When a trader starts to invest, most of the mistakes he makes are related to his emotions, impatience and poor risk management. These mistakes can lead to your trading account being scrapped in much less time than you think. That is why, at the beginning, the most important thing should not be thinking about winning if not rather do not jump your account by the air at the first change, endure and at the same time learn from mistakes.
When you start a project, whether entering the world of trading forex or any other facet of life such as your professional activity, a business, sports ... on the way you will pass through good times but also for many moments Bad ones that will cause you disappointments, frustration and the desire to leave. If you give up, you become impatient or you do not set your goals in the medium and long term you will never succeed in anything.
That is the basis of consistency, not a momentary success without knowing very well why or assuming very high risks that sooner or later will end up turning against you but build something solid, with good bases, resistant and enduring and improve with Over time.
How can I become a consistent trader?
1. Start by learning the basics, how to defend yourself and familiarize yourself with the scenario that surrounds you.
2. Open a demo account in an online broker and start investing without putting your money at risk, operating with virtual money.
3. Take the demo account seriously, as if it were a real account in which your money was in play and gradually build your own trading system. As you perform operations you will learn to recognize when to enter the market and when not to do so, correctly set stop loss and take profit, ... The best trading system is the one you build for yourself because it is tailor made for you And will make you feel comfortable. In your hand is to change what does not work and exploit as much as possible if you do well. A winning system for a trader can be an absolute failure in the hands of another trader. Create your system bit by bit, learn by operating and improve it.
4. You must be realistic and assume that some of your operations will cause you losses, especially at first when you are more inexperienced, but also when you have been operating this will happen. It is impossible to succeed 100% of the time and it is part of the game. You have to accept it and relativize it, just like when you get it right and you get benefits. Setting the stop loss well and risking only a small percentage of your account in each transaction will allow you to go ahead and not make your account falter every time a position is closed at a loss. No matter how many benefits you have made, you must keep these rules "consistently".
5. When you start getting benefits on a regular basis you should try to keep them steady for at least a couple of months. In summary, you must be consistent before launching yourself to open a real account in a hasty way. Do not self-convince yourself that you are ready and let your history of operations show you.
6. Open a real trading account with a small amount of money that you are willing to lose without affecting you negatively (How much money is necessary to start investing in the stock market?). Even taking the demo account seriously is easier to trade when you know that you are not playing your capital. Repeating the success you've had in the demo and being consistent is much harder to get with the actual account and more so if you're risking too much money.
Does this process seem too slow?
Personally I think this is the shortest way to become a profitable trader and assuming minimal risk.
The important thing is to grow your trading account slowly but surely. Thanks to the power of compound interest, if you do not withdraw all your profits, you accumulate and operate with them and maintain a proper risk management, each time your trading system will be more reliable and your benefits greater so you do not need as much time to Increase your capital considerably.