What do you mean by fundamentals? are you talking about fundamental analysis or something like that?
I mean the basics of trading like understanding about the market, the major pairs, price movements and yes, a bit of fundamental analysis too. Personally, I feel getting the basics right is the key before jumping in, even with a demo account.
I totally agree as setting realistic targets is the key. How do you usually decide on your targets in such a volatile market?
Yeah, I have learned the hard way that setting up realistic targets is very important because no one can predict how the market will change. For now, I am keeping my targets close to the support and resistance levels. If things really go south for me, I scale down my position or tighten my targets.
That's interesting! Do you find it tricky sometimes to stay disciplined with targets?
Oh absolutely! It is so tempting to move the target when the trade is going well like “maybe it’ll go even more higher” but I have learned this the hard way that greed can really mess everything up, even the little profit that I was making. Staying disciplined is still a work in progress.
Getting it now! So what'd you do during that time what helps you stay disciplined?
I started journaling every trade, writing down my prediction, the position I entered, tools I used, strategies I implemented, what the market resulted in, how were my emotions, everything. Helped me understand my pattern.
This is actually helpful! Great pointers for those who are looking for a good strategy.
Sure, but let me mention that sometimes having too much information can actually hurt you and prevent you from making the trades you would have if you hadn’t had that extra info.
I agree. Sometimes overanalyzing can kill it. How'd you decide enough is enough?
