I have been trading since the COV-19 hit (after I lost my painting business) for 6 months on a demo - out of which profitably for the past 10 weeks straight (10% target per week - smashed it every week). I gotta say, it`s not the same with real money - first trade I bought a bearish engulfing right after it formed - that`s how nervous I was. Luckily it turned out to be BE trade with miniscule profit after coming all the way down to 2 points from my SL. I`m strict when talking about risk management - strictly no more than 1% Risk, managing Reward as per price action - but aiming for at least 2:1 reward to risk ratio before placing the order. I had a great trade on GBPJPY on Wednesday (5:1) and extra few good ones (3:1s and 2:1s) throughout the week. I have been very jittery though - missing opportunities left, right and centre. But, I`m trying to focus on the positive rather than negative. Life is great - hit my target this week with zero negative days, learning more as I go. Plus, I genuinely enjoy sitting in front of the charts and observing price action - and when I am not trading with real money, I am paper trading in my head.
I am up close to 14% for the first week. I`ve never been happier. But, I need a mentor - with my increasing understanding I realise how very little I know ... Is there anyone amongst you with a lot of patience and experience willing to teach me how to become an ICBM?
Thank you, Benjy.
Keep up the good work Patience and perseverance are key Do not worry about missing trades but be sure to continue to stick to your plan It doesn't even seem like you need a mentor but definitely good to have someone who can mentally support you Being nervous is normal but what I'd recommend is start with small positions/low risk and as you gain confidence you can scale it up Happy to connect nonetheless Good luck with the last day of the week tomorrow and be wary of the NFP!
A random note as well, I started a new strategy at the beginning of November last year after a 3 year break from Forex I'm happy to say that it has been performing well albeit some set-backs and I will be celebrating the 1 year anniversary of trading this system at the end of this new month The time has simply flown by Happy trading everyone & may the odds be ever in your favour
If there is any decision I took decade plus ago, it's getting to be a Trader, if you become professional, trading is so easy as you can make profits and leave. But if you are not, you will always end up losing. Becoming a proffesional is not a day job, it took me more than a year as far back as 2007
As long as you keep walking on the right path and will stick to your original plan, it will be just fine. Don’t worry and trust your instincts. Starting with small positions will help boost your confidence. Good luck, it doesn’t look like you need a mentor.
I cannot recommend the book, 'Trading in the Zone' by Mark Douglas, strongly enough I finally finished this book after discovering it 8 years ago and it teaches some absolutely incredible lessons that will resonate with many of you. The book touches on the 5 fundamental truths of trading:
1. Anything can happen.
2. You don’t need to know what is going to happen next to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.
In order to be consistent, 7 principles must be followed:
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.
This is all courtesy of Mark Douglas - do check him out
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