A Trader's Mental Health.
Hello Enthusiastic Currency Analysts!
The TechnicalTrader123 here with another blogpost.
Trading is 90% mental and 10% technical. This is one of the things you will only understand once you are actually in the game.
From outside it looks like trading is all about knowing how to read a price chart and follow your trading plan. This myth could not be further from the truth.
Trading is all about your mind.
Therefore people need to stop thinking that becoming a full-time trader is simply understanding trading and analysis.
The most difficult part about going full time, is the actual mental part of it. To be successful in trading you have to live a very simple life. What I mean by this is that you must minimize any financial/relationship/family stress within your personal life. It is then and only then that full time trading is an option.
All these stories about ripping an account from $100 - $100k are absolutely baloney. Because we live on social media, everybody sees so many "success" stories of people doing this, but what they don't realize is that 10 times more people have failed trying this, they are just not showing it on Instagram.
Sniper entries/insane compounding/mental detachement is not the 'standard' Forex Trader. I hate to bring it to you, but trading is hard mentally.
My advice is really simple:
Get profitable first with a low balance, for 6-12 months risking a consistent amount tracked on myfxbook..
From there look to put yourself in the most stress free situation possible for the next 6-12 months. Look at the result afterwards and then decide what you are going to do.
Once you have become consistent and created real trading habits. You then increase the amount you are trading. That comes in the form of increasing your account size and potentially your risk factor as well.
Build your habits AND THEN make the market make your dreams come true.
Always play the long game.