| Hi 101 Traders
You may have noticed that there are a lot of trading gurus out there on the internet, a lot of people claiming they know the only or best way to trade, and that you need only give them thousands of pounds in exchange for this knowledge. I fell into this trap at the beginning of my journey, spending thousands on trading courses that left me without a consistently profitable trading strategy.
Back in June 2018, I took the plunge, spent nearly £3000 and enrolled in the Warrior Pro 12-month course with Warrior Trading. I even created a video spillin' all the details about why I joined and my experience. Check it out here.
Now, while the time I spent with Warrior Trading laid down a solid foundation for my trading knowledge, there was a missing piece I didn't realize until later - the art of managing risk.
Early in my trading journey, I didn't grasp how crucial managing risk was. Ross over at Warrior Trading had a strategy that was tough to master, involving a hefty amount of risk – aggressively putting 10-20% of overall equity on the line in one trade.
To put it in perspective, imagine a £1000 account. A 10% loss in one trade brings it down to £900, then £810... after 10 consecutive losses, that £1000 trading account suddenly drops below £300. Trust me, the trading psychology that kicks in is no joke – panic, fear, you name it.
I made this mistake and learned first hand the importance of both risk management and trading psychology in this game. Contrary to popular belief, the magic doesn't lie in finding the perfect trading strategy. There's no holy grail in trading, and losses are part of the journey.
What truly defines a trader is how you handle those losses, manage your risks, and control your emotions. Trading isn't a get-rich-quick scheme; it's a marathon, not a sprint.
Successful traders develop a sustainable long-term trading style that prioritizes risk management over quick, massive wins, steering clear of unnecessary stress.
I wish someone had drilled this into my head early on, so I could've focused on what truly matters. But hey, I'm here to help you cut your learning curve and zero in on what keeps money in your account and helps you make more. Stay tuned for that! And remember, we're in this together.
In my next email, I will continue my tale and share how I got started trading Forex. It will be titled " From Stock Fumbles to Forex Triumphs"
Speak soon, Emily x
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