Hi there, I'm just curious. What valuable lessons did you acquire as you progressed from being a novice trader to one who consistently turned a profit? I can start with a few ideas that could be newbie's mistakes: - Starting with real money too soon rather than practicing with a demo account - Ignoring Risk Management - Chasing Losses by high-risk trades ... Please feel free to drop your own experience.
Didn't have a strategy. A good strategy covers everything. Make sure you can run a strategy by demo trading it first.
Follow the trading books strictly. Most books are written by professional writers. Keep on looking for miracle / magical indicators Keep on working on automation to address fear/anger/frustration/vengence/hesitation problems. Refuse to fix the root cause (which is psychological).
Most valuable lesson learned: Shut off YouTube, Trading forums, (most) Trading books, Social platforms etc etc.... And work, work hard, consistently, for months, developing a strategy, fine tune the strategy, etc etc.... And like that become a consistently profitable trader !!!
- Trust yourself more than anybody else. Question & verify everything. Maths is your best friend. Never listen or follow others blindly!...
the one thing is to know when to trade.........you only learn this by experience.......it took me a long time to learn this........Brooks says that you have to trade all conditions because you are a trader. i did that and got killed....... you have to decide between being a trader and being a money maker. the latter is pretty dull and unexciting.....but in the end pretty satisfying
Good Morning ninZa.co, Good question. As a losing discretionary manual trader, I have not figured out yet why I am a losing trader. I will respond back when I find out. I think has something to do with needing more experience trading. And that takes time. I don't know.
the other really common mistake is to make a great entry and then get out at the first counter trend move or reversal. locate a trend-it may be two bars long....but do not get out at the first reversal signal or pull back.........the market has to convince traders that the trend has ended ....for the trend to continue
it took me a long time to know why i am losing.....but that knowledge does not mean that i will be automatically profitable.... if you want a losing rate of 0 % it is simple.....do not trade......
in Graduate School when most of the students fail an exam or the entire course we blame the teachers not the students. So the first place to start with all the garbage teaching and educational sites that are worthless . Second is all the worthless indicators that are out there that have achieved nothing nor having verified to produce any value i(sound familiar?). And the third is with the overtly obvious but of the many thousands and thousands of sites out there only a handful are actually trade which means that trade must be really really difficult. It would be nice is for ninZa.co to show some actual trading themselves!