After a year still no confidence… what could be the problem and how to deal with this plzz
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Plan, practice.
Plan, practice.
Plan, practice.
Practice, practice, practice.
Jumping out of a plane with a parachute is scarey I’m sure. But it is possible to do something as scarey as that without having a heart attack if you plan what you’re going to do, and practice.
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What have you been doing wrong?
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Trying to figure that … jumping out if trade that eventually hit my TP …
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Ok, so what would happen if you didn’t jump out of your trades?
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I would have definitely take big win because it finally get to my take profit
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Ok, so, whether or not you have confidence, I think you just found the solution to your trading problem.
Good job! Get back in there!
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but how will i deal with the Fomo that kicks me out not to enjoy the ride till TP
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Make sure your orders are set and turn off your computer. You cant violate your rules when you are not present.
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Uhmmm nice one
Fear of being kicked out of your trades is usually linked to risking too much on each trade.
No one ever begins to trade and after one year is successful - it just does not happen.
You have to experience and learn so much about the markets, and that can only happen with TIME in trading.
I have been trading since 2004 - 18 years - and still consider myself a student, because the markets are evolving, and the corporations that control International Settlements are merging and getting more powerful.
That means that new things are influencing how we trade every day. The current revolution affecting retail traders, is the use of Artificial Intelligence by well-funded hedge funds and banks.
I am overcoming this influence myself, by moving to higher time frames.
We all have to work it out.
Have a look at your position sizes, and see if your risk is more that 2% of your trading account.
I would suggest not even making your risk 2% - maybe 1% is more realistic until you are not afraid of allowing the trades to run where they will.
If your Stop Loss order is hit, you will still have 99% of your account remaining. If you don’t have 99% left after a losing trade - then you know you are risking too much, and there is your problem solved.
I think when you address your risk, you will gain confidence.
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Thanks Ingot54 , i appreciate your contribution this will really go far …but i jave someone within 1 year and half he’s successful in thia market but he trade only one pair now …
If i may ask what do you expect from a person who is one year in the market
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No one can really call themselves a trader - or a successful trader - until their income tax return lists their profession as “Trader.”
When you say you know someone who is successful in the market after one year and a half - does that person still work at a his or her old job? Are they trading real money on a live account? Are they still losing their account and starting again?
After 18 years in trading, I have not met a successful trader - either in real life (and I have been a part of several traders groups) or on forums.
The Internet (Youtube) is being bombarded with advertisements by one UK teacher of trading right now, in the biggest mass advertising campaign I have ever seen by anyone promoting trading courses.
HE is making money, because he sells his courses for thousands of dollars, and then blames the trader for their failure. If you Google his name with the word “scam” you will understand what is going on.
So what do I expect someone to know about trading after one year?
You will understand:
Buy Stop
Sell Stop
Buy Limit
Sell Limit
Position Sizing
Risk: Reward
Correct Trend Identification in all time frames
Strong Money Management
Ranging Market
Consolidation
False breakout
Lagging Indicators
Margin Calculation and Margin call
Influence of Oil price on equities and therefore currencies
Influence of Bank of International Settlements (BIS)
Influence of Consumer Price Index changes in major economies and therefore currencies
Influence on Gold price of wars, natural disasters, currency shocks and Global inflation
Influence of Interest rate changes on economies and therefore currencies
Know what Risk-on and Risk-off behaviour is, and why it happens, and how to manage when these are active
Be able to identify beginning and end of trends based on correlation with higher/lower time frames
Know the difference between scalping, swing trading and position trading, and to which time frames they apply
Understand which kind of trading best suits your personality, and why, and how it affects your potential success
Understand how emotions, particularly fear and elation affect an individual’s chances of success
I would expect this will not take just one year to become a master, but I would NOT expect anyone to become successful as a trader without knowing about these, and understanding them.
After one year, I would expect a trader to have read at least 6 books on trading
I would also expect a new trader to seek out a mentor who can observe patterns that are destructive in their behaviour, and suggest corrective activity in order to protect capital.
