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18 LESSONS I LEARNED IN 10 YEARS OF FOREX TRADING
Well, after 10 years of trading there is no question â consistently profitable trading is at least 90% about trading mindset. It is everything between You and Mr. Market.
18 LESSONS I LEARNED IN 10 YEARS OF FOREX TRADING
Well, after 10 years of trading there is no question â consistently profitable trading is at least 90% about trading mindset. It is everything between You and Mr. Market.
1) NEVER GIVE UP
If you are new to trading world trust me â there will be ups and downs, and you canât run away from this fact. There is no other way to build your experiences, and develop the »trading eye« aka âgut feelingâ. Only the game can teach you the game.
If you are new to trading world trust me â there will be ups and downs, and you canât run away from this fact. There is no other way to build your experiences, and develop the »trading eye« aka âgut feelingâ. Only the game can teach you the game.
2) ALWAYS BELIEVE IN YOURSELF
You have your own mind, and you control your body. Lead and move in the direction YOU want to go. Cut negative ppl out of your life when it comes to achieving goals.. Negative people did not even follow their dreams. Why they should yours?
You have your own mind, and you control your body. Lead and move in the direction YOU want to go. Cut negative ppl out of your life when it comes to achieving goals.. Negative people did not even follow their dreams. Why they should yours?
3) TRADING IS BUSINESS, NOT A HOBBY
Trading is not get-rich quick scheme. Trading is nothing else, but a business. You must have your own trading routine, rules and process. Before you get experienced you must invest your time, energy and money. There are no shortcuts.
Trading is not get-rich quick scheme. Trading is nothing else, but a business. You must have your own trading routine, rules and process. Before you get experienced you must invest your time, energy and money. There are no shortcuts.
4) HAVE OTHER ACTIVITIES AND HOBBIES
Do not let your trading become a »run-away« from your life. Believe me you will become much better trader and person when you will have other activities, hobbies and goals in life.
Do not let your trading become a »run-away« from your life. Believe me you will become much better trader and person when you will have other activities, hobbies and goals in life.
5) PRICE IS THE KING
Price is the only thing that shows real indication of the market. Why use useless indicators when the price is real? Be reactive when the timing is right, and not try to predict things. Price is only thing that is real. Everything else is just a noise.
Price is the only thing that shows real indication of the market. Why use useless indicators when the price is real? Be reactive when the timing is right, and not try to predict things. Price is only thing that is real. Everything else is just a noise.
6) HIGH TIME-FRAMES ABOVE ALL
From my experiences higher time frames are showing the real picture and the major direction. Majority of the time lower time frames will follow the higher time frames. Higher time frames are where is path of least resistance.
From my experiences higher time frames are showing the real picture and the major direction. Majority of the time lower time frames will follow the higher time frames. Higher time frames are where is path of least resistance.
7) MANAGE THE RISK
As I wrote above, trading is a business. If you are serious about your trading, and you want to trade for the next 10-20 years, then treat it this way. Manage the risk and never risk more than 2% per trade.
As I wrote above, trading is a business. If you are serious about your trading, and you want to trade for the next 10-20 years, then treat it this way. Manage the risk and never risk more than 2% per trade.
8) TRADING JOURNAL IS YOUR FAVORITE BOOK
Only game can teach you the game. Stop trading randomly. Trade. Track. Learn. Improve. Repeat.
Trading is all about learning from mistakes, start doing what works and ditch everything else.
Only game can teach you the game. Stop trading randomly. Trade. Track. Learn. Improve. Repeat.
Trading is all about learning from mistakes, start doing what works and ditch everything else.
9) TRADING PLAN IS YOUR DAILY GUIDE FOR SUCCESS
Trading on the long-term rewards only those who follow their proven trading edge and plan religiously. Those who makes mistakes and break their rules will pay the price. Always remember the market is the boss.
Trading on the long-term rewards only those who follow their proven trading edge and plan religiously. Those who makes mistakes and break their rules will pay the price. Always remember the market is the boss.
10) DISCIPLINE OVER EVERYTHING
Only the discipline will get you the life you want. If you do your charts preparation only when you feel like is you will fail. If you change your trading rules on trade-by-trade basis you will fail. Simple as that.
Only the discipline will get you the life you want. If you do your charts preparation only when you feel like is you will fail. If you change your trading rules on trade-by-trade basis you will fail. Simple as that.
11) STAY HEALTHY
Your body and mind determine where you are headed with your life. It is all about decisions we make. To make good decisions we need to be in good body condition. I believe staying healthy and fit is the foundation of any achievement.
Your body and mind determine where you are headed with your life. It is all about decisions we make. To make good decisions we need to be in good body condition. I believe staying healthy and fit is the foundation of any achievement.
12) DO NOT TALK ABOUT YOUR GOALS
Talking about your goals and vision is just a time wasted. I suggest you to work hard and smart in silence, focus just on your daily process, routine and let your results come to you. Have your goals, but do not overthink about them every day.
Talking about your goals and vision is just a time wasted. I suggest you to work hard and smart in silence, focus just on your daily process, routine and let your results come to you. Have your goals, but do not overthink about them every day.
13) FIND MENTORS
To my younger-self I would advise to find someone who is already where I want to be, and someone who is already years ahead of my mindset. You will save yourself a lot of time and money, and fast-track your progress and learning curve.
To my younger-self I would advise to find someone who is already where I want to be, and someone who is already years ahead of my mindset. You will save yourself a lot of time and money, and fast-track your progress and learning curve.
14) FOCUS ON ONE TRADING EDGE
Focus on your own trading and cut every distraction that does not help you on your journey. You do not find consistency. You simply apply it by focusing on one strategy and execute it on each and every trade.
Focus on your own trading and cut every distraction that does not help you on your journey. You do not find consistency. You simply apply it by focusing on one strategy and execute it on each and every trade.
15) FOCUS ON ONE MARKET
To simplify your trading and sharpen your daily focus I would recommend you to focus just on one market. I stick to Forex since 2011/12. There is no need to overcomplicate and try to trade everything. Less is more in trading.
To simplify your trading and sharpen your daily focus I would recommend you to focus just on one market. I stick to Forex since 2011/12. There is no need to overcomplicate and try to trade everything. Less is more in trading.
16) EVERY DAY IS NEW BEGINNING
Trading is a marathon and not a sprint. As owner of your trading business you need to make sure you start everyday with positive mind and approach the day with focus, which means to follow your daily process no matter what.
Trading is a marathon and not a sprint. As owner of your trading business you need to make sure you start everyday with positive mind and approach the day with focus, which means to follow your daily process no matter what.
17) TAKE YOUR TIME
If you are new in trading forget about going full-time trading right away. Take your time to become best trader you can become first.
If you are new in trading forget about going full-time trading right away. Take your time to become best trader you can become first.
18) TRADE LESS
I believe trading less is way more profitable than trading every day. I believe in quality rather than quantity of trades. If you have overtrading problem, simply set your maximal number of trades you can make per month.
I believe trading less is way more profitable than trading every day. I believe in quality rather than quantity of trades. If you have overtrading problem, simply set your maximal number of trades you can make per month.
