I think burnout also comes as a direct result of not thinking logically when deciding on which trading styler best suits your time availability and ability.Great post, simplicity is so key not just for success but to prevent mental burn out. Some just want to put it on and hope too and that is one of the largest reasons for failure. Stick to a system and accept their will be losses and the battle is close to being won
I think burnout also comes as a direct result of not thinking logically when deciding on which trading styler best suits your time availability and ability.
1. A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use ******* as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps.
2. Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out!
3. Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal to you in terms of time, risk tolerance, psychology, speed of the market etc. Take bits from different sources and then take the time to formulate and test your own strategy that fits your own parameters. There is no “one-size fits all” in trading.
4. Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it.
5. Set achievable goals – when you first start break even at the end of the month might be a great target for you and that is fine. Not losing long term is priority number one to protect your capital. Don’t compare your 1000hrs of practice to another person’s 10,000hrs. Be better than you were 6 months ago and focus on that.
What else have you all learned in your time trading?
You will be forever dissatisfied comparing your 1000 hrs to someone else's 10,000 hrs. Waste of energy.One key point that stuck with me is the pace of your own journey, not comparing your 1000hrs with someone else's same journey it's your pace not a competitive race
So important to know this before entering a trade in my opinion rather than jumping in and out based on emotion.Trading has taught me a number of things, but the most important thing I've learned is entering and exciting the market at the right time. This has helped me get better profits and minimize my losses.