kakrosie
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Posts posted by kakrosie
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How do you measure popularity when they are struggling to create content online? @-)
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Do let me know if you ever come across a newbie who is confident enough to trade on a live account instead of toying with a practice account first. I would love to meet him ;))
Listing Of Profitable Traders
in General Forex Discussions
Posted
Learning to trade the market profitably can take a considerable time, depending on each individual's learning capacity. However, I must say 6 to 7 years is a rather long time.
The good news is you have identified your problems areas. Firstly, you are treating it like a hobby and it has been fun. Contrary to popular belief, trading successfully is usually very boring because it is about consistently executing your trades based on proven strategies. And because it is boring, I seriously doubt it will ever be a hobby.
The fun part of trading has got nothing to do with the trading itself, it has all to do with the things you can do/buy with the trading profits.
Next, control your risk for EVERY trade. A setup may look and feel like the last one but every trade is new and different. No matter how confident you are, you must never risk more than you stipulated for each trade. All it takes is one moment of ******ity and you will lose all your profits and more. Not to mention the countless hours spent building up your account.
Lastly, not using a stop loss is the ultimate sin. Think about it, if you do not place a stop loss, you are actually saying that you know what is going to happen next. Well, if you have been trading for 6-7 years you should know by now the market can behave in ways that you least expected. So placing a stop loss will at least limit your losses if you are wrong. Admit that you are wrong, take the loss and move on. Wait for the next setup and execute your trades consistently.
Remember, trading profitably is supposed to be boring. If you want to have fun, go to a casino.