@Stock trendy thank you for your post. It was very useful and gave me confidence. The best part of your post which affected me the most is as quoted below:
"Then the question arises, "why a few win and most don't?"
first, think about this. Every trader has access to the same tools, the same research, the same charts, the same quotes, the same proven trading methods, etc. So, why is it that, with everybody having access to the same stuff, only a few make consistent profits over time?
Well, it�s clear that the common denominator is the person. Yes, you! So, if somebody asked me to list the big three mental / emotional characteristics that define the majority of successful forex traders, i would list:
1. Discipline & passion
2. Confidence & courage
3. Patience & persistence
one could have a great trading methodology and a system, but weak on
psychology is likely to fail. Whereas someone with a mediocre trading system, but strong discipline with mental & psychology skills is likely to be on a winning side.
One trader i recently interviewed has no clue about macd, or stochastics or rsis or elliott wave. He has a very simple system of trading the breakout on triangles and trendlines � that�s all he does, and consistently produces over 700 pips profit
trading forex. He has a simple system, a set of rules, sets achievable and realistic goals � and all he does is follow these simple rules! � no rocket science. Recently one trader told me �i'd read very good books by elder, mark douglas, toni turner, candlestick course by nison, edwin lefevre etc. However, after reading those i was still trying to find the 'secret' to trading successfully and was not sure about
my system. I realised that the 'secret' to successful trading is that there is no secret!"
I have saved your post in my computer for future references too, that is to remind me of the reality.
@piratetrader thank you for the positive advice. I will be concentrating on both the points you mentioned. I lost my capital in 2 trades , both the times i was trading against the trend and had no stop losses. First time it was my ignorance and over enthusiasm as it was my first day. Second time it was because i didn't learn from my first mistake and was trying to be smarter than the market, thinking that it will take a u turn which didn't happen on that day. Though my title says that i want to rebuild, i have changed my priority to becoming a profitable trader @ the end of every day and then a professional trader. I know that on my way to being a professional trader my losses will be covered.
I am in learning stage now, going through numerous posts in TJ both psychological and technical things, and experimenting with what i have learned like trading with the trend etc.