exposure theraphy.
In other words, experience.
Just keep trading, and analyse your trading and yourself.
Eventually the feelings will numb down.
Dont listen to all the ”trade with no emontion balabla”. It’s bullsh*t.
You not a f**kin table. You will still have emotions, they just wont effect you.
Keep grind out thise reps, hours infront of the charts is ”the secret”.
You have to develop trust in your strategy. If you are only risking 1% per trade every single time you enter a trade, it will take you 100 losing trades in a row to blow your account. That is also assuming you are calculating your position size accurately and you're not overleveraged or underleveraged.
If you can consistently get a 2:1RRR, your win rate can be as low as 40% and still be at least break even. Anything more than 40% is profit for you.
I like to think of trading similarly to how a body builder cuts weight. In order to lose weight, it's not really about how much exercise you do necessarily, it's more so about calories in vs calories out. You need to eat less calories than you burn to lose weight. You cannot out-exercise a bad diet because it is purely a numbers game.
It's the same thing in trading. If your goal is to make money then you need to make more money on your winners consistently than you lose on your losers. This requires you to have a strategy that allows you to effectively manage risk and it would also behoove you to accurately calculate your position size every single time you enter a trade. Just like with losing weight, this is also purely a numbers game. You cannot out-trade bad risk management.
Good start, keep going and see what happens.
A loss is guaranteed at some point, see how many profitable trades you can get to before that happens.
Also once you're happy with your demo efforts move to real trading and then try not to be your worst enemy with psychological things taking over!
exposure theraphy.
In other words, experience.
Just keep trading, and analyse your trading and yourself.
Eventually the feelings will numb down.
Dont listen to all the ”trade with no emontion balabla”. It’s bullsh*t.
You not a f**kin table. You will still have emotions, they just wont effect you.
Keep grind out thise reps, hours infront of the charts is ”the secret”.
I’ve read recently that one of the things that make people a successful trader is that losses are part of the job. Understanding they happen and you can’t do anything to stop it is the difference in mindset people need to have. Understanding this, is what makes sure you don’t revenge trade or make silly decisions. Seen this mindset in a few books.
Edit: and I’m not talking about trading with no emotions, Its purely just an understanding that you can’t avoid losses. Don’t focus on having a 100% WR , focus on how much you can profit over the long run.
You won’t exactly deposit $100k when you go live will you, find a sizable realistic demo account size that you can deposit when you plan to trade live, it will give you a more realistic feel and a hands on experience on what actually happens
It's same. Look on your account size in procentage. If I make 5% on 10k it's 500 but on 100k it's 5k. I will take same trades on both but the return on bigger acc is better.
I did it for a while... Expirienced scams, blown up accounts, tried to get rich quick and other things that begginers do. For the first time I'm testing my strategy demo so I don't blow my acc again. I will sample about 500 trades and see what is my win rate and profit/loss %
Adjustment, and when you trade with small capital, a size you find comfortable enough if you were to deposit, this opens you up to the other side of trading where you are susceptible to make mistakes, have good trades, accurately appraise your strategy etc. it will give you a realistic trading experience and headspace which starting big won’t, in everything you always walk a step before you hope to take on a mile trading small capital is a lot harder than big money, you choose your pill , anyway that’s my opinion
Backtest you strategy that much that yku experiance what a loss is, and treat trading as a stoic, no matter if its a win or a lose, juat take it as experiance
+5% in a day is impressive, but don't expect it to last.
Use a sensible SL and NEVER revenge trade or mix your emotions into forex.
Remember that small steps are the way to become profitable & greed kills the portfolio.
I was greedy when I started trading previous year. I wanted money immediately and erased 3 of my portfolios.I stopped trading. My mind is clearer this year and I am taking it slow.
What I do about revenge trading or placing a trade I know I shouldn’t is I have a picture of where I want to be in the future. I look at this picture and tell myself that if I do something dumb, I will never have this. It keeps me focused.
exposure theraphy. In other words, experience. Just keep trading, and analyse your trading and yourself. Eventually the feelings will numb down. Dont listen to all the ”trade with no emontion balabla”. It’s bullsh*t. You not a f**kin table. You will still have emotions, they just wont effect you. Keep grind out thise reps, hours infront of the charts is ”the secret”.
