In the previous nine works, we have gone through the wider fundamentals of the automated strategies development, and today we will discuss how to proceed further. How to reach your goal and how to achieve success.
Automated trading has one huge advantage – it is much less demanding for a psyche, which is a real killer for traders. You do not have to decide on each trade because it is done automatically. One factor, however, can be influenced by our psyche, which one?
Psyche in automated trading
Trading on the forex market is like any other business. We only manage our strategies instead of employees. When we start, we have some ideas and plans. At the end, however, nothing works as planned and we need need to adapt to the emerging situation, we need to change ourselves. The way to success is not straight, the following picture describes it well:
We will go back many times on the way, many times we will step out of the way … But if we last, we will finally get to the finish, but it will not be as straightforward as we can imagine.
It is good to find a mentor to begin with, to show you how to do it and help you walk through it. You will then know where to go and what to do … But you always need your work and engagement to achieve success. During the years of my trading, I found 4 steps that are on the way to successful trading.
4 steps to success
Here I will give you advice on how to proceed to get to your goal as soon as possible. I went through this way, so I follow my own practice.
- Start learning
As a first step, learn how to build and test the strategy. Get the maximum information, think about them and understand why they’re doing the way they do things they do. You can start with our course here.
- Test and apply knowledge
You need to work with your knowledge. So, start building strategies right away, test them and put them on a test account. Do not waste too much time.
- Become passionate and do not lose hope
It is best, when you become passionate for financial markets and you really fall in love with them. When there’s a time when it’s not going well, keep thinking about where you want to go and do not panic. In the beginning, it may happen that in the X months you will earn something, and then you will lose it. This is something that belongs to trading and meets everyone. But it is important not to lose hope and keep strong psyche even during these periods.
- Enjoy your goal with humility
The market is always stronger than you. It’s like nature – you cannot beat it, but you can adjust it with humility. Work in this way also with financial markets. Be respectful of them, approach them with humility and responsibility! This is just the way that leads to long-term results. Humility, respect and respect.
Thank you to all my readers. I’m glad we shared the basics together, and I’m looking forward to other articles that will appear here every week, as usual.