For those who are relatively new to trading, have you ever thought of giving up? Have you ever felt like trading is so tough or mentally exhausting? Do not give up just yet, believe me that every consistently profitable trader have been through phases where nothing seemed to work. Frustration, depression, sadness, those are merely part of the process, stop being too harsh on yourself. If it was easy everyone would do it, if it was impossible no one would do it. Below are some of the highlights that i have learnt it the hard way throughout my trading journey.
1. Stop complicating things - If you're struggling to find consistency in your performance, its time to filter those indicators on your chart, truly understand the market behaviour and reasonings behind them. Always simplify the process, how could you even make precise decisions if your charts are filled with 'drawings'? Reduce distractions and find out which suits you the most, more isn't necessarily better.
2. Understand yourself - Successful traders know themselves extremely well. List down a set of rules to prevent yourself from self-sabotaging when things aren't going right. Eg. If you are aggressive, you must avoid overtrading and FOMO. If you are overly conservative, you need to simplify your checklists and be confident in your setups. Its all about finding the right balance.
3. Confidence - Self-doubt is dangerous to your consistency. Confidence comes from experience, discipline and backtesting process. Constantly improve yourself through practicing.
4. Consistency - If you think trading is a way to 'get-rich-quick', its just the matter of time where reality hits you. You can't expect to spend only 3 hours a day and becoming profitable in your early stage of trading, you MUST develop a consistent action plan and set up goals that wake you out of the bed early, grinding everyday. If you're willing to put in the work, someday you'll be a great trader.
Everyone is unique in their own way, stay positive!
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Stop complicating things - If you're struggling to find consistency in your performance, its time to filter those indicators on your chart, truly understand the market behaviour and reasonings behind them. Always simplify the process, how could you even make precise decisions if your charts are filled with 'drawings'? Reduce distractions and find out which suits you the most, more isn't necessarily better.
2. Understand yourself - Successful traders know themselves extremely well. List down a set of rules to prevent yourself from self-sabotaging when things aren't going right. Eg. If you are aggressive, you must avoid overtrading and FOMO. If you are overly conservative, you need to simplify your checklists and be confident in your setups. Its all about finding the right balance.
3. Confidence - Self-doubt is dangerous to your consistency. Confidence comes from experience, discipline and backtesting process. Constantly improve yourself through practicing.
4. Consistency - If you think trading is a way to 'get-rich-quick', its just the matter of time where reality hits you. You can't expect to spend only 3 hours a day and becoming profitable in your early stage of trading, you MUST develop a consistent action plan and set up goals that wake you out of the bed early, grinding everyday. If you're willing to put in the work, someday you'll be a great trader.
Everyone is unique in their own way, stay positive!
Trade safe.
Do follow my profile for daily fx forecast & educational content.