great that you are learning, it is just like climbing stairs for your ultimate goal.