Forex trading benefits from sharing, motivation and positive reinforcement
I mentioned before in all the forex classes I have ever conducted:
Trading is a lonely journey.
At some point in my own trading journey, I was also demoralised and at a loss. I was lucky to have the support of my husband. At the earlier stage of my trading journey, the motto is “never give up”.
It was then I discovered how important it is to have constant reminders and motivations.
Get motivation, reminders to reinforce positive trading behaviour and psychology
A strong psychology is the key determinant to craft a successful and profitable trader. To have strong psychology, one needs lots of positive reinforcement from good trading behaviour. What is positive reinforcement? That’s about tasting enough times of correct trades that are executed according to plans. Then what are reminders and motivations? That can come from family members, friends or fellow traders. Basically people who understand what you are doing. The truth is, it is very tough sometimes for family and friends to really understand what forex trading is about and why you are doing it at all. The usual response “it’s so risky, can make money or not?”
Learn from me but play a part to help each other
This is also the reason why I believe that fellow traders can help to motivate each other. And this is the sole reason why I announced my trades in advance (instead of coming up with a subscription service). I like to motivate all traders that winning and making money from forex trading is not a myth. We could do it. Of course, do note that risk is involved.
Likewise, I encourage a small return from all my students – to tweet back or let me know about their winning/losing trades so that I could use these tweets in turn to motivate others. However, sadly only the usual fews make that efforts. Increasingly, less and less students do it. Someone made a remark before “who are those students who tweet back to you? Oh, those usual few I suspected huh? “ Ironically this person says that others don’t participate but I have never seen him participate either.
I remember how I struggled in my trading journey, how I held on to my belief that “yes, trading is the path!” And so I persist still because I remembered my journey for the past 10+ years.
It is with this in mind, that I like to share my recent trade on EURUSD to motivate all of you!
Sharing EURUSD trade that I did – 29 Aug till 3 Sep 2013
How I rode this EURUSD trade
- 28 Aug 2013 – Shared a trade analysis in TerraSeeds Blog on protected post on the currency that did not move EURUSD and EURJPY
- 29 Aug 2013 Afternoon- Price went too far from the trigger price. There was no possible entry due to high risk reward ratio
- 29 Aug 2013 Night – First entry made when price traded below a critical level
- 30 Aug 2013 Day – Second entry made and announced in twitter during a 4M class with live trading which I conducted
- 30 Aug 2013 Night – Price reached predicted target of 13180. +60 pips and many students were happy
- 2 Sep 2013 Day – Re-entered with more positions and announced in twitter
7. 3 Sept 2013 Day – EURUSD attempted a strong support around 13160 but was not willing to come down. That was when I closed all my trades on EURUSD to protect profit. +13 pips average
8. Moments before that, also tweeted my ideal price levels on EURUSD was 13140.
9. Entered again at 13170 on lower timeframe for another ride to 13140 (which is what I expected) +30 pips
EURUSD 30 pips profit quick trade to 13140
And thanks to all these H.E.R.Os who shared their journey and joy too!
Ingredients that make successful trading
To be successful at forex trading, it’s about
- Having conviction
To have the above ingredients, we need to have:
Constant reinforcement of best practices and continuous influx of MOTIVATION!