Stages Of A Forex And Crypto Trader That All Beginners Must Go Through

Stages of a forex and crypto trader that all beginners must go through

1-6 months.

-Beginners luck. This is where you miraculously change 100 usd to 899 usd in 3 days then later you lose it all.

-The first batch of soldiers retire here, about 60%.

-They proceed to post that the financial markets are a scam. They get validated by other online strangers and they feel very happy.

-The second batch of soldiers realize there is more to this than luck. That’s where the real work begins.

6 months- 2 years.

-You are changing strategies like under wear searching for the holy grail.

-Risk management is not in your vocabulary.

-Ego is your friend.

-You are making huge profits followed by huge losses.

-More soldiers retire here.

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3-4 years.

-You have settled on one strategy.

-You have realized that this is not a rich quick scheme.

-Risk management is not your friend still.

-You are still not following your rules.

-You have alot of negative emotions associated with trading losses.

-You are not gaining and you are not losing.

5-6 years.

-You are very very humble by now.

-You are gaining very very small profits.

-You have followed your Trading Plan for at least 6 months now.

-You are beginning to feel confident.

-You don’t trade daily.

-You are beginning to trust your strategy.

7-10 years.

-You are able to get in a prop firm and sustain it for several years.

-You are seeing consistent profits.

-No huge drawdowns.

-You are trading an admirable account.

-You have become a true money manager.

10-15 years.

-You are a trading monk.

-You probably have employed a psychologist.

-You are trading like the big banks now.

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Whenever someone says they have been trading for X amount of years and want to become profitable, I ask the following questions and quickly realize most traders are just lazy.

1. Have you defined a strategy/approach to the markets?

2. Was the edge/ strategy back tested and proven?

3. Do you have a systematic approach to your trading?

If so define it.

4. Have you documented your trades?

If so what’s your process?

5. What does your trading data/trading journal tell you? (Assuming your track your trades because you should be)

6. What markets, sessions do you trade? When do you determine to stay cash or be aggressive?

7. How do you handle drawdowns?

8. How do you handle consistent losing periods ?

You’ll quickly realize most people that say they want to become successful as a trader, don’t really focus on the process.

They’re more focused on looking good publicly than actually focusing on being great.

So let’s start being honest with ourselves and realize that unless we put in the REAL work that’s required, you won’t be profitable.

If you’re 2-3 years into your trading journey & still not profitable; get it together & stop being stupid

You obviously know what NOT to do at this point; it’s more about self-control & discipline.

Decide NOW!

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The market is a character magnifier.

What do I mean?

If you are impatient its gonna magnify that.

If you are patient its gonna magnify that.

If you get angry, its gonna magnify that.

If you are indisciplined it will magnify that.

The clever trader is he who identifies his weakness, laughs at himself because he realizes that he is not as perfect as he had thought himself to be and begins the TOUGH LONELY journey of bettering himself.

An EGOTISTICAL trader spends every other day blaming his dog, his spouse, the market for his irrational decisions.

Until when will you realize that your ego is truly getting in the way?

Look inward before you look outward.just know that if you want to be a great trader, there are some things you need to know:

1) Only trade when you have an edge.

If there are no clear opportunities, don’t trade

2) When you start trading, you need to believe in yourself before anyone else will.

3) The best traders don’t care about being right or proving themselves to anyone.

Their only goal is to make money.

4) Don’t worry about what the market will do or how much money you’ll make; focus on the process and how well you’re executing it.

5) When you’re new to trading, it’s easy to feel like you need to make money right away.

But the more pressure you put on yourself to make money in the market, the more difficult it becomes to actually make money.

6) If you start taking trades based on how much money you’ve lost or if you keep thinking about how much money you could have made if only you’d stayed in a trade longer, then you’re going to have trouble making smart decisions.

7) Keep your trading simple.

The more complicated a strategy is, the harder it is to stick to.

8) Good traders

• Don’t brag

• Are humble

• Adapt quickly

• Ignore negativity

• Have an open mind

• Admit when they’re wrong

• Have no expectations

• Show up every day

9) The best traders don’t take their losses personally.

They know that trading is a business and that losses are just part of the game.

10) If you aren’t passionate about the markets and you are only trading to get rich, you won’t last.

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11) Intuition is a real indicator, and it grows every time you see the same pattern unfold.

The more you trade, the more accurate your intuition gets.

12) Trading is about making money, not about winning or losing.

13) Trading isn’t about making money fast; it’s about making consistent progress over time.

14) You won’t make money trading if you aren’t willing to lose it.

15) The average trader does a lot of really hard thinking.

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Having made your money, keeping it, should be the final and most rewarding stage of your journey as a beginner in Crypto and Forex Trading.