Steps to Mental Success in Trading
Mitglied seit Jul 20, 2020
341 Posts
Dec 31, 2020 at 15:16
Don't trade live with huge money until you know what you are doing. Know your stuff very well. Be enough skilled. There is no short cut. It takes time to learn the art of trading. Don't have unrealistic expectation.
Mitglied seit Dec 05, 2020
81 Posts
Jan 05, 2021 at 06:44
ElliotCooke posted:Its always wise to start small I would say. No point risking too much money and losing it altogether which will obviously affect a trader's motivation too. Hence better start small and gradually increase the amount.
Don't trade live with huge money until you know what you are doing. Know your stuff very well. Be enough skilled. There is no short cut. It takes time to learn the art of trading. Don't have unrealistic expectation.
Mitglied seit Oct 05, 2020
30 Posts
Jan 14, 2021 at 12:21
Not only the trading psychology but also the use of different indicators and strategies is necessary to be a successful trader. I’ve been trying my hands on some indicators with the price action strategy and learning to identify some entry/exit levels with position trading. I won’t say it is easy and the toll it takes on my mind at times but I try to stay calm in order to achieve some level of success.
Jan 15, 2021 at 08:35
Managing thoughts and keeping up with every day trading is very difficult, to be honest. I have a fixed time to meditate everyday while trading. This keeps me somewhat sane when I trade. The best thing about forex is that it’s easily manageable since the market is up and about 24 hours. These days I’ve been working on some demos and Ecn. Tried some decent platforms for it (hotforex, fxview) and I’m looking for more. Oanda seems okay and I’m thinking about opening a demo with them to check. Am I on the right track here?
Mitglied seit Oct 05, 2020
30 Posts
Jan 15, 2021 at 10:50
davidkew posted:That’s a great tip. I’ll try meditating too. Might help me with the stress. Thanks.
Managing thoughts and keeping up with every day trading is very difficult, to be honest. I have a fixed time to meditate everyday while trading. This keeps me somewhat sane when I trade. The best thing about forex is that it’s easily manageable since the market is up and about 24 hours. These days I’ve been working on some demos and Ecn. Tried some decent platforms for it (hotforex, fxview) and I’m looking for more. Oanda seems okay and I’m thinking about opening a demo with them to check. Am I on the right track here?
Mitglied seit Oct 01, 2020
49 Posts
Jan 15, 2021 at 13:10
davidkew posted:I’m not so sure about Oanda since I haven’t used them. I have some experience with Fxtm, Fxview, fxpro. I think it is more about the platform choice than the broker. I mean I am so comfortable with MT4 that I won’t look at any other platform, even for their so-called additional features. You’re right to go with demos first. It’s always better to experience an interface first hand.
Managing thoughts and keeping up with every day trading is very difficult, to be honest. I have a fixed time to meditate everyday while trading. This keeps me somewhat sane when I trade. The best thing about forex is that it’s easily manageable since the market is up and about 24 hours. These days I’ve been working on some demos and Ecn. Tried some decent platforms for it (hotforex, fxview) and I’m looking for more. Oanda seems okay and I’m thinking about opening a demo with them to check. Am I on the right track here?
Jan 16, 2021 at 12:04
Shelby10 posted:
My first advice is do not come into trading if you do not have patience of learning and the patience to wait for the right moment to open a trade.
Great advice. Acquiring proper knowledge does take a lot of patience and effort.
Mitglied seit Jan 17, 2021
31 Posts
Jan 17, 2021 at 19:38
If you use low leverage you will have all the mental health that is available to the traders.
Mitglied seit Sep 13, 2018
16 Posts
Jan 17, 2021 at 23:40
It took me 10 years to sort out my trading psychology. The first step is to just be aware of the range of emotions which you can be feeling when trading... I found the book Trading in the Zone helpful for this.
Then it's practicing.. trading with a live account and noticing these emotions and what you do next. You have you be conscious of your error and try and change your behaviour.. believe me, it's not easy.. which is why it took a decade for me!
Over the past few years, I've moved everything to algorithmic trading. I believe as an algorithmic trading you don't have to worry as much as a manual trader for trading. An algo will perform the tasks for you automatically.. opening and closing. You just need to practice not interfering with it. Hope that helps
Then it's practicing.. trading with a live account and noticing these emotions and what you do next. You have you be conscious of your error and try and change your behaviour.. believe me, it's not easy.. which is why it took a decade for me!
Over the past few years, I've moved everything to algorithmic trading. I believe as an algorithmic trading you don't have to worry as much as a manual trader for trading. An algo will perform the tasks for you automatically.. opening and closing. You just need to practice not interfering with it. Hope that helps
The Future of Trading -
Mitglied seit Dec 18, 2020
13 Posts
Mar 17, 2021 at 10:02
These are very well explained and are also pertinent for the success of a trader. Thanks for sharing these steps.
Mitglied seit Apr 04, 2018
10 Posts
Mar 17, 2021 at 10:51
Mental work is important and can put a trader off course but it is secondary to strategy development and risk management
Mitglied seit Mar 17, 2021
536 Posts
Mar 17, 2021 at 18:58
Fight4noob posted:If you want to become successful in the forex market, you have to make a good trading plan.
Mental work is important and can put a trader off course but it is secondary to strategy development and risk management
Mitglied seit Jul 23, 2020
869 Posts
May 10, 2021 at 23:58
After all, it’s a mind game. So, prepare the mind and trade with the proper mindset.
Mitglied seit Nov 03, 2020
65 Posts
May 11, 2021 at 08:36
I can say that the psychological attitude really gives a lot
