failed to get out of the blocks

[Grantmcscott]

Hi,
I am one of the people that never seem to make it as a forex or any market trader. I have read and understand the basics but never progress from there. I have paper traded on and off for years but never get grasp of making more winning trades than losing ones.

I would like to be successful but not sure where to go from here.

 

[timsk]

. . .I would like to be successful but not sure where to go from here.

Hi Grant,
Welcome to T2W.

Without knowing any details about what you've tried and why it's not worked for you, it's tricky to point you in any one direction, as it may be a route you've already taken. If you know where you've gone wrong previously, you'll know what needs fixing. If you can't identify anything in particular, this suggests to me that you don't have a tried and tested trading plan. If this is the case, then this is the place to start. Regardless of what the market throws at you, you must know in advance precisely how you'll deal with it. So, no ifs, no buts - a trading plan is an absolute must.

More generally, if you want to start over from scratch, look at what you've done hitherto and try something different. I've done this many times. For example, if you've always traded forex, try indices instead. If you use candlesticks to trade with, look instead at non-time based charts: Point & Figure, Renko and Range Bars. You'll view the market in a completely different way. If you've always risked 2% equity on each trade, reduce this to 0.2% and see what impact that has on your psychology and results. If you've always day traded hitherto, try panning out and looking at daily charts with the view to swing trading over days or weeks. You get the general idea.
Tim.