Share something about your trading journey.

#1
Let this one be a thread about the journey one goes through to become a profitable trader and what demons you need to slay in the way.

I would like to begin by asking:
Which stage of your trading are you in:

1. Beginner: where you are only in demo or constantly losing money in live trading
2. Intermediate: Where you are more or less breaking even
3. Expert: where you are making small consistent profit
4. Professional: where you are earning all that you want enjoying that good lifstyle which you always wanted

How long were you stuck in each stage and how did you move on to the next one? Let this thread also give all the emotional strength to other traders.
Know Thy Setup. Know Thyself.


Re: Share something about your trading journey.

#3
Not wanting to knock the thread but the categories some might have a problem with, for example the 'professionals' I know work ridiculous long hours trying to stay ahead of the game and have an unenviable lifestyle and never think they earn enough to compensate for that. Really they're just hoping they can get to keep enough of their rewards to retire early.

With the 'experts' no one really finds long term consistency as the markets move in cycles and so the best you can hope for is to ride high for a while then keep loses to a minimum in a downturn until the market returns to suit your style. It's certainly possible for successful traders to have losing weeks, months and even years.

I would see the journey less as set stages and more a constant stream of psychological dramas and endurance trying to stay afloat while learning to make fewer and fewer repetitive mistakes :)

Re: Share something about your trading journey.

#4
Ogee wrote:
Wed Aug 25, 2021 6:51 pm
Not wanting to knock the thread but the categories some might have a problem with, for example the 'professionals' I know work ridiculous long hours trying to stay ahead of the game and have an unenviable lifestyle and never think they earn enough to compensate for that. Really they're just hoping they can get to keep enough of their rewards to retire early.

With the 'experts' no one really finds long term consistency as the markets move in cycles and so the best you can hope for is to ride high for a while then keep loses to a minimum in a downturn until the market returns to suit your style. It's certainly possible for successful traders to have losing weeks, months and even years.

I would see the journey less as set stages and more a constant stream of psychological dramas and endurance trying to stay afloat while learning to make fewer and fewer repetitive mistakes :)
While all that may be true but I am interested about traders own struggle and where and how they have reached where they have reached. I think that will be more helpful to everyone.
Know Thy Setup. Know Thyself.

Re: Share something about your trading journey.

#5
I'm between 2 and 3. Started trading to help bring in money because I'm a stay at home mom. My husband made pretty good money but we have a lot of bills so I wanted to help. Wasn't too confident in the beginning and didn't know if this was just a waste of time and money, so I wasn't too confident. Things have improved a lot since then (been at it 2+ years) but I still have a long way to go. Now that I know the whole thing is possible, I'm working to diversify my investments more and trying to gain more knowledge about the market. Also spend a lot of time on forums talking to others and reading ideas.


Re: Share something about your trading journey.

#8
I'd say I'm between 2 and 3. The best thing to concentrate on is strength and weakness. The markets are heavily manipulated and if you trade just one pair, you will not not have confidence in your trades as you fall into drawdown. What I mean about one pair is to look at ALL currency pairs that relate to the one pair you are trading. For instance if you are trading EUR/JPY, look at EURAUD-EURCAD-EURCHF-EURGBP-EURNZD-EURUSD and AUDJPY-CADJPY-CHFJPY-GBPJPY-NZDJPY-USDJPY. This way you can have a higher probable trade setup. Many people just look at one pair and trade because of a cross or indicator setting. You need to focus on the strength across all relative pairs to get the true understanding of where the strength/weakness lies. Once I focused on this, the trade setups begin to reveal themselves weeks after weeks.

Another thing you should focus on is the higher timeframes (TF). I would create a trading template on the TF your trade on, that you feel confirms entry and/or exit. Then on the higher TFs (at least 2), I recommend using a 2MA cross or 2RSI cross to show trend direction and only trade in that direction. For instance, if you trade the 1 HR TF, I would place a 2EMA 3/5 cross on the 4HR and Daily. I also would recommend using a MTF 2MA cross. so you can see it on the 1 HR. Then once you get a signal, you confirm it aligns with the 4HR, Daily (EMAs/RSIs) and you’ve checked ALL the currencies to confirm strength and weakness. This should provide you with a high probable trade setup.

This is what I’ve learned and seems to be the most logical way to trade. Hopes this helps…

Re: Share something about your trading journey.

#9
naluvs01 wrote:
Sun Jan 30, 2022 5:28 pm
I'd say I'm between 2 and 3. The best thing to concentrate on is strength and weakness. The markets are heavily manipulated and if you trade just one pair, you will not not have confidence in your trades as you fall into drawdown. What I mean about one pair is to look at ALL currency pairs that relate to the one pair you are trading. For instance if you are trading EUR/JPY, look at EURAUD-EURCAD-EURCHF-EURGBP-EURNZD-EURUSD and AUDJPY-CADJPY-CHFJPY-GBPJPY-NZDJPY-USDJPY. This way you can have a higher probable trade setup. Many people just look at one pair and trade because of a cross or indicator setting. You need to focus on the strength across all relative pairs to get the true understanding of where the strength/weakness lies. Once I focused on this, the trade setups begin to reveal themselves weeks after weeks.

Another thing you should focus on is the higher timeframes (TF). I would create a trading template on the TF your trade on, that you feel confirms entry and/or exit. Then on the higher TFs (at least 2), I recommend using a 2MA cross or 2RSI cross to show trend direction and only trade in that direction. For instance, if you trade the 1 HR TF, I would place a 2EMA 3/5 cross on the 4HR and Daily. I also would recommend using a MTF 2MA cross. so you can see it on the 1 HR. Then once you get a signal, you confirm it aligns with the 4HR, Daily (EMAs/RSIs) and you’ve checked ALL the currencies to confirm strength and weakness. This should provide you with a high probable trade setup.

This is what I’ve learned and seems to be the most logical way to trade. Hopes this helps…

thank you for your sharing……! I understand what you mean by watching the currency basket...to confirm the direction and variety of the market movement...then make your own direction according to the three-level daily 4-hour... 3/5 of the moving average... the same moving average is also loaded on the 1-hour 3/5...entry trade...? Thanks!……

Re: Share something about your trading journey.

#10
mlawson71 wrote:
Thu Jan 27, 2022 3:32 am
Something about my journey, hmm...
Well, when I was a newbie I believed every promise a broker ever made me, much to my great detriment.
I remember being surprised when I learned how many brokers are actually out there to pick from and how many were untrustworthy. I think a lot of beginners don't realize this and believe those shiny promises about large bonuses and other too good to be true deals. Some learn their lesson the hard way, unfortunately.


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