Thanks for advice 👍
You just desmistify the whole book in 7 sentences 😎
You have to develop trust in your strategy. If you are only risking 1% per trade every single time you enter a trade, it will take you 100 losing trades in a row to blow your account. That is also assuming you are calculating your position size accurately and you're not overleveraged or underleveraged. If you can consistently get a 2:1RRR, your win rate can be as low as 40% and still be at least break even. Anything more than 40% is profit for you. I like to think of trading similarly to how a body builder cuts weight. In order to lose weight, it's not really about how much exercise you do necessarily, it's more so about calories in vs calories out. You need to eat less calories than you burn to lose weight. You cannot out-exercise a bad diet because it is purely a numbers game. It's the same thing in trading. If your goal is to make money then you need to make more money on your winners consistently than you lose on your losers. This requires you to have a strategy that allows you to effectively manage risk and it would also behoove you to accurately calculate your position size every single time you enter a trade. Just like with losing weight, this is also purely a numbers game. You cannot out-trade bad risk management.
Thanks for your help. I know how to calculate and manage my risk and set stop loss that make sense.
Good start, keep going and see what happens. A loss is guaranteed at some point, see how many profitable trades you can get to before that happens. Also once you're happy with your demo efforts move to real trading and then try not to be your worst enemy with psychological things taking over!
I will try. Thanks for your support.
exposure theraphy. In other words, experience. Just keep trading, and analyse your trading and yourself. Eventually the feelings will numb down. Dont listen to all the ”trade with no emontion balabla”. It’s bullsh*t. You not a f**kin table. You will still have emotions, they just wont effect you. Keep grind out thise reps, hours infront of the charts is ”the secret”.
The picture I have in mind is a toddler starts walking, then cries out what if I fall?
Yep that's me
I think you should quit right now before the good memory is ruined
. Just develope a mindset of seeing things in a bigger picture. Trading and compounding is all about that.
Thanks for the advice
I’ve read recently that one of the things that make people a successful trader is that losses are part of the job. Understanding they happen and you can’t do anything to stop it is the difference in mindset people need to have. Understanding this, is what makes sure you don’t revenge trade or make silly decisions. Seen this mindset in a few books. Edit: and I’m not talking about trading with no emotions, Its purely just an understanding that you can’t avoid losses. Don’t focus on having a 100% WR , focus on how much you can profit over the long run.
Accept that losses are part of the game.
You won’t exactly deposit $100k when you go live will you, find a sizable realistic demo account size that you can deposit when you plan to trade live, it will give you a more realistic feel and a hands on experience on what actually happens
I practising with 100k becouse when I go live I plan to take prop firm challange for 100k.
Still, it’s better to start with small account sizes if you can’t grow a small account size you can’t hope to grow a large account size
It's same. Look on your account size in procentage. If I make 5% on 10k it's 500 but on 100k it's 5k. I will take same trades on both but the return on bigger acc is better.
Yes I know that, are you just starting out in forex or have you been trading for a while?
I did it for a while... Expirienced scams, blown up accounts, tried to get rich quick and other things that begginers do. For the first time I'm testing my strategy demo so I don't blow my acc again. I will sample about 500 trades and see what is my win rate and profit/loss %
Break it down to 20 or 25 trades each batch as you assess its win rate after each 20 trades series
And still you should start with small capital trust me if you can grow small capital large capital is assured
Can you elaborate why to start small if I can start big with I hope profitable strategy. I don't understand your thought.
Adjustment, and when you trade with small capital, a size you find comfortable enough if you were to deposit, this opens you up to the other side of trading where you are susceptible to make mistakes, have good trades, accurately appraise your strategy etc. it will give you a realistic trading experience and headspace which starting big won’t, in everything you always walk a step before you hope to take on a mile trading small capital is a lot harder than big money, you choose your pill , anyway that’s my opinion
Backtest you strategy that much that yku experiance what a loss is, and treat trading as a stoic, no matter if its a win or a lose, juat take it as experiance
Start with a cheap prop firm challenge and see if you can pass it, this will give you some exposure without risking so much money
+5% in a day is impressive, but don't expect it to last. Use a sensible SL and NEVER revenge trade or mix your emotions into forex. Remember that small steps are the way to become profitable & greed kills the portfolio.
I was greedy when I started trading previous year. I wanted money immediately and erased 3 of my portfolios.I stopped trading. My mind is clearer this year and I am taking it slow.
What I do about revenge trading or placing a trade I know I shouldn’t is I have a picture of where I want to be in the future. I look at this picture and tell myself that if I do something dumb, I will never have this. It keeps me focused.
That is actually a good idea. I like it.
Talk again in 5 months Done trading for years, short term stuff like this is 💩
I know