The key is to build yourself as a complete trader progressively.
Learning technical analysis can't solely help anyone earn money consistently.
The key is to build ourself as a complete trader progressively.
But this is most common mistake that most people do is that they expect to earn money consistently with learning technical/fundamental only. Then, they have no clue why they are failing..
Just take a real life example, just learning to know how to play chess game can't make anyone a grand master. Efficiency & psychological power to face adverse condition,dealing pressure, only comes with experience & continuous progress.
In trading there is no level playing field, all player play together in same game(same market) and there is either a winner or a looser. That's why 9 out of 10 people are loosing here.
Learning technical/fundamental analysis, research, having a back tested system with positive expectancy etc etc in only about maximum 20-30% part for successful trading. This is only first step (this usually take about 2-3 years with all in depth knowledge).
Unfortunately the rest 70-80% quality comes only from real life trading experience for at least 3-5 years after learning 1st part.
Out of which 30-40% is about money management(average losses must be smaller than average profits) and 40-50% about trading psychology which teaches us emotionless trading, unbiased thinking, will power to face uncertainty & adversity in market,cutting loosing position early & patience to ride on a trend.
Traders can read books on money management & trading psychology. But no book can teach it ultimately as every person have different risk taking ability, power of emotional control. Every trader have to discover himself through experience, it is like continuous personal development.
Any profession takes time. Here it takes at least 5-7 years overall to be a successful trader with continuous progress. But the end of that journey a lot of independence come to our life in terms of money and time.
Hope this helps.
Best Wishes & Happy Trading.
H.C.
Learning technical analysis can't solely help anyone earn money consistently.
The key is to build ourself as a complete trader progressively.
But this is most common mistake that most people do is that they expect to earn money consistently with learning technical/fundamental only. Then, they have no clue why they are failing..
Just take a real life example, just learning to know how to play chess game can't make anyone a grand master. Efficiency & psychological power to face adverse condition,dealing pressure, only comes with experience & continuous progress.
In trading there is no level playing field, all player play together in same game(same market) and there is either a winner or a looser. That's why 9 out of 10 people are loosing here.
Learning technical/fundamental analysis, research, having a back tested system with positive expectancy etc etc in only about maximum 20-30% part for successful trading. This is only first step (this usually take about 2-3 years with all in depth knowledge).
Unfortunately the rest 70-80% quality comes only from real life trading experience for at least 3-5 years after learning 1st part.
Out of which 30-40% is about money management(average losses must be smaller than average profits) and 40-50% about trading psychology which teaches us emotionless trading, unbiased thinking, will power to face uncertainty & adversity in market,cutting loosing position early & patience to ride on a trend.
Traders can read books on money management & trading psychology. But no book can teach it ultimately as every person have different risk taking ability, power of emotional control. Every trader have to discover himself through experience, it is like continuous personal development.
Any profession takes time. Here it takes at least 5-7 years overall to be a successful trader with continuous progress. But the end of that journey a lot of independence come to our life in terms of money and time.
Hope this helps.
Best Wishes & Happy Trading.
H.C.
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