Bad news, good news, and better news.
I feel like this post might be helpful to a lot of newbies. Quick recap: I started here about two months ago, really started getting into it fully about a month ago. Practiced for 2 weeks and was doing great, despite not knowing much about market dynamics or technical analysis whatsoever, so I bought an EA account. To my great surprise, I passed, mostly due to a glitch where my TP disappeared and I won a $2,100 trade. Then I got my PA account and things were still going great, but I was starting to take some pretty heavy losses because when I lost, I went on tilt pretty easily. So I figured, if things are this easy now, imagine if I actually knew what I was doing? So I immersed myself in technical analysis and strategy and this indicator and that indicator. Experienced traders know where this is going. I lost about $6,000 between the end of last week and Monday/Tuesday of this week. My PA was blown. My next EA was blown within a day. Suddenly I was so overloaded with information and indicators, I was paralyzed with indecision. And when I finally did decide on something, I was doing everything out of fear, either cutting my winners short because I was afraid of losing them, or holding on to my losers becuase I was afraid of missing out on a big winner. All of that ease and confidence I was trading with in the beginning was gone, and I had no idea how to get it back. Thankfully, last weekend I also started listening to Trading in the Zone by Mark Douglas, and man I cannot recommend that book enough. Also, thank you to whomever recommended it in here a while back. It perfectly encapsulated what was happening to me, as it happens to a lot of new traders. We are in the "zone" without knowing what the zone is because we have yet to experience the pain of loss. Once we lose, we start looking for new strategies and indicators, not to learn more about the market, but to avoid that pain of loss we felt. In short, we do it for the wrong reasons. The most important thing you can have as a trader isn't strategy, experience, analaysis; it's the right psychology. I'd take a trader who's a bad analyst with a subpar trading system but has the right temperment over a trader who can't handle his emotions but has the best trading strategy on the planet.