One can improve their trading skill by gathering more information regarding the forex market and by practicing in the demo account to develop a working trading system.
I like the idea of psychic powers for discretionary trading. But yeah, most people trade on emotion and speculation. The only money is through the scientific trading but thatâs a lot harder to really do well
================ Long story short, learn to invest; lots more is made that way.Jack Schwager top traders books[all 3+] may help.......................................................................
If we have the strong will to change our trading style and way of approach towards the forex market because of losing money then for sure we can find ways to fine tune our strategy.
I just looked up Jack Schwager, hadnât seen any of his books before. Any one his books youâd recommend in particular? Iâm looking to start gaining multiple perspectives on trading â Iâm reading into the markets but I feel like I might be a bit closed in my thinking.
For some reason I view this as a funny post, cause it changes as your experience gains. First five years you are learning and mostly greedy, takes so much fricking time to realize your greed is holding you back. You don't need quicker anything, lag is great, it keeps me from jumping in and out like a gopher, don't need to get every swing, really only need one good little swing. Instead of jumping around instruments, indicators or chart patterns, stick to one of each for min of 2 months. Never ever place protective stops in first five minutes, if it is beyond where you wanted to get stopped out, place stop below first five minute bar and often times instrument will reverse. I got stopped out so often in my beginnings by placing stops before the market opened, often at low of the day/week. It is often the liitle things one keeps in the journal that makes a long term plus or minus. If you don't have enough questions in your journal, you not doing enough. First market I day traded was IBM, same market everyday for five years, wow you learn reoccuring patterns that after awhile are easy to make money, just like ES patterns make in afternoon, think about it, little traders got creammed in morning and they going to try to get even in afternoon, look for obvious places where small traders will get screwed and go other direction for 4-8 ticks. A good 8 tick consistent trade and then put on size not more signals.
one good way is also to post calls in a public forum : you are sure to get some interesting questions about your trading. But not many are willing to put themselves under such scrutiny.
One thing about posting live trades is that you are now accountable to everyone who reads your posts. If nothing else it makes you realize that you are the only one who can control the outcome of your trade. When you deviate from your trading plan you not only have to rationalize it to yourself, which is easy, but to a whole group of critical strangers which is quite difficult. A great exercise if you are serious about improving your trading.