2023-03-03 23:26:46
Here’s the 8 Stages of Day trading
1. Excitement This is where you first discover trading and think it's a get rich quick scheme. You're already planning what to buy with profits you haven't made.
2. Demo fever Here you start milking on demo accounts. Trading seems very easy. At this point is where some people expose themselves as "forex traders" as they flip demo accounts. They start flexing with demo profits while their live accounts are sitting on 0.00
3. Wake-up call After funding first live accounts you realise trading isn't easy. You fail to flip your live accounts as you flipped your demo accounts. Suddenly when you buy it sells and when you sell it buys.
4. Fear Due to blowing a couple of accounts you start experiencing fear towards the market. Even placing a trade requires courage. Therefore after every blown account you go and try to improve your strategy to avoid losing.
5. Rock bottom At this point nothing seems to work. The true reality of trading comes to play. After losing everything most don't make it past this point. They often quit to pursue a career in music, then later quit to pursue a career in quitting at everything when things get tough
6. Psychology After trying everything in the MetaTrader app, you realise maybe the problem is with the way you think. Some get burnt and adopt good psychology without realising but others read books and work on self development.
7. Waiting period Even after adopting good psychology it takes a bit of time to properly put it to work. At this point you don't have any hesitation in placing or closing trades yet you're not reckless and wait for your edge. The market becomes candlesticks going up and down, nothing more and nothing less.
8. Breakthrough While in the waiting period you realise that you're actually making profit. That's when you start flexing on people that look down on you when you were at rock bottom. Suddenly everyone must know that you have arrived.
5.6K viewsTumelo, edited 20:26
