Most traders fail because of no discipline! | Page 6 | Forex Factory

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Most traders fail because of no discipline!

  • #101
  • Edited 7:05am Jan 22, 2017 6:51am | Edited 7:05am
Quoting hak444
@kpclick...i think you are referring that to me and not (Not-KPMG) i think u have some serious....
...but what is the risk involved surely that is well known, otherwise u can be in deep trouble. Was not willing to but here i will share a chart if FF allows me to. See how a simple tool (may b useless to some people) can help.. }
Â
Hi all.
Great charts. BB are helpful tool, mostly on higher frames.
Can i apologize if i seemed brash or bit rude.... I'm just fast speaking and sharp
This will be my last post. Comments welcome!!!! I'll be at my only thread - E/U. Forex is trading and learning, not talking.
Â
Let me elaborate on what our friends say :
Yes, there's risk. Yes it's zero sum game
.......But so is poker. And few people make millions. It's a matter of brains, knowledge, discipline, news reading.
Â
We don't know where EXACTLY the market is going.... So what? If we know a little bit of direction, we can squeeze 10-15 pips. Use MACD, trendline, Fibo, news, Gartley....
Â
When to trade? If you trade 24h a day - go crazy. Trade 12 hours and get all kind of spikes...... Trade at noon (NY open to L.close) and no problem Trend, news....
Need patience!!!!
Â
And no, mechanical systems don't work (unless you are really smart, or make a filter, or turn off when RISKY)!!!
Â
I'm adding a little joke....or is it??? Timing is important.
Â
See - we, little traders have many tools, many opportunities to make pips and cut risks.
Don't use them - eventually will fail
Â
Guys in the last few posts - don't be so literal!! Noone can give all the answers. What we need is...10 pips a day.
GL. ✌Â
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Beware of robber banks (RB), bad advisors.
  • #102
  • Jan 22, 2017 7:00am Jan 22, 2017 7:00am
Quoting Not-KPMG
{quote} Hi all. Great charts. BB are helpful tool, mostly on higher frames.
Read my previous post with understanding, reflect on the meaning, stop flooding this forum with un-ordered flow of though and stop referring to Star Trek, this is so 1980s...
  • #103
  • Jan 22, 2017 7:13am Jan 22, 2017 7:13am
Quoting hak444
@aaven... means that if something no matter how much precious it once was...if it doesn't exist anymore, you can not trade it (i was referring to gold, which i trade). But i know that is not a good reason . That's why i said hypothetically. Thats it
Thanks Hak444 for helping me to understand. Your example though hypothetically is in fact a great way of conveying the simple & powerful point...

Have a nice weekend...
  • #104
  • Jan 22, 2017 7:15am Jan 22, 2017 7:15am
Quoting kpclick
{quote} If I look at this video, I see a simple question asked, somewhere outdoor, outside the main hall in rather casual setting. In fact is not even in the main stream of Bloomberg's videos. It was hard to find back for me, that is why i said I did not want to waste time. I dont think all of them somehow conspire together on that answer. Mind you, it is not only big fishes, but quotes from a few CEOs, chairmen, journalists, a Nobel Prize winner. Look at number of crosses, there is quite a few of them. Also this is a theme that has running for...
KpClick

Much appreciation for taking the time...
  • #105
  • Jan 22, 2017 7:29am Jan 22, 2017 7:29am
99% of the people who tried something and failed will tell you its impossible and they usually have the most convincing reasons of why it wont work so be careful who you listen to.Big banks and Hedge funds are just structures but its individuals like me and you who trade for them or create trading systems for them and if they can do it so can you,its not an easy job but it can be done.so at the end of the day as the saying goes whether you believe it or you dont either way you are right.
100% KENYAN.
  • #106
  • Jan 22, 2017 7:36am Jan 22, 2017 7:36am
Quoting kpclick
{quote} She/he could, as long as she/he keep in mind: image001.jpg;2150103 {image}
Excellent!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #107
  • Jan 22, 2017 7:38am Jan 22, 2017 7:38am
Quoting executivefx
if you believe in your strategy stick to it. {image}
Love it!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #108
  • Jan 22, 2017 7:46am Jan 22, 2017 7:46am
Quoting kpclick
{quote} Read my previous post with understanding, reflect on the meaning, stop flooding this forum with un-ordered flow of though and stop referring to Star Trek, this is so 1980s...
No Star Trek?
You're kidding, right?
I often travel to the ADVANCED ALIEN CIVILIZATION at Warp 3.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #109
  • Jan 22, 2017 7:46am Jan 22, 2017 7:46am
  •  hak444
  • | Joined Aug 2016 | Status: knowing is not enough,we must apply | 41 Posts
@kpclick...dude don't get me wrong i think ur suffering from some serious sickness. I don't know whether its mental or just your eye sight but you need help

where did i say "So you believe soon there will no more gold to mine?" quoted by you
what i guess you are referring is the hypothetical example i gave for my edge not to work...learn to read buddy. (it will help u in future)

why are you showing chart starting from 1999?
about the charts well i cannot go back 2011 because am testing on 4 hour time frame.
The charts i posted are monthly.

