The truth about trading.
Ever heard of the 90-90-90? 90% of traders lose 90% of their capital in the first 90 days of trading.
The reason for this is because the common people are not given the psychological and emotional training necessary to navigate through these markets profitably.
Learning to trade is like learning a new language. You MUST be patient with yourself first and foremost. The road to successful trading is NOT an easy journey. But if you stick with it, it will be an extremely fruitful venture.
Trading is as easy and smooth as clicking, it's conquering yourself and all the things holding you back that is the hard part.
What you need to do first.
Reading the book "Trading in the Zone" by Mark Douglas. This book perfectly illustrates the journey of the beginner trader to a T! I don't believe someone can be a successful trader without reading this book front to back.
Successful trading begins with mastering the mind and your emotions. This book will give you the roadmap to your final destination. I reread this book periodically to sharpen my trading mentality.
Reading the book "The Japanese Candlestick Bible" by Muneisha Homma. This book is designed to help you READ the price action as it occurs. Candlestick reading is the techniques developed by one of the most successful traders known to man. It will only aid you to ingrain these patterns in your mind.
Develop a set of money making affirmations for yourself. The power of manifestation and the law of attraction are very real things. I went from making about $4,000 a month to manifesting a $15,000 WEEK in a matter of 30 days using this money mantra here. I listen to it at LEAST twice a day. Mindset is everything in this money making game. Mantras + Action = Results
Understanding the working parts of the market will give you confidence in your trading sessions. Institutional Traders (the people who move the market) typically learn about how the market moves for THREE months before they begin on a demo account. And then they must demonstrate efficiency for at least NINE months before they are trusted to manage funds. I say this to say, DO NOT BE HARD ON YOURSELF. You are stepping into the markets daily with PROFESSIONALS whose job is to take your money from you if you put it on the table. Be patient with yourself and most importantly be patient with your trading. Every day is not a trading day, let the market come to you, always.
I recommend that you go through the academy at BabyPips to grasp the basics of what Forex is, learn how to place trades, close trades, learn about pending orders, and how profit is calculated. FOREX IS NOT AN OVERNIGHT JOURNEY! It's a marathon, not a sprint. Pace yourself. Spend 30 minutes to an hour per day studying the craft. Don't chase the money, chase the skill and the money naturally comes next.
Lastly, get you a DEMO account from OspreyFX and start testing your trading strategies! This is my Introduction Broker link and I will receive a commission for signing you up to OspreyFX. I personally use OspreyFX as broker because of they have the lowest minimum deposit ($10) and offer high leverage (1:500) so you can make more money off of smaller amounts of money. It also takes Bitcoin deposits so you can load up your accounts as well as withdraw directly to the cryptocurrency wallet of your choice.
Alternatively, you could also sign up on FairForexFX if you would like to use card deposits for your trading account. This is also an introduction broker link and I will receive a commission for signing you up to FairForexFX. I personally used FairForex because it is the only broker that I can actually talk to support expeditiously on. You can also trade US30, Nas100, and SPX500 with a low amount of money in your account.
Practice makes perfect. Test your trading strategy on a DEMO account and gain supreme confidence in it before you even think about trading on your live account. You want to be at least 70-80% accurate with your trades before you risk your own capital.
Accelerate your growth...
I am a heavy advocate of mentorship and I personally spend tens of thousands of dollars to get to where I am skill level wise. I watched YouTube videos and scoured the internet for years before I finally started investing in mentorship from master traders. It was at that point that I truly began to see success as a trader. Here is a full replay of one of the training sessions that I led my students through. I teach live six times a week and the doors to my academy are open right now for a one time fee for the 1st 100 members. Catch the replay below!
Join the Hyena Hut when you are ready to run with us and let's hunt these trades down together!