We have been mentoring a lot of traders for years trying to develop their true potential in trading, trying to develop their mindset for trading, and it is not an easy job. We were all beginners at some point in our trading careers, and we all have the hope to become profitable in a month. The truth is that it will need, six months to even two years for a trader to become profitable, with a proper guidance. When we say profitable, it means making a profit constantly from month to month over a period of six months without a drawdown above the 20%.
If this feels discouraging, don’t worry, for some successful traders it took 5-10 years to become truly profitable, which means making a constant profit over the years above the 15-30% percent a year. If you bump into some stories that someone is making over 100% a year, do not believe it’s the truth, that kind of a return is not possible in the real world. The truth is that over 99% of the retail traders are losers, but don’t worry, the institutional investors are losing much more money than retail investors just the fact is they have more capital to cover their losses and also diversified portfolios.
So don’t feel discouraged, success in trading is not coming easily and certainly will not come when you expect. It will come when your mind is ready when your psychology and discipline comes in line with your analysis. In order to develop yourself as a trader, you can do it in two ways.
The first solution is to develop your trading and analysis skills by yourself. This could and will lead to a greater loses in the beginning and this could affect you psychologically, and it could lead you to give up. You will need a strong character for that development path.
The second solution is to get into the mentoring program and I know it will be hard for you to find a good mentor, and also if you are partly developed trader and analyst it will be hard for you to adopt new knowledge from someone and someone else trading technical analysis and trading system. It could and it will save you a lot of money, which in fact you can invest in your trading account. Also in this development path, you have an opportunity to become a proprietary trader. What does proprietary trader mean? It means that someone will provide a training for you and it will give you a capital for the trading with a split profit percent from the trading performance. Being a proprietary trader is maybe the best solution because it will give you an edge that you need in your trading after you finish this program and maybe gain the initial capital.
So if you have 5000$ of the initial capital for trading. Investing 600-800$ in your education, no matter what your trading experience is, will give you a space to develop your skills while you trade and you are in an education program, and also it will save you other 4000$ which you could lose in two days in trading. Yes, you heard it. There where investors losing 50k account in just a few days. You better believe it, losing 4000$ is nothing and it could happen also in a few days.
The training program will give you confidence, it will remove the fear for taking trades, it will remove the fear of losing because loses are the part of the trading and all the full-time traders have lost. It is just important that in the long run, you have more winners than losers. Also be aware that all the technical analysis patterns, even the ones you are 100% sure in it, could and will fail but it doesn’t mean that you are not a good trader or analyst it just means that if you have placed a proper SL that your money management is good. Of course, if you have learned not to remove or move to stop losses higher. Just take a look at our trade alert example, stopped GBPJPY trade after a perfect break of a horizontal resistance. A trade was triggered intraday after the pullback into the broken resistance and rejection form it 145 level. Because we know that technical patterns could and will fail we placed a stop loss at 145.550. By placing this stop-loss here we have avoided another 70 pips loss, but if the pattern was successful we could earn almost 300 pips!
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Looking at this pair now, we again have a good chance for a perfect risk to reward short entry on the pullback into the broken long-term trendline. So we could cover our 100 pips loss and even earn more pips from here if we will have a good rejection bearish setup.
There are three important points to acknowledge from this article:
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Don’t be afraid to trade and fail, don’t be afraid of the loses because they are the part of the trading
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Don’t expect an overnight or within a months success in trading. Trading development is a process, a marathon rather than a sprint and a serious job
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Invest in your education because your investment will save you money and increase your trading potential
Happy trading! (click on the chart to enlarge it)
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Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position Risk Free. We are publishing 5-10 trade alerts per week via real-time Private twitter feed!