The five stages of the master of the exchange market
Stage 1: not yet forexcashbackcalculatorealized Eastforexcashback they cashbackforexbtc a unqualified trader in th cashback forex stage, you think that doing the exchange is a good way to earn money, because you have heard that many people from the exchange market to earn money, many people have become millionaires as you learn to drive before you think driving is easy, you think trading is also easy, the price is either up or down, what can be difficult? Unfortunately, like the first time you sat at the wheel East forex cashback didnt know what to do, you started out with a lot of trades and took a lot of risk. Once you entered the trade, the price went against you, so you rushed to reverse it, but then the price went the other way, so you doubled up on the unfavorable positions to avoid losses, with the intention of spreading them out - sometimes you managed to get out of the losses, but more often than not you would At this stage, you dont even realize that you are an incompetent trader; this stage usually lasts 1-2 weeks and you quickly move to the second stage; Stage 2: Realize that you are an incompetent trader At this stage, you realize that you have to work harder in order to succeed; you realize that you dont have the skills and qualities to be a consistent profitable trader; you try to buy the system. You try to buy systems, read various books, browse various websites (from Russia to Ukraine) and try to find the Holy Grail; at this stage you are a system junkie, you try different methods day after day, but cant stick to only one method to really test whether it works; every time you come across a new indicator, you think it is very different from the previous ones; you use MetaTrader to try different automated trading systems; you try moving averages, Fibonacci lines, support and resistance, Pivots, Fractals, divergences, DMI, ADX, and hundreds of other indicators expecting to find that magic system soon; you try to catch tops and bottoms, trying to find the exact trend flip point with your indicators; you always hold tight to your You go into chat rooms or forums and see other traders making money from the market and ask yourself countless times why people who are stupider than you are are making money from the market and you cant (and in hindsight, you feel pretty stupid); so you think those people who claim they are making money are lying and they cant be making that much Because you think you have studied the market so much and still can not, how can they? You are like a teenager in adolescence at this time, very stubborn, simply can not listen to the advice of those veterans who make money, you think you are the best, you use very high leverage, excessive trading, although others think you are crazy, you do not think so at all, because you think you are more intelligent than others; you start to consider following the orders of others, but not successful; you turn and start to resort to paid services, the results are also not This stage can last for many years, the author himself lasted 18 months; finally you start to come out of this stage, you may have spent far more time and money than you previously thought, closed 2-3 times, and those who finally did not give up often closed 3-4 times; stage three: I found at the end of stage two, you realize that it is not the system itself that makes the difference between different traders; you realize that if the thinking and money management is correct, you will not be able to make a difference. realize that, with the right mindset and money management, you can make money even with just a simple moving average; you start trying to read books on trading philosophy and psychology and try to identify the character traits described in these books; at this point, you have your (I found it) moment; this moment gives your brain a new way of thinking; you suddenly realize that you cannot, and others equally cannot, accurately predict market prices even 10 seconds later, let alone 20 minutes later; you start to focus on just one system and reinvent the way you trade; you start to get pleasure from it and are able to control your risk; you start to enter every trade as long as your strategy shows it has a better chance of winning; you no longer feel angry when the trade goes in your direction, because you know you cant predict prices through no fault of your own; you are able to exit a trade once you realize it is going against you; you know the next trade will have a higher success rate because you believe in your own simple trading system; you are quickly able to recognize that the trading game is one thing - i.e., being able to take a consistent strategy and discipline to each trade; you learn proper money management, the You learn proper money management, use the right leverage, are able to control account risk, etc.; at this point you remember the advice you were given a year ago and cant help but smile; you couldnt take it then, but you can now; the (I found it) moment is marked when you truly accept the fact that you cant predict the market; Stage 4: Realize you are a competent trader You accept every trade signaled by the system; you You are able to treat losses like profits; you are able to cut off losses and let profits run because you know that your system wins more than it loses; now you are at the leveling stage, making 100 points one week and losing 100 points the next; not profitable but guaranteed not to lose money; you start to be able to call out good orders and gradually earn the respect of others; you still try to improve your trading and slowly, your You start to make more profits than losses; on one day you make a profit of 20 pips and then lose 35 pips, but you dont feel anything about it, you know it will come back; finally you start to be able to make profits every week; stage 5: unconscious qualified trader is now ready - just like you drive unconsciously every day, your daily trading is also in an unconscious state; you are now on autopilot, 100 pips a day is like a routine for You are now on autopilot and 100 pips a day is like a daily routine for you; this is the ideal country for trading, you are in full control of your emotions and keep your account moving up fast; you are now the star of chat rooms and forums and everyone listens to you; you vaguely see yourself in their questions as you did two years ago; although you give your own advice, you know it is mostly useless for them - some of them are going slowly or quickly down the path you The path you once took, no doubt more people will never get beyond the second stage; for you, trading is no longer exciting, even a little annoying, as your lifes work is; now you can hold your head high and say loudly: I am a Forex trader!