A glimpse into the toughest of all - foreign currency market.
Retail Trader has few clues on what drives the financial markets?
Small trader is exposed to market noise most of the time and has to rely only on the past statistics, present Price Action , technical and fundamental analyses.
If the trader does all this including facing the psychological pressures, can the investor remain sane?
Trading is hard. It takes 2-10 years to gain enough experience to be consistent. Irrespective of what you hear or read, there is no set system or indicator that will work consistently if you take every signal. Your personal involvement and decision-taking is needed. Copying signals will help to some extent.
If you have come to this site thinking that trading is easy money, and that you are going to be a millionaire in a couple years, think again. There is no such thing as "effortless success".
The only people, who become millionaires, are the ones who are managing other people's money and possess good analytical skills or programming skills to code trading systems and robots.
If you have the gift of the gab and closing (making a sale) skills, you can earn living money by writing and selling instructional courses.
Most of the Guru book writers aren't great traders.
The real secret is there is no magic setup. No hard system. Good trading comes from years of experience.
When you watch the market for years you get a feeling of what and when something is likely to happen. I have spent considerable time on watching the charts. It is in addition to the time that I worked as a financial journalist.
In a way, you develop a sense of history. History provides lessons to lead forward, solve tough problems, and evolve new solutions. And, most importantly, helps avoid repeating the mistakes made earlier
Your personal experience will let you know when it's most likely to work, based your personal past experiences. Personal experience can be first-hand or it could be even "second hand", as a voracious fiction reader like me would like to link it to the reading of other people's life experiences.
Trading for self is about your personal understanding of the market, based on experience. You have to find your own hard formula or holy grail. A good mentor can provide you "capsules" of experiences that can cut the learning curve considerably but at the end of the day a trader has to see the market through own lens of experience.