Every novice trader must learn from my trading account

Guys,trading forex needs lot of patience and discipline.If you see my trading results, you can clearly notice that in the month of august, I had almost 6 continuous stop loss hits in swing trading.This is the time that most novice traders will get upset and try to recover their lost money immediately.Finally, they will end up blowing their trading account.
            But, you can see the next september and october month I was so patient without altering my trading plan and finally I recovered all my august month losses with great discipline.This is real trading my dear friends.This is the reality of trading.It's not a get quick rich scheme, it's a marathon.
         If you stay as discipline and patient like me, then you will be a successful trader.All the best.

You seem to be quite experienced in controlling your emotions. Can you share some tips how you manage to do it? Maybe there are some common rules everyone can apply, especially the new traders. Cheers!

Yes, I can share with you tiffany. First and foremost thing is you must consider trading as your second source of income.That means, you must make decent money from your primary source to run your family.Next thing is never do trading alone with your computer, form a team(may be your life partner or anyone who stays with you). Now two brains are doing trading and not one.If you can do these two things, then you can control your emotions and will nver commit emotional trading mistakes.
     
                    

Every novice trader should start with a demo trading platform and trade with at least two currency pairs. These currency pairs should be traded with complete due diligence, keeping in mind the technical support & resistance levels. Tracking the currency pairs over the day and finding its deviation & relationship with other trading pairs can help you find correlation between them. When two trading instruments move in same direction, they are positively correlated. But when two trading instruments move in opposite direction, they are negatively correlated. You can build a correlation table by simply typing the prices of the different instruments at different times.

prakash104 posted:
Yes, I can share with you tiffany. First and foremost thing is you must consider trading as your second source of income.That means, you must make decent money from your primary source to run your family.Next thing is never do trading alone with your computer, form a team(may be your life partner or anyone who stays with you). Now two brains are doing trading and not one.If you can do these two things, then you can control your emotions and will nver commit emotional trading mistakes.
     
                    

Thanks for sharing! All makes sense 😄 The concept of forming a team is particularly interesting. Good approach.

To make money, a trader should gather all kinds of knowledge about this market. It will be beneficial for him to survive in this market.

It’s good that you can control your emotions. This will take you a long way in the forex trading world.

Georgegiffen43 posted:
It’s good that you can control your emotions. This will take you a long way in the forex trading world.

I believe that too. If we are able to control our emotions while trading, there's no stopping a trader.

New traders should practice on a demo account before investing their money in the forex market.

I just follow my strategy, even if there are some problems after news. if there's a problem so SL will be activated

Practice makes us skilled. But for practice we need enough knowledge about forex market. A person needs to practice until he knows what he is doing. He should know why he is opening a trade.

I think researching on specific pair can help to understand price pattern of that pair. Every pair has its own unique characteristics. If you can find out that you don't even need too many pairs to trade. Only one or two pairs can be sufficient.

Well, I like your claims and it is good that you decide to contribute to helping new traders. Good luck to you.

Tremblay posted:
Practice makes us skilled. But for practice we need enough knowledge about forex market. A person needs to practice until he knows what he is doing. He should know why he is opening a trade.

Yes. practice is very needed to become a good forex trader.

SteveHanks posted:

Tremblay posted:
Practice makes us skilled. But for practice we need enough knowledge about forex market. A person needs to practice until he knows what he is doing. He should know why he is opening a trade.

Yes. practice is very needed to become a good forex trader.

I agree with you. Most traders lost their money because of their low skills and knowledge.

Also, practice is what most people are not willing to do. Forex trading is not any childs play, we have to practice a lot , constantly if we want to see good results.

prakash104 posted:
Yes, I can share with you tiffany. First and foremost thing is you must consider trading as your second source of income.That means, you must make decent money from your primary source to run your family.Next thing is never do trading alone with your computer, form a team(may be your life partner or anyone who stays with you). Now two brains are doing trading and not one.If you can do these two things, then you can control your emotions and will nver commit emotional trading mistakes.
     
                    

This is such an interesting approach. Good thinking.

Indeed, you can use some interesting ideas for yourself and adjust to your trading.

Any idea for each trader works differently, so you can take as a basis what is already making a profit and adjust it for yourself