I didn’t know it was a trend.Let’s ignore these quirks. I live well from it, but it’s not an easy job and I would have a bad conscience to recommend it to others. Over an answer from me in the English Quora, the finger circles over the Delete Button every few weeks because I think it was misunderstood. The currencymarket (For eign Exchange) is the financial market with the least entry hurdle, unfortunately companies that call themselves brokers and which I consider more like an online betting agency use this in their advertising to gullible customers.
Trading, whether currencies or other, is best seen as
“the hardest way to make money”.
Most beginners take several years to stop losing money(!), in this time they often get lost because they don’t know what trading is all about.Intuition would claim “predict where the price goes” and thus the first false turn is taken. Most profitable traders find situations where the bet pays off. In other words, a market situation in which you can win more than lose and the probability of a positive entry is not too bad. Pseudo-mathematically speaking, the better the winning rate, the worse the probability. The next error is the main focus on the entry point, because the triangle of position size/risk management, entry and exit should count.
But the biggest and often persistent problem is self-sabotage.Betting money doesn’t feel good for most people. If you are looking for and like the adrenaline rush, you won’t be a good trader. Those who cannot be rationally counteracted by the cognitive dissonance of bad feeling fail through self-sabotage.Those who bet money often engage in psychological warfare against themselves. In fact, I’ve read more about this part of trading than i’ve read about anything else.
The very practical problem with learning is that all the books and online sites I’ve seen aren’t worth the space they take.I wouldn’t know a book right away where I would say: this will take you in the right direction. Many describe technical, but the cleanly structured entry path, how to build one’s own suitable strategy, is not possible. Among the online sources, on the surface, School of Pipsology still seems to me the least bad.
On the mental component, “Trading in the Zone” by Mark Douglas is to be regarded as a standard work.Brett Steenbarger has published some interesting short articles on his website Brett Steenbarger Articles on Trading Psychology and Trading Techniques.I guess/hope you slowly guess what trading means.
Well, don’t get me wrong.I like to do this job, but I’m a bit different from normal people. In a permanent position, I would blow my brain out after 6 months. I had set up my own business when I was 20 or so. I had a business partner, an employee and everything until my business partner unexpectedly overturned and died in 2012 from a brain haemorrhage in the office. Since I had already dealt with trading on the side and then stayed with it, especially since I wanted to get out of the company and the industry anyway. For me, trading is freedom. I am no longer dependent on people who work for me, do sales for me or Chinese people who solder fake components on boards. I believe that anyone who follows this activity for other reasons is not doing themselves any favours.