If you are just starting out as a trader your ultimate goal must be survival.
To achieve this you need to really have a strong mental mindset, so if you do not have one you better stop trading and invest your time into reading some self-help books to grow your perseverance, what is even better to do is read a bunch of rags to riches stories so you can understand that nothing comes easy in any business.
The biggest problem I find with people in this industry is that they come here for riches and expect to attain them the first day, or in one day... but it doesn't work like that.
To become a professional athlete it takes years of practice, games, injuries, mental hurdles until one "makes it"... so don't expect to become a millionaire overnight, at least not your first night, but you can "one night" and you surely will if you invest time to gain knowledge and then turn that knowledge into know-how.
PROFITS AND RICHES WILL COME, JUST INVEST THE TIME TO LEARN SPECIFIC KNOWLEDGE.
This post isn't about what I started speaking about, it's about living to trade another day, so let's jump into it straight away!
The ultimate goal of every forex trader, new, old or bold... must be to survive in the and to not give up in the inevitable hard times. You can always find ways to survive and most of us do just that at our day jobs, families, school, bills and life.... so if we can survive at all of that we can find ways to survive in the markets, just control your risks and take it ONE DAY AT A TIME... then the good times will come.
To protect yourself further and live to trade tomorrow you must not fight the market or try to predict exactly what it will do because the market does not care what me and you think. It makes no sense to create great predictions because they will only cause you damage.
TRADING IS RISK VS REWARD. WITHOUT THE RISK THERE CAN BE NO REWARD.
Much more important than to believe in any prediction is to believe in yourself and the fact that you will make it and the way to do just that (make it) is to invest time into specific knowledge and then work your behind off to turn that knowledge into know-how...
You have to be able to see yourself as a successful trader, clearly, there is a lot to learn and believe, after 12 years of being in this market, the learning will never stop but it took me 10 years to feel real confidence and finally complete my trading system... and even after that I still made mistakes. But the true path to success is self-reflection, that is how every trading day should end.
Having a lack of self-confidence, even if you trade well, can and will cost you your trading career, or at best case your account (or accounts)!
It is also not good to have too much self-confidence and to act too quickly especially at the beginning of your trading career (the first few years if you're starting on your own).
The point being is this: You must have clear understanding that you are not here to trade just today and imprint on your mind that there will be other trades... you must focus on trading like a sniper if you want to have controlled risk and steady returns, look for the "best trades" whatever that may mean to you.
To some, the best trades are head and shoulders and if they only look for them and create a trading plan for each trade (Because all trades a totally unique) then their odds increase... and they then have a real edge in the markets.
We have a few courses which teach our trading strategy and we would LOVE to teach you how we trade, so just reach out to me directly if your interested at Denis@pipsmatter.com and ill get back to you with links and explain how you can get started!
Till then, you just focus on trading today with the mantra of "living to trade tomorrow too".
Be safe, be happy and create your own success!
“If you are passionate about trading and you never give it a run, then you will live your life wondering what could have been.” (P 162)