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The important thing I learned after those losses was discipline and emotional management
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Last updated: 10/26/2023 13:25
I've been trading for over 3 years now and what i can say is be sceptical of everything you learn even on babypips. Although it is a decent place to learn the basics on trading it won't make you profitable afterwards.
Over time i learnt that day trading is not really something that I personally think is worth doing unless you want high failure rates. Understand major concepts such as candlesticks and psychological areas such as buy/sell zones (supply and demand) and fundamentals. Ever since I started to pursue Fundamental analysis properly my trading has gone from trying to day trade and scalp charts to finding higher probability trades in the long term. This way I'm not staring at charts all day unsure of the outcome and stressing myself. I feel much more confident when I know the fundamentals. There are also tools out there such as COT and currency strength meters which can help your analysis.
Don't rush your education take your time to fully understand the process. Demo trading is also great at the start especially when you don't really know what you're doing but once you feel it you can go to live, with most brokers the spreads and commission tend to stay the same so there's not much difference between demo and live other than the psychological fear of losing money with live money. If you stick to a trading plan and strategy then you'll be fine with the fear.
Don't get caught up in the fake forex lifestyle, signals etc. are no good and are likely to be scams. Beware of MLM companies which offer trading education as well, as all they do is repackage free information and sell it at a heavy price.
Being contrarian has also worked for me, when i see people on trading view all having the same point of view i tend to look for how can i have the opposite view. This is because a large % of retail traders fail. (90% i believe).
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Last updated: 11/01/2023 03:15
Being a trader is like trying to ride a massive wave: sometimes it takes you on an exhilarating ride, other times it crashes down and leaves you feeling disoriented. But remember, always keep your board in the water and your sense of humor intact, because waves and markets always have surprises in store for us
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Last updated: 11/01/2023 03:02