Evolution of a trader
It may seems odd, but almost all trader's careers are similar. In other words, traders make the same steps -the same errors- before reaching success. Most of us have done so, and many other will do so in the future. I'm not the author of this article, I found it on forexfactory. This article can be very useful if you are still a beginner, so read it carefully!
Here they are:
The beginner time
Starting with a demo and buying when price goes up and selling when it’s going down. Everything fine that’s the way to do it, having monopoly money profit and opening a live account. I will be a Forex millionaire and I’m ready to make that pips.
The indicator time
Chart full of indicators, poor space left for some more. Peeing in the pants while taking a trade and immediately saying: Why the hell I took it? First chance to get out with only some pips lost, than the trend changes and would have made 150 pips if stayed with the trade. Changing indicators hourly because didn’t work. Being occupied with all that fancy colored indis and forgot several times to setup Stop loss and blow the first live account - blaming all system developer and indicator coders.
The signal service threads
Filling the account again and now doing it complete different, lurking in the threads for some secure calls => blowing that account again and blaming the damn traders that showed up with bad trades.
The EA time
I’m failing constantly because I didn’t follow the rules of my system, let a shitty machine do it for me, that thing has no fear and greed.
Buying in Ebay dozens of EA’s and blowing that account again - but faster.
The start up again or give up time
Staying out for a month or so but after stop crying, missing that FX feeling - but how to start again?
Remembering that some guys in the threads said that you should read and all that stuff, ok lets give it a last try. After half a year studying - starting up on a clean candlestick or bar chart with one or two indicators, drawing trend lines Horizontal lines, setting fibs after bigger moves, respecting pivot levels, psych levels etc. and VOILA that works, in all that books was reading also about money management and start to risk only 1 or 2% a trade. Halleluiah now a new successful trader is born.
Starting with a demo and buying when price goes up and selling when it’s going down. Everything fine that’s the way to do it, having monopoly money profit and opening a live account. I will be a Forex millionaire and I’m ready to make that pips.
The indicator time
Chart full of indicators, poor space left for some more. Peeing in the pants while taking a trade and immediately saying: Why the hell I took it? First chance to get out with only some pips lost, than the trend changes and would have made 150 pips if stayed with the trade. Changing indicators hourly because didn’t work. Being occupied with all that fancy colored indis and forgot several times to setup Stop loss and blow the first live account - blaming all system developer and indicator coders.
The signal service threads
Filling the account again and now doing it complete different, lurking in the threads for some secure calls => blowing that account again and blaming the damn traders that showed up with bad trades.
The EA time
I’m failing constantly because I didn’t follow the rules of my system, let a shitty machine do it for me, that thing has no fear and greed.
Buying in Ebay dozens of EA’s and blowing that account again - but faster.
The start up again or give up time
Staying out for a month or so but after stop crying, missing that FX feeling - but how to start again?
Remembering that some guys in the threads said that you should read and all that stuff, ok lets give it a last try. After half a year studying - starting up on a clean candlestick or bar chart with one or two indicators, drawing trend lines Horizontal lines, setting fibs after bigger moves, respecting pivot levels, psych levels etc. and VOILA that works, in all that books was reading also about money management and start to risk only 1 or 2% a trade. Halleluiah now a new successful trader is born.
By Cobraforex
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