The path to become a sucessful trader
I have been tradig forex and crypto since 2008. I have read a great article about the learning path somewhere, i cant remember where, below is the content. I myself have gone through below steps and have waste few years and a lot of money. hope this helps everyone who is trying to become a sucessful trader.
beginner Period:
Begin with a demo and buy when the price rises and sell when the price falls. Everything is good; now its time to go real is the way to go. I'm going to be a millionaire in the Forex market, this is so easy.indicator period
put all the indicators you have in the chart. There isn't much room left on the chart for more indicators. Peeing in pants when making a trade and then screaming, "Why the hell did I take it?" The first opportunity to exit with only a few pips lost was lost, but the trend changed and I would have made 150 pips if I had stuck with the trade. Because it didn't work, I'm changing the indications every hour. Because of all the fancy colored indis, I neglected to put up Stop Loss multiple times and blew the first real account - blaming the system developers and indicator coders.
- signal service period
deposit more money to the account again and doing things a little differently this time, lurking in groups and forums for trading signals => blowing the money again and blaming the traders who gave the bad trading signals.
Expert Advisors period
its hard to follow the rules of the system, EAs dont have fear or greed so its better to have a EA to trade my account.
Buying Expert Advisors from everywhere and spend money for coders => blowing the real account again , but very fast.Start again or giveup period
give up about for few month or may be a year, still going to miss that trading feeling, thinking to start again.
remembering the stuff you read, read more again, lets give another go. after studiying few months, start againg with one or two indicators. using the knowledge having,with risking less than 2% WOW THAT WORKS.
So why waste you time and money with first 4 steps. just learn and trade properly with risking less than 2%.