Does Trading Get Enjoyable
- Thread starter Pipsaholic
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safvan
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Do not go live until you are profitable on your demo account and by that I mean at least 3 to 6 months. If you can show a profit this month, you might lose the next and then give up?? Do it for 3 to 6 months on a demo and see what your profit potentials are.
You would notice that you would end up doing a 1000 plus tweaks and testing before you get settled with something that you are comfortable with.
A lot of us think we are day traders where what we are really swing or long terms traders. A lot of us also think that we are swing traders but our personalities are geared to be active every day and be in the field instead of just sitting around.
When you start a business how often do you go to your competitor (other traders) to learn how to be profitable? You basically do this by being on the job and trying to run your business day to day. Each and every day you get better at it bringing in new sales.
The first few months of starting your business you are more inclined towards keeping afloat instead of taking over the world with your products and services.
Every new company takes around 5 to 10 years before the REAL sales start coming in and the name starts spreading out.
The first 5 to 10 years of the new company are crucial. During this time all you are worried about are steady sales with no real big risks until your cash flow increases.
Approach trading as you would start a new business. If you run things like the way you would a business then after 5 to 10 years you would hit that spot where the BIG money starts flowing in.
Remember NO SHORT CUTS. It just takes time.
You would notice that you would end up doing a 1000 plus tweaks and testing before you get settled with something that you are comfortable with.
A lot of us think we are day traders where what we are really swing or long terms traders. A lot of us also think that we are swing traders but our personalities are geared to be active every day and be in the field instead of just sitting around.
When you start a business how often do you go to your competitor (other traders) to learn how to be profitable? You basically do this by being on the job and trying to run your business day to day. Each and every day you get better at it bringing in new sales.
The first few months of starting your business you are more inclined towards keeping afloat instead of taking over the world with your products and services.
Every new company takes around 5 to 10 years before the REAL sales start coming in and the name starts spreading out.
The first 5 to 10 years of the new company are crucial. During this time all you are worried about are steady sales with no real big risks until your cash flow increases.
Approach trading as you would start a new business. If you run things like the way you would a business then after 5 to 10 years you would hit that spot where the BIG money starts flowing in.
Remember NO SHORT CUTS. It just takes time.
safvan
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Bint_Crusher
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Of course trading becomes enjoyable after a bit of time, doesn't it?
Pipsaholic
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A lot of my trades go in favour but only reach 50% of my target and then reverse i get stopped out my daily target is 20-30 points. I only trade the EUR/USD is that why should I look at other curriencies?
I don't really think the currency is the problem - you might want to re-visit your strategy and make your rules a bit tighter. Obviously, without knowing what you trade it is hard for me to give you a straight answer but I am all about rules and seems to be working. I don't trade a particular currency - I have 20 currency charts in front of me and take every trading opportunity I can find as long as the set-up meets my rules.
safvan
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Count the number of trades that fail to reach your target where you took long position in them.
The failure rates are higher with counter trend trades.
The problem with many traders is that they cannot wait for the proper trend trade to setup because that takes time.
Believe me we are all following the same methods one way or the other but the core of the problem is waiting for the trade to setup.
I'd say a bigger problem is that most don't have an edge in the first place, so the execution part really doesn't come into it.
