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Rolf Psychology forexfactory Comment 9, Views. There are 5 stages forexfactory trader will go forexfactory over the years. This is the trade phase of a new trader when he is just getting his feet wet in the markets and looks at his trading platform for the first time. Now it dawns on the trader how little he knows and he starts to understand that he has to put in the work and study more. Motivated by a few lucky winners, he studies everything he trade get journal hands on.
A trader who still loses money consistently, even after spending a lot of forexfactory learning about trading, will often start blaming his tools, the wrong indicators, missing information or unfair markets; he is looking for external excuses. This stage of conscious incompetence is the one that lasts the longest.
Some traders will never leave this journal, even after years of being involved in the markets. A few principles and questions can make you trade of potential problems in your trading mindset and general approach:. He understands that all his past mistakes and false behavior will not get him anywhere. The trader now starts to realize what trading is all about. Although trading is still not easy and his results forexfactory far from being forexfactory, he understands the importance of process-oriented thinking.
He stops focusing on only the outcome of his trades. Traders at this stage are typically break-even traders and journal start to turn their equity graph up. Discipline, emotions and adequate risk management are of utmost importance at this stage and a long-term approach will keep the trader from falling back into old habits.
Trade trading journa l becomes his most important companion at this stage because it provides an objective look at his performance and behavior. Traders at this stage are very likely to make it to the next and final stage. They can see that their work is starting to pay off, they stop journal hopping and focus on their process-oiented approach. This is when trading becomes boring — and trading should be boring! At this stage, the trader has spent years of looking at screens and taking the same setups journal or even thousands of times.
He knows exactly how his preferred setup looks like and trading becomes a waiting game. Trading is now an activity of pattern recognition, risk management and constant self-improvement. Trade unconscious competent trader has a thirst for self-improvement and constantly studies the markets.
He evaluates the effectiveness of his method and he is driven by the success and his improvements so far. Being a trader is a life-long journey of self-improvement and self-discovery.
The markets teach you something about yourself every day. In fact, a trading plan that makes money for a trader is simply the extension of his own personality journal all its qualities and imperfections. Try to journal this question as best and honest as you can.
The moment you answer this question, and draw the consequences from it, you will be on your path to improving your trading bit by bit until one day you will finally reach controlled profitability. This article has been published originally on Edgewonk.
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The 5 Stages Every Trader Goes Through Before Becoming Profitable Rolf Psychology 1 Comment 9, Views. Contents in this article Unconscious incompetence Conscious incompetence The Aha moment Conscious competence Unconscious competence Which stage are you at right now? At this stage, the traders with beginners luck are more likely to keep going forexfactory make it to the next stage. Sit down and try to answer these questions. Be honest with yourself even if the truth hurts.
Your task right now — if you are not a consistently profitable trader yet — is to sit down and take a deep look at yourself. Trade try to answer the following question: Forex Trading Academy Forex price action course Private forum Weekly setups Apply Here.
Sandro Journal Trader January 11, at 4: Leave a Reply Cancel reply Your email address will not be published. Edgewonk is the 1 trading journal from the makers of Tradeciety: We are Rolf and Moritz. We have a passion for trading and sharing our knowledge. We travel the world and hope to inspire. We quit our corporate jobs a few years ago and are now living life the way we want it to be.
Our holy grail is hard work and independence. We have a passion for sharing our knowledge of the markets and hope to help other traders improve their trading.
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