Hi I am Shayan from Pakistan
I started trading forex back in 2016 I lost my first account to a martingale EA then moved to trading options make some profits but eventually lost money there then moved to forex again I traded some strategies but nothing works consistent I made some money with a breakout strategy but market conditions changed and it didnt work for sometime and I lost my profits..My question is it even possible to make consistent money in forex or is their any retail trader here who is actually making consistent money I am confused
Sorry for my bad English
Regards
Re: Is it even possible to make consistent money in trading
2I think you used to rush a lot while trading, it is always better to keep patience before making any move.Shanu4X wrote: Mon May 24, 2021 12:33 am Hi I am Shayan from Pakistan
I started trading forex back in 2016 I lost my first account to a martingale EA then moved to trading options make some profits but eventually lost money there then moved to forex again I traded some strategies but nothing works consistent I made some money with a breakout strategy but market conditions changed and it didnt work for sometime and I lost my profits..My question is it even possible to make consistent money in forex or is their any retail trader here who is actually making consistent money I am confused
Sorry for my bad English
Regards
Re: Is it even possible to make consistent money in trading
3For trading you must have right set of skills that motivates you to trade, making consistent money in trading is not less than impossible task. Sometime you may incur losses, and it is part of every traders's life. We must go on with positive mindset for forex trading.
Re: Is it even possible to make consistent money in trading
4I assume you switch to different charts a lot, looking for one to tell you when to trade instead of sticking to one that might suit you and make it work. One can easily trade with some moving averages and look for pullbacks. That's even for a beginner or a not yet successful trader manageable. Many people make the mistake to chase price action because they cannot accept that the price moves but they are not in a trade. Trading pullbacks trains you to wait and be patient. Sitting idle can also be very profitable......if you understand what I mean. If you want to take a glimpse on how that works, go to the Pullback thread/ Plenty of examples there. Just a suggestion.
Re: Is it even possible to make consistent money in trading
5Forex trading is not an easy way of making money. You have to prepare yourself well for the market before you expect to make any profits. Don’t take steps that you have no idea about because your forex trading journey is not about how the market is moving, it is about how well you understand each of its moves.
Re: Is it even possible to make consistent money in trading
6Agree 100% with Rplus. Trading pullbacks on an established trend is the key. It is very profitable. All this other discipline stuff I don't know about. If you have a system and you tested it to see if it works then take the signals when they come. It's not a mindset. Maybe the mindset is not being bored about this because normally there are a few great trades per session. You need to have the conviction to pull the trigger when they happen. That's all.
Re: Is it even possible to make consistent money in trading
7Yes it’s possible. Don’t give up! Try a trading journal
Re: Is it even possible to make consistent money in trading
8You can, if you have a right strategy. I must admit I am trying to make some consistency in profit, but sometimes it does not work out that way, so I keep tuning my strategy to filter out whatever is not working out.
Re: Is it even possible to make consistent money in trading
9Martingale is a notoriously dangerous strategy. I also blew a few accounts to this system.
It is possible to make consistent profit, but you should also know when to quit a position when you are beat. The old phrase, you can't win 'em all rings true.
It is possible to make consistent profit, but you should also know when to quit a position when you are beat. The old phrase, you can't win 'em all rings true.
Re: Is it even possible to make consistent money in trading
10It is definitely possible to make consistent profits in trading. I would recommend that you focus more on your strategy and study how to read the charts. It takes time to learn how to trade well, don't be too hard on yourself if it doesn't come straight away. I would always recommend working on a demo account until you can prove that your strategy works.
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