The most difficult thing?

What's the most difficult thing for people to do in their trading?

For me it is one of two things, the first of which I've finally come to terms with.

A/ Not trading: As a newb I really WANT to be in the market and making ooodles of cash. I've finally got to a stage where I am happy to sit and watch a trend that doesn't quite "feel" right.

B/ I'm not sure I'll ever find this easy, but reversing the direction of a losing trade is my current gremlin. If I'm 30 pips down on three contracts and I see a signal to change directions I have trouble doing this. One, I'm locking in losses and two, what if I'm wrong and the original trade would have been profitable!. This is what I suppose the "emotionaless trader" is all about but it's hard.

What helps me get through a losing trade, is telling myself it's better have the money in a winning trade then a "what if" trade. There are plenty of winning trades out there and if you're invested in a possible you're much more likely to miss a good move.

For me it's following my rules or maybe impatience. .

For me it's definetely to know when to exit a good trade.
Finding the good trades is often not a problem, but good trades alwas goes in the wrong direction sometime.

I have found several +80pips go to the negative side all to many times.

When you're in a losing trade and are reluctant to get out here is something to try. Look at the chart and imagine you just saw it for the first time. Then ask yourself, "Would I enter this trade right now?" When you see the chart from that perspective it'll be easier to jump out.

Happy Trading

Not to beleave, what i see!, what is usualy right.

if there is worry, that's mean the lot size is too big, split it up again and again, now i end up with 1 micro lot per trade,,,
the worry is not that big now, done one way grid trading

Having been in this industry it is not the broker that is hunting stops or cheating customers out of money (maybe they do maybe they don't), but it is the traders not being able to control themselves and always wanting to be in a trade and not waiting for good trades. In addition new traders get out of a winning trade way to early and hold on to losing trades thinking it is going to come back. Learn to trade. This market does not hand out money you have to earn it.

Japanese Proverb:
The Highest Nail is the one that Gets Hit.

a/ you've got to get over the addiction before you can start to make money in this game, got to treat it logically like a business.

b/ When this happens, and you don't change side or do, do a virtual trade in the other direction, or if your broker lets you do a opposite trade and have 2 running, then see over time which would of worked out better.



FXDailyBuzz is spot on, my personal issue to exactly that, risking 15 - 30pips on a stop but getting cold feet and exiting for +5pips, AGAIN and AGAIN, but I'm working through it slowly thats the main thing that kills us for sure.

Thanks for all the input!
My system has some discetion when entering a trade which probably causes some of the doubt. However, I'm learning. It does however have tight exit rules, although I've occasionally lamented breaking even on a trade that could have got me 30 pips (5 minute chart) if I exited early.

I see this posted so often...
You have to treat FX like a Busiuness...
and subsequently wonder...
How Many businesses Fail?
How Many New Fx Traders have previously owned a business?

Nutshell:
Wtf does treating it like a business mean?
Your definition posted here would greatly help me.

Just an observation of a rambling old Farrrght that actually does remember when we were trading war rations. "Butter Coupons here." Bread... " Eggs..."

"meat here but please don't kill me for it.."

Good point Bemac. Hard to run something like a business if you've never been in business.
Many businesses do fail because folks haven't done enough research, don't have the education to make their endeavor work, undercapitalized, don't keep records well enough to know what's working and what's not.
I think when a lot of people enter Forex, they have high hopes and not enough at risk. If you open a small company or even an owner operator type of business you usually have to make a serious investment. That could mean mortgaging you home, cashing in your retirement etc. Probably have to prove to a banker or partner that you have the knowledge and ability to make the business work. In that situation, most people will adhere to a strict schedule, further their education, work many many hours.
In Forex we can fill out an application, send in $300 bucks and be in business (and maybe out) all in the same day.
I believe one of the best ways to treat this like a business is to become educated. Not just on systems and stategies, but a broad knowledge of what this market is, who's playing it and how, and why it even exists.
If you're trading intraday, knowing how much that pair normally moves on an average day just might tip you off on when to get out.
Knowing which currencies move with commodities might give you an edge. Oil up-- CAD$ up--USD/CAD down etc.
In any business you have to be competitive. We're all competing for the same thing and every time one person wins, another one loses. Trading is all about probabilities. If I had to bet on someone, it would be on the person with the broadest knowledge and the biggest arsenal of the simplest strategies. They have the best probability of success.

Happy Trading

Now to respond to the point of the thread.
My most difficult thing is watching a winner become a loser. 20 pips up and allowing the trade to breathe and it stops out. It has to happen sometimes and we have to live with it. Can't close out every trade at +20 pips. I guess the answer is to enter at prime technical levels and keep the stops tight so the losses aren't devastating. Still hard to watch though.

The hardest thing to do for traders: To sit on a winning position.


Hands down.

Not sure what u mean. I have never lost a trade. I have never experienced Anxiety Drawdown. I have never had a trade that went from profit to zero. I have never been stopped out. I have never experienced a margin call. I always win! Of course, I have never placed a trade either!

Aww you had me real excited for most of that, ready to PM you until the punch line

LOL !

You guys do realize that Matt revived an 18 month old thread, don't you?
None the less, A good choice of thread to bump.

It is most likely that you will be alone in "Your Trade Room" when you first pull the trigger on a Real Money Trade. Then you will immediately have a rush of "WTF am I doing here. Those Batards are trying to take My Money & I have no clue whether I should Hang On, Run Away or Flip."
This is the main reason that your first "Real Money Account" should be a Mini or Micro or even a Micro Mini to ensure that your Losses are Dimes or Pennies.
(Entry & Education Costs were Waayyy higher less than a decade ago)

S#it side is; so will your Gains be. But, it is one of the best methods available to New Traders that (I believe) is underutilized right now.

Shun the idea that currently you are 25 years old and {via Forex} you plan on retiring by the time you are 40.

If, by the time you are 40 Forex has provided you with Enough to retire, you wont. That's 15 years from Now if you are currently 25!

I wonder: if a 40 year old, 15 year veteran of Forex, would ask me if it were possible to turn $10,000.00 into $100,000.00 & how long it should take?

Thanks Bemac I didn't realize I revitalized such an old thread! I want to help people but I feel a need to correct those who have been trained to trade on unsuccessful programs and 'fool's gold.' That is all. Thanks again.

Sorry fellas, didn't realize how old the thread was!