Yes, there is another part you lack. This is why you have not yet succeeded. That is the ‘mindset’. The mindset needs to be right. Continue reading below, because we want to tune your mindset which is "rusty", because it has been 5 years of trading but still complains of a loss.
#First: Stop what you are doing right now.
Reset all. If there is a forex account that is still running and sometimes profitable, sometimes Stop Out. Please close all positions and relax. Calm down. The best way to reset your mind is to stop trading for a week. Do another job. This is for you to be able to think calmly without being influenced by emotions.
#Second: Make sure by this time you are really "fresh".
Forget what you have read and studied. That technique. This technique. Add techniques that use nonsense indicators.
Set your mind back. There are 3 main basic things in forex that need to be mastered. All this is the same as one world. It is not a new technique. It's a basic technique. Understand the basics first.
1. Technical Analysis
2. Fundamental Analysis
3. Risk and Emotional Management
All these things you have to go back to learning the basics. If you need help with all the basics, this is the best time for you to not hesitate to spend a little money to invest to get the right forex trading knowledge here.
#Third: Understand that Forex Trading is a business.
In business. We can not get rich quick, because it will blind our eyes to make mistakes. So the target you want to succeed is "CONSISTENT" and set your mind "it doesn't matter a little bit", promise consistency and study. This is a "Long Term" business. Delay your gratification. Slowly try.
Let it be slow, from the waste of time over the years, like before.
You already have money from salary and so on, this is no longer the right time to generate money. Later, after the 2nd year, I really pushed, just started to generate money from trading.
That time later, you are the "king"!
#Fourth: Develop a Trading System
After knowing the basics of forex, FA, TA, MM. Please develop the trading system and test the system many times in the demo account. Want to know, be to nothing. Can you make a profit? If the Demo Account is Stop Out, how do you want to trade a real account?
Trading systems may be taught everywhere, such as in forex classes, from friends. But make sure you can adapt yourself to the trading system.
Believe me, it takes some time for you to get tuned exactly to yourself. It takes at least 3 years to really get a unique trading system that suits the habit.
Hard work. Need to work hard, study the market, read the latest news on KAKIFOREX.com every day, do not miss it! Write a journal for Money Management. Mark on the log, if there is an error, and so on.
You may see other traders, relax trade by the beach, bring luxury cars, and so on. But remember that they may have gone through what you went through before, all their efforts and hard work brought them to that level. Think about it, have you had enough "hard work to succeed?"
#Six: Put this Time Frame business.
Some people think it is appropriate to be a forex trader, some do not. Some people just want to trade because they can just gamble. So you have to know, this forex trading business also needs a long time. It is a long journey.
Why do so many lose? Because they want to get rich quick, like to gamble, and can't wait.
So plan ahead. Put back Time Frame 2 or 3 years to really be in this field. Try to maintain a 6-month demo patiently. Then start small by trying consistently from the amount of capital around USD1,000. The target for the last 2 years of the deposit is right after it is stable.
All time consuming, better disciplined from the start. Save time. If it's been a long time, maybe 2020, and you still lose. So this may not be right for you. Whether you have no income or you still have not changed your temperament and the way and mentality of forex trading.
#Seventh: Do not think of quitting.
Many people think that they are losing money because they are not focused on it. So I have to resign from my salary. Don't! Spend some time studying forex at night, after work. But remember, do not look for resignation that has given you a stable income.
It will disturb your emotions. It's hard!
Manage time, find study time opportunities, find trading systems, and adjust work schedules. If you can't even manage time, how do you manage this more challenging "forex trading business"?
#Eighth: Try to persevere and be consistent
The money will come later. Need to be persistent and consistent
