J Park’s Trading Success Tips: $600 to $100,000 in Three Years
Are you still excited about learning forex? Stay motivated by reading the stories of successful traders. This time, MIFX will discuss the success of an Australian forex trader named J Park who managed to double his $600 capital to $100,000! Let’s take a look at the key to success in forex trading.
Losing is not a reason to give up
Behind his success, J Park turned out to be incurring two huge losses in a row, until he ran out of forex trading capital. But this big loss provided an opportunity to improve his strategy and he tried again to trade for the third time with a capital of $600.
It turns out that the third experiment gave amazing results! From March 2014 to February 2017, J Park managed to make a huge profit amounting to $100,000. Therefore, do not despair if you are still experiencing losses at the moment. Keep honing your forex trading strategy and enriching knowledge from different sources.
Get as much knowledge as possible from anywhere
An unwavering attitude must be backed by a willingness to continue learning forex in more depth. J Park himself always learns from many sources and from fellow dealers he knows from social media. From Twitter, J Park admitted that he knows many mentors who helped him achieve success in forex trading. Through his mentors, J Park continues to hone his forex strategy, learn to manage emotions, and improve risk management skills.
But study alone is not enough, J Park is also diligent in practicing his educational findings. Every day the forex market is always open from 09.00 to 16.00 for trading. However, if he believes that the chance of profit on that day is not commensurate with the risk of loss, then J Park will choose to watch price movements only to hone his technical analysis skills.
Let the achievements of other traders drive their success
Apart from learning from online mentors, J Park also uses social media to compare his trading skills and results with other traders. The comparison here is not a bad thing, but it does make achieving other, more professional traders one of the goals. The goals that are set by looking at other traders can be a good incentive so that we can also make profits consistently and become professional traders.
Avoid common mistakes for novice traders
There are some common mistakes that novice traders make. You can read the full article here. But according to J Park, there are two mistakes that are the deadliest and should be avoided. These two errors are also related. The first is so focused on results that you don’t pay attention to the process. The second mistake is not having a trading plan.
The result of the profit or loss trading is important, but the trading plan is more important. Novice traders should learn to develop a trading plan that matches their capital and risk tolerance, and then follow the plan consistently. If the trading plan is done well, the trading results will also be good.
Among the many keys to J Park’s success above, the MIFX team agrees with the proposal to absorb knowledge from anywhere. You should continue to learn forex and skills should always be improved, whether for novice or professional traders. Remember that although forex knowledge and education can be found anywhere, you still have to filter for valid educational materials. Watch dozens of free educational videos from MIFX Academy if you want to learn forex quickly and easily, with an attractively designed and easy-to-understand curriculum for novice traders. Also read the success of the legendary trader Richard Dennis here and the secret of steady profits like young Indonesian traders here to motivate you even more!