Since May 2018 I’ve taken almost 500 trades in the forex markets and that’s not even staying chained to the pc all day. Please note that this is a live account and not demo trading.

I decided last year that I wanted to trade a lot more to hone my skills even more so I made a conscious effort into taking more trades and…

I walked away with some valuable insights that I’d like to share with you.

1. The more you trade, the easier it gets. Your analysis becomes second nature and your ability to take action without hesitating increases.

2. Sometimes despite your best efforts, the market does the opposite of what you expect and other times for no reason you just get lucky. (I’ll take luck anyway I can get it) 🙂  For example…   I’ve had plenty of times where I set a take profit target overnight and when I check the next morning, I was within 1 pip from my target yet the broker didn’t fill me.  Other times I’ll make a mental decision to exit and it turned out to be a “Lucky Break” as I exited at a optimal level just before the market tanked.

3. As the slogan for the lottery goes, “You have to be in it to win it”. All the demo trading and after hours chart analysis will not bring you the results you want. You have to have skin in the game and take action. There is nothing like “Relentless Forward Movement” for creating momentum and success.

4. Getting sloppy or lazy can cost you a lot. A good share of losses I had came from careless mistakes like not placing my stop loss and take profit levels correctly. Another one that bit me in the ass a few times was not double-checking my lot size and as I result I took on too much risk.

This isn’t my first rodeo so I should know better and not make these mistakes but… I found I usually made them when I was on a big winning streak as I felt invincible.

BIG MISTAKE!

5. Once your in a trade the biggest threat is YOU and micro-managing the trade. What I mean is that after you get into a trade, it’s easy to sit and stare at the screen and worry about every tick that moves against you and…

As a result you tighten the trailing stop too close and you get stopped out prematurely or…

You get nervous and decide to close the trade and take a small profit. Unfortunately what often follows is a big winning trade that would have worked out if you only gave it room to breath. The best thing you can do is set a stop loss and profit targets and walk away. This way the system has a chance to allow your mathematical edge to work in your favor. It’s way less stressful!

These might not all be new to you but…

As they say, “The Devil Is In The Details” and I can promise you that if you don’t focus on these details you’ll always be scratching your head in frustration wondering why trading is so hard.

Anyway, I hope this gives you some food for thought…

Dr. Jeff

Dr. Jeffrey Wilde
Since 2003 I’ve written 5 books on trading and taught over 14,000 students in more than 73 countries. I love sharing my knowledge and I’ve found by accident that mentoring others actually helped me become a more profitable trader.