Trading, be it algo or price action trading, is most probably one of the most difficult profession to be successful in life. At the same time it is also one of the most rewarding. A top trader earns more than a top surgeon and many examples of billionaire traders. But,it is so easy to put a winning trade or profit for a couple of months.You must be saying yeah it is so easy, what is this all fuss? But then give it all back to the market. It must have happened to you many times.Compare this to calling heads or tail in a toss. I am sure you have called right several times. Does that mean you know the future of toss or bet your money on that? It is about having a steadily rising equity/money curve for years..days in days out.
Yes,you will have losing streaks,losing months but they will be in minority If you have tried trading forex or CFDs and have been around the forums and bulletin boards for a year ; you must have realized the patience and balls required to be successful in this game. Being a successful trader is not about putting 2-3 big sucessful trades or making profit for couple of months. And jumping around thinking you will be millionaire with the secret expert advisor or some exotic colorful indicators. Yet,You are not alone.
Almost all of us feel same when we start trading. Then you wander here and there in forum and download some colorful indicators. Luckily(Unluckily),after 4-5 EAs, you settle for an awesome EA which gave you profit for 3-4 consecutive months. Again back to the square one looking in forum for another Magic wand, It is almost the ideal time people are scammed by forex marketer for $199, magic auto-trade-to million. But, I will discuss about that at some other time. Most novice traders have beginners luck, they have few streaks of successful trades. This makes the matter worse as out of ignorance they start trading bigger lots and give market everything back In all likelihood then began a journey of ups and downs, resulting in your account being in minus or if lucky break-even.
You tried this system and that methodology. Each new one raised your hopes and you're thinking this is the one hell of system! I have finally found the answer! Why I did not know this before. You implement it and it may work for a while but gradually you slip back and you yet again begin to lose money on a regular basis. The more you learn, the less successful you are.Some say trading is 20% skills, 80% psychology. I think it is 10%-90%. But have you really thought about what the psychology aspect encompasses?
Yes we talk about emotions and you know all about those..having patience, self-discipline, self-control, consistency etc etc. Blah blah. You have thought about them, perhaps made up a trading plan, perhaps even followed it sporadically. You keep yourself under control for a while. But eventually it all breaks down and you cant seem to stick to anything. You get angry, you get tired, you revenge trade. You start to feel helpless and hopeless. WHY oh why does this cycle keep repeating itself over and over? Success at anything does not come by chance. It is a process and it requires hard work on your part. The bottom line is you have to be prepare for a long hard battle. Never ever fall prey to $99 awesome indicator which will tell when to buy/sell to help you make millions. There are also snake-oil “price action trading ” vendors who sell you ebooks for hundreds of dollar. Rather you must research the subjcet and read posts by popular traders and learn the real price action trading strategies with live traders who show how they trade in live market with sharing price action strategies.
No comments:
Post a Comment