How do I become a consistent and profitable trader?
As I mentioned in my first post on why I started trading forex, I had a five-month losing streak, something I wasn't expecting as a start.
Like any other new trader, I spent a lot of time learning myself about forex trading in the hopes of finding my success in profit consistency. Educating myself through YouTube free content videos and experimenting with various trading tactics.
I tried demo trading for my first few trades and found I was killing it. Why not fund my live account and start earning real money, I thought to myself. Soon I started live trading with my small funded account ($500), I learned there are a lot of emotions associated to each trade setup. I have a proclivity towards TP (take profit) too early and am frequently emotionally affected by hitting SL (Stop Loss).
Despite doing micro lots trades, I quickly discovered that trading with real money and demo trading were vastly different. To understand what micro lots/mini lots and regular lot sizes are, look at the table below.
I knew at the time that losing money, even on a micro lot scale, was difficult for me to tolerate.
After 5 months of experimenting with several trading strategies, I came up with my own trading approach. I'm sure there are plenty of paid mentors, courses, even Telegram signal groups available online, but I'd never considered it. I feel I must rely on myself and master trading forex on my own, rather than relying on others to determine my future fate.
Nonetheless, I'm delighted that my will to keep trading until I found profitability taught me that accepting loss is a part of the game. Don't give up because you are one trade away from success. Once you find your first consistency profits in trading, your perception of money and work will change.
Indeed, my attitude toward full-time work has shifted; I no longer want to work my way up the corporate ladder. I'm currently employed as a mid-level manager in a multinational corporation. I was almost convinced that because of my abilities at work, I would be promoted to senior management in the near future. I felt that, even though I'm still new to trading, this was something that attracted my attention and that I'd like to pursue further.
As I begin to scale up my position, I will be sharing more of my trading journey and experiences.