Before I found any sort of consistency in my trading, I was fixed on finding that magical entry point that would change my life and make me profitable. I was looking for the holy grail.
Well after countless failures and disappointing results from all the "magical solutions" I could find on YouTube and google searches, I realized the secret. The "secret" of trading and investing (in my opinion), is that there are no secrets.
Real, consistent trading is not glamorous or overnight riches like they show you on the TV and social media. Real trading is building accounts over time, at a steady rate. The biggest thing that changed my trading was learning the concept of proper risk management and position sizing.
I don't do anything incredibly fancy, yet I am very happy with my trading performance. I keep my positions very small, and I look to scale accounts over time with as little drawdown as possible. In fact, once I dropped the gold rush mindset that most traders fall victim to, I actually started to achieve some positive results!
Slow and steady wins the race, or as we say it inside the VIP community: "Small positions and chill". There's no need to get rich today. This is a skill an individual can use their entire lives, and trading success is a lifelong journey.
That's all for now. It's Friday and time to step away from the charts for a bit, so I can be fresh on Sunday.
Last week’s selloff was brutal for investors in the US stock market: the Dow Jones Industrial Average closed at its lowest level since late 2020, falling to 29590.41, losing 1.6% on Friday alone. With the S&P 500 currently down a whopping 23% from January’s highs this year, and other indexes close behind percentagewise, stock market […]
Yesterday, the Federal Open Market Committee (FOMC), the Federal Reserve’s policy-making body, implemented yet another 75 basis point interest rate hike. While this move was perfectly in line with market forecasts, Chair Powell’s comments following the subsequent press conference, in which he discussed the FOMC’s new set of economic projections, were significant. He continued to […]
Statistics Canada released a surprising new batch of inflation data this morning: month-over-month CPI failed to meet market forecasts, declining by 0.3% instead of the anticipated 0.1%. Rather than being an outlier, the other measurements of CPI mostly followed suit, as both year-over-year Trimmed CPI and Median CPI likewise failed to meet expectations. Trimmed CPI’s […]
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here