Consistent Forex Pips

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Trading, like any high-performance endeavor, requires skill, focus, and discipline. Those who are in it for the money alone aren’t likely to focus on the process of being a good trader. Concentrate on being a good trader and the money will follow......💯

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4 SIGNS THAT SHOW YOUR READINESS FOR FULL-TIME FOREX

For forex traders, nothing embodies freedom more than those who trade full-time. After all, full-time traders enjoy freedom from their box-type offices, freedom of time, and freedom to choose which trading opportunities to take.

Unfortunately, this brand of independence isn’t for everyone. Just like too much freedom can do more harm than good for some economies, not all traders are ready to trade full-time.

So how do you know when you’re ready for full-time trading? From what we’ve seen from online forex communities, we can narrow it down to four signs:

1. You have enough capital

Trading full time means that you’ll be quitting your job, your primary source of income. And, because you’re realistic, you know that you probably won’t be making any serious trading money in your first few months.

Now imagine months of not getting salary and not making profits while STILL having to pay for your food, rent, utilities, and Netflix and Amazon Prime subscriptions.

Can’t live without your salary yet? Can’t afford to take big drawdowns for weeks and still maintain your lifestyle? Don’t trade full-time.

2. You have tried and tested other methods and strategies

Traders say that full-time trading just means that you’re a part-time trader and a full-time backtester. In a way, this is true.

Full-time traders know that you can’t make your living off of one good strategy alone.

Not only do you need to have a strategy that has proven to be profitable for you, but you also have to have other equally qualified methods that would work for other trading conditions. After all, you never know when and for how long the market trends will shift!

3. You have spent a considerable amount of time trading LIVE.

Just like how doctors, lawyers, and pilots have simulations and internship programs before they do their jobs round the clock, traders should also spend a considerable amount of time trading live before trading full-time.

Trading a live account brings forth trading psychology hurdles that you wouldn’t get from trading demo accounts.
In addition, you have to have a fairly good grasp of your trading strengths and weaknesses, and, more importantly, you should know how to stick to a trading plan before you make trading your full-time job.

Make sure you’re mentally prepared to risk real money and maintain your trading strengths before you trade full-time! And the most important of this is consistent profitability. Make sure you've started making profits consistently over a long period of time. Don't confuse this with winning streaks.

4. Forex trading is your passion

Trading currencies is what motivates you to get up and get busy every morning. If you’d rather trade the RBA statement than watch the NBA finals or visit the PBoC’s economic calendar than the Great Wall of China, then do yourself a favor and trade full time. No sense in not doing what you love, right?

Remember that while full-time trading would provide you more opportunities to catch market movements, you don’t need to be a full-time trader to be consistently profitable.

In fact, I know of part-time traders in the community that are better than some full-time traders! In the end, though, it just boils down to how much money, time, and effort you’re willing invest in your forex trading career.
~ Dr. Pipslow

Consistent Forex Pips, [14.08.18 18:31]
2 TRADING MISTAKES FOREX NEWBIES USUALLY MAKE
By Dr. Pipslow

Starting out in the forex market is definitely an exciting experience but you must be very careful not to make these dangerous mistakes that most beginners make.

1) UNDERCAPITALIZATION

Insufficient initial capital is the first mistake by beginners, and it usually ends up killing them.

I’ve seen traders, including myself, blow their whole trading account during the first month or week. I blew one of my accounts in thirty minutes!

The trading capital is lost even before you have the time to properly learn to trade.

This is what usually happens to a new traders:

They don’t have sufficient trading knowledge and experience.
They are not familiar with risk control and money management principles.
They partially realize risks that they will have to deal with when trading but aren’t always capable of precisely formulating and evaluating them. Therefore, they often undertake incorrect actions for lowering them.
Common sense leads you to believe that the best way to initially lower risk of potential losses is to trade the smallest amount possible. Then as your experience and skills grow, you steadily increase your trade size. I think this approach is hogwash.
Newbies trying to trade with with single lots with tight stop losses to keep risk small while trying to gain trading experience, in order to trade bigger lots with bigger stop losses is dumb.

You have to understand that a small trading account actually increases the risk of losses. By starting with a puny bankroll, it’s impossible to lower risk. This is because as your account shrinks, losses take a bigger chunk.

By using short and tight stops, you increase your chances that the stops will be triggered more frequently and your total loss will consist of many small losses.

Your trading account should be as large as possible in order to correspond with market conditions and provide the necessary flexibility in making trade decisions.

The size of your trading account is another tool in your trading quiver.

Like any business, you have to make sure you are adequately funded. Don’t try to lower risk by only depositing a portion of your available trading capital.

Fund yourself right but use proper money and risk management!

2) OVERTRADING

Overtrading is when you (hoping to receive the maximum possible profit) open a huge position consisting of multiple lots. Considering the typical market activity, it’s easy to lose half or even all your trading capital with this.

This problem is sometimes directly connected to insufficient trading capital.

But it’s more likely due to the trader lacking knowledge of money management principles, which means lack of competence to control their trading capital properly.

Your trading capital is used to earn money. You should treat each dollar is like a newborn baby.

Your first and foremost responsibility is to protect it. If you lose it, you have less to help you earn money.

Have you ever made any of these mistakes? Please share your experience in the comments below. I’m sure we’d all be interested in possibly learning from each other. I know I would!

Consistency ➕ Longevity in the market is the 🔑 to become a successful Trader. Never forget that!
#forextrading #longevity #consistency #persistence