LEARNING FROM THE PAST:

It is often said that life is the best teacher and we learn better from our own mistakes. But I also wish we can sometimes allow ourselves to learn from other people’s mistakes. We read blogs and books, we are warned about some things in so many ways but we seem to prefer to make our own mistakes, maybe that is just how life is. I have made my own forex trading mistakes too, truly speaking it was not because I was never warned, I guess I was just being “normal’’, I would not stop the awareness though, even when I am fully aware that my readers would still go ahead and do exactly what I am trying to warn against.

TRADING THERAPY:

Like it or not, you might have to become your own personal therapist, yesss you read correctly, personal therapist. Trading can be emotionally draining and very lonely business, not to mention daunting exercise, since most people are either misinformed or just petrified to try something out of the ordinary. Try doing it all by yourself without a mentor and you will know exactly what I mean when I say it is  a lonely business,  for anyone who doesn’t trade but only offer training ( believe me there are many of those) it might be a different story. I fail to understand it though, I would think someone who tells me I can make money on  financial markets by trading currencies and CFD’s would also be trading right,  am I the only one confused here or? . Anyway please do get that mentor, preferably the one who trades as well, they normally understand what you are going through as they went through same emotions, and they are well equipped on how to deal with them. I am also one of them, I am here supporting you by writing this post, keep that in mind.

FEW CHANGES THAT YOU CAN IMPLEMENT IN YOUR OWN TRADING:

1. “Ditch” that sloppy money management system and adopt the low risk trading.

2. Keep a diary or notebook where you can record all your trades.

3. Identify those currency pairs/ CFD’S that you do well on and try to stick to them while learning as much as you can about their movements and patterns and how they correlate with other currencies, the economic news that affect them, you don’t really have to trade everything that you see on your platform.

4. Make yourself available for your trading , no “rush” job please.

5. Monitor your progress while you focus on being more consistent than making huge profits, baby steps it’s OK,  you don’t have to make it big on the go. I have heard traders literally laughing at someone who is more focused on being consistent than profits, and i have seen same traders falling flat, while the consistent ones master the skill and make it big. Rather be safe than sorry.

IS IT EASY?

No it is not , i know very well it is never easy to play by the rules and be disciplined. Maintaining few sources of mentorship makes it easier. I doubt you will feel pressured to do what will eventually hurt your portfolio if you can try to follow this few steps. Remember all the tips above works for me but maybe it can work for you as well.  It won’t hurt to try some new strategies. If you are trading already keep it low risk and happy trading. Thank you for stopping by and reading my post.