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If you have been keeping up with my blog, you would know that journaling your learning process is something I heavily advocate.

H4 & DAILY.

on the daily is acting on a strong resistance and failed to break through.

Looks like the seller have it.

So on the H4 I will wait for a confirmation to SELL.

The fact is, learning how to trade is subjective and personal, so it only makes sense that the way each trader learns may vary as well.

How Much Forex Trading Capital Do You Need?

I usually encounter a lot of questions regarding the ideal amount of capital you should put in forex trading. On one hand, I recommend risking money that you can afford to lose. On the other hand, there are plenty of risks associated with being undercapitalized.

You see, once you step into live forex trading, the way you look at capitalization will never be the same. Forex trading is now a business – YOUR business.

This means that you are the manager and just like in any other business, you need to have a business plan. You need to know what you’re going to do from beginning to end and how you’re going to react to any foreseen–and unforeseen–circumstances. As the saying goes, “If you fail to plan, then you’ve already planned to fail.”

So, what’s a great way to start having that business mindset?

One key business principle you need to understand is that it takes money to make money. Before jumping into live forex trading, consider what kind of lifestyle you want as well as the possible costs you may incur (equipment, services, drawdown periods, etc.), because one of the biggest reasons why many traders and businessmen fail isn’t because they aren’t good, but because they are undercapitalized.

Being properly funded will allow you to sweat out periods of bad business (poor trading), and give you a higher chance of surviving long enough so that you may experience periods of good business (good trading). To give you an idea on how much you should put in, here are some important questions that you need to ask yourself:

●Will you be trading full-time or part-time?
●Will you make a living out of forex trading?
●Will you be supporting your family or is it just you?
●How are you going to be educated?
●How much will you spend on trading tools such as charts and news feeds?
●How much can you afford to lose?
●Do you make money from being more right than wrong?
●What is your average variability of returns on a per week or per month basis?
●How big of a drawdown can you stomach?

After answering questions like these, then you can estimate how much you need to start with. Once you’ve decided on your initial capital and have begun your forex trading business, only then can you start growing it.

But of course, like any other business, you should only expand when you are already making money and successful. You don’t build a second McDonalds if your first one is still struggling to rake in profits!

These are all basic management principles, but they will be essential to setting the foundation of your trading career and business. So make sure you have both a solid trading plan and a business plan in place before you decide to get your feet wet and go live.


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Much has been said about the importance of mastering your trading psychology. And though there are many different ways to accomplish this goal, perhaps the most practical and effective way of doing so is by keeping a psychological trade journal.

https://youtu.be/Wuk8vWZ3OWM?si=IX_TrDvbL1vUqAeM

Day in the life of a FOREX TRADER in Nigeria. ⚠️TELEGRAM CHANNEL:👉https://t.me/trading100place⚠️CHATROOM:👉https://t.me/TradingplaceDiscuss⚠️ RECOMMENDED BROKER: HF MARKETShttps://www.hfm.com/sv/en/?ref...

How to Learn from Your Worst Trades

After a terrible losing trade, perhaps the last thing you’d want to do is to revisit and scrutinize that loss. Here’s why looking at your worst trades can be good for you.

In life we usually develop repetitive behavior: we wash our faces when we wake up (at least I hope you do!), we eat lunch around noon, we wash our hands after meals, and go to sleep at a specific time. You see, we develop daily routines that help us get through the day. And as creatures of habit, we also go through patterns in trading.

Over time, we form a routine in the way we process and react to information thrown at us. For example, some people lie to their partners on impulse even if they did nothing wrong just to avoid a lengthy conversation. Heck, even a kid would fib a little just to avoid a scolding. They aren’t really liars by nature, but they have already conditioned themselves to respond a certain way given a specific situation.

How does this apply to trading?

I know this might make you cringe but try looking at the worst trade you’ve ever had in your trade journal. Review the trade setup that you saw, think about what went wrong, and ask yourself, “Why the heck did I ever take that trade in the first place? What was I thinking?!?”

More importantly, “Was I even thinking?!?”

You probably just took that trade automatically based on a familiar setup. In this case, your decision was a result of your own way of thinking rather than what the market was telling you.

Your worst trade isn’t necessarily the one where you’ve incurred your largest loss. It can be in the form of a missed opportunity, when you hesitated to take what could’ve been your trade of the year, or when you locked in profits too early instead of letting it ride. You might’ve wimped out because of your fear of losing, even when the markets gave every indication that this next trade would be a winner.

Another negative thought pattern is when you become absolutely indifferent to losing that you end up blindly taking one trade after another just to make up for your losses. In this case, you keep insisting that you’re right and you believe that you will eventually beat the market. Revenge trading turns into a nasty habit and could result in large drawdowns if not corrected.

The usual response to bad trades is just shrugging them off. Much like the memory of getting rejected by crushes in high school (not that it happened a lot to me), it’s easier to simply push the memory of a bad trade at the back of our heads, and falsely reassure yourself that you’ll prepare better next time, and then move on to the next trade.

But that’s not enough!

You have to REALLY dig in into the problem and review the nitty-gritty of your bad trades. Otherwise, you run the risk of repeating your mistakes.
No matter how painful or discouraging the task is, you must force yourself to open your trade journal and ask yourself questions like:

• “Why did I take the trade?”
• “Did I follow valid signals when I closed my position?”
• “Is ‘How you doin?’ really such a bad pick-up line?”

Okay, maybe the last question is more apt for your Saturday night problems, but you know what I mean!

In forcing yourself to identify the emotions you felt when you made bad trading decisions, you might be able to see a negative pattern in your behavior and take actions to correct it. Unlearning bad habits and trading practices can be difficult, but they will certainly bring you one step closer to controlling your emotions and becoming a better trader.


JOIN MY FREE TELEGRAM CHANNEL
https://t.me/trading100place
☑️Forex Broker deal: If you want a free 100% deposit increase, check out the top Forex broker here: https://www.hfm.com/sv/en/?refid=338225 💰
(Whatever you deposit = will be increased by 100% 📈 Example: Deposit $100.. your new balance = $200).