You may be here, as I was
Start forex trading, Earn easy money, Spend the dream life. Eventually to become a millionaire.
There is a good number in forex trading. It is "95%". As you may already know, 95% of the novis traders quit forex trading within the first year. I hope you, if not the luckiest person in the world, must have experienced vary bad trades which could drive you in to madness. There seems to be a circle of trading activities of novis traders;
1. Open the account (With the intention to become a millionaire overnight)
2. Deposit some amount (May be his/her this month insurance premium etc..)
3. Start trading. (Now you want to earn some good money and the deposited amount [Insurance premium] as well. Otherwise the insurance policy will be discontinued)
4. Enter the first trade (Wow... You get some money. Happy Happy Happy. Now I can earn some more....)
5. Enter the second trade (Hmmm.... It seems a little loss. Never mind. I can recover it)
6. Lot size increased
7. Enter the third trade (Holy cow, lost again. How can I save my money now) Now you are nervous. Angry with the market
8. Next trade again (I'm mad... I'm mad.... I couldn't wait for the right position. Oh god.................................)
Again you may deposit some money and may continue the same circle. Finally you are in that dirty range. 95%. This is the same that I also passed. However I could manage to walk passing those
hurdles and now I'm happy with trading and earning lot of money. (Remember, After 4 hard working years)
Now I have come to a position to share my experiences and the way I shifted from 95% to the remaining 5%. It is a hard work. That is I call it meditation. You have to be patient more than you imagine. The hardest
thing to control is your mind. No matter how good is your knowledge in analyzing charts. A position(trade) is a result of your mind. Here it is your hopes,stress,biases,greedy and fear and anger. Trading Forex is simple.
But there is a hidden secret which make you fail in trading. It is your mind. Your mind fails you. You may never knew that...
I'll continue updating this article. I hope you'll be with me.
at start every trader faced losses because unexperience.
I also faced and I am facing too but today I have an opportunity to save if my positions going opposite
Of course. True. But I wonder why traders don't buy/hire or create these algos and become rich.
I think besides all these algos, there is money and emotions of the trader. That they do not allow the algo to flow. Am I correct?