These are things that come to mind quickly.
I am certain other experienced traders could add many things to this list.
Trading is not something that is picked up quickly - it is impossible to experience all of the market conditions that can occur and quickly clean out a trader’s capital.
The Swiss National Bank in 2011 pegged its currency to the Euro. When the EURCHF rose to 1.20, they defended that level staunchly for months, as a cost of billions of Francs to their economy.
In January 2015 - without warning, they removed that peg and the EURCHF fell - at one point 3500 pips to 0.85.
A great number of traders lost their accounts, but worse than that, they also owed their broker thousands of dollars. Many were bankrupted by that move.
Just this week (Tuesday) the Bank of Japan increased the long term Bond Rate interest rate from 0.25% to 0.5%. Markets went crazy for two days. In the first 15 min after the announcement the AUDJPY droped 225 pips, jumping over stop loss orders, causing huge losses to many traders.
You will not be able to learn these things in one year, and you will not be able to defend your trading account from these events, without long term experience in the markets.
I have a question for your successful trader friend:
Does the higher time frame (Weekly or Daily) determine/influence the trend of the lower time frames (15M/1H) or does the lower TF influence/determine the trend in the higher TF?
Why?
Why not?
And why does it matter that a trader understand this?
Please do not be intimidated or put off trading by what I have said here.
Obviously after 18 years I have found trading to be enjoyable, and yes - at times profitable.
But it’s a hobby - I have to face that - because I am continuing to seek after a strategy that is successful in all (types of) markets. I know some traders are probably making money, but very few of them will come to a forum to teach a successful strategy, or to give their successful strategy away.
There are some though, who are willing to help - this forum has many like that.
But my response has been hard because I wanted to show the reality of what is ahead for new traders.
I expect some traders may disagree with me - but that’s my experience.
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I appreciate this , thanks for been realistic, how about this traders just in.l couples of years like 4 and begin to have financial freedom, they are day trader i knew them just i don’t have enough money for their mentorship, they trade prop firm MFF and FTMO precisely and making big withdrawal and living a nice lifestyle… will i have to spend that long years before i can begin to be profitable… Ive blown accs , try to figure my mistake, i take the responsibility for blown the account, but am trade very well on Demo perhaps because emotion is not attach…
How can someone develope confident and do away with fear … Inside of me i know trading is not hard but the emotions involve make it so hard
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Confidence comes when you start to win consistently, hence you should continue your research on how to make your strategy more profitable. I would suggest to get understanding first where your trading edge comes from, i.e. what makes your competitive. Is it speed of trading decisions, deep knowledge of some industry (for example if you do stock-picking) or excellent money management skills. Without that you may continue to remain on the losing side.
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the more you skilled =the more confident you are
not the other way around
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You inspired, you are a great mentor, I have been in trading years, I do not know actually to be profitable… I won’t say more but am sure you can help me
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Thank you for your confidence in me, and welcome to Babypips forum.
I am not able to mentor anyone.
However, you are on the right forum to begin your pathway to trading success.
If you follow the thread I am about to give you the link to, and if you apply the principles you will learn day by day, then this is your best opportunity to be handed a winning approach to trading.
Do not only learn some of it and walk away. Keep reading and keep asking questions. Eash time you receive an answer, your learn even more, and soon you will be on your way.
If you have been through the Babypips School of Pipsology, then you are almost there.
If not, then go there first and complete the course.
Do not attempt to trade while you have only done some of that course - make sure you do complete all of it, because every step, every day, there is more that you MUST know for trading success.
If you HAVE completed the Babypips School of Pipsology, then go to this thread, and work through ALL of it, and ask even more questions.
I wish you well on your journey to success.
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Confidence is a skill.
Every skill must be developed to be better.
Development requires Practice (repetition, over and over and over)
Repetition can be boring/ unpleasant so it requires…
SELF Discipline.
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I found that trying to understand everything hinders, try a simple approach on a demo account and make trading without fear a habit. In time you will notice the difference.
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