You tested your strategy in the last couple years. And I pointed that that 2017 and beyond might be quite different market for gold than previous years, there for strategy fitted then might not work that well on the near future.
i know that very well each year is different because new traders enter the market all the time...but the accumulated effect is same most of the time, that is why technical analysis work. Perfect example was to look at the charts i shared...using just 1 simple indicator you can see what it has done in the past and what it may or may not do. Just puts the odds in your favor, its not the word of God(if u believe one ).

But well, you are sure your method, thats great then, good luck. I am just pointing to some risk, that is all
if am not sure what am doing then most probably i will lose in the long run. and if am not sure that my edge will work or not , that is just one of major trading error you can make. Always doubting , with this surely you will never be consistent.
and luck plays no part in the way i see trading. its just a probability game. (just my opinion)

I dont get your idea of supply and demand though
If there is not supply (because not more new resources available) than that item(s) should get more expensive, assuming there is still demand for them.
Let me give you an example: British Guiana One-Cent Magenta stamp. No produced anymore. According to you, this stamp cannot be traded. Yet it sold for 9 millions not long ago
Something more down to earth. If there is not more land in Manhattan to release then land and property prices should be rising (anything else being equal) , yet according to you all property trading in Manhattan should stand still forever

Again i don't get it what your saying...may b you watch too much tv.
your example that British Guiana one cent magenta stamp (whtever) sold for 9 millions.
Are you a grown up man or a 5 year old kid???
seriously??
for some thing to b sold 1st it must exist(in "tangible" or "intangible" form). or may b m living in a cave...

lol....i think your just a troll...no need to feed one anymore.
no need to waste my precious time....
Peace ...hope u get well soon and other guys make lots of money....
I can accept failure but i can't accept not trying. (Michael Jordan)
  • #110
  • Jan 22, 2017 7:57am Jan 22, 2017 7:57am
Quoting kpclick
{quote} Nonsense...
Brother, whats the problem with you bashing people for there views? Who is forcing you to agree with someone or not to agree with someone. You need to first determine what is trading discipline in the context of this thread? I believe that if you are not disciplined then strategy do not make any difference or even strategy do not mean anything because being stick to your strategy rules is also a part of discipline.
Forex; the game of movements not the game of candles.
  • #111
  • Jan 22, 2017 8:10am Jan 22, 2017 8:10am
Quoting hak444
@kpclick...dude don't get me wrong i think ur suffering from some serious sickness. I don't know whether its mental or just your eye sight but you need help where did i say "So you believe soon there will no more gold to mine?"
I would say first people who need help are your parents. Obviously they did not teach manners. Second place for urgent help is an education system that allow you through. Obviously you have problem with understanding what you read. I dont blame you though, you are just a product of a specific processes that have been implemented over decades.
Quoting hak444
about the charts well i cannot go back 2011 because am testing on 4 hour time frame.
I will spell for you again, since you deserve a second chance: what is a point for you posting monthly charts starting in fact from 1993 if your back testing only goes couple years from now? Particularly if you test it on 4H. What is so hard to understand?

Oh boy, your perfection of analytical thinking will surely make gold killing in 2017, good luck!!! On demo hahaha

Sorry, I will not read rest of this pizza vomit.... surely though FF deserves what it gets.. fresh meat. Keep tight kid...
  • #112
  • Jan 22, 2017 8:13am Jan 22, 2017 8:13am
Quoting Sajid
{quote} Brother, whats the problem with you bashing people for there views? Who is forcing you to agree with someone or not to agree with someone. You need to first determine what is trading discipline in the context of this thread? I believe that if you are not disciplined then strategy do not make any difference or even strategy do not mean anything because being stick to your strategy rules is also a part of discipline.
http://dictionary.cambridge.org/dict...glish/nonsense

an idea, something said or written, or behaviour that is silly or stupid:

This report is nonsense and nothing but a waste of paper.
The accusations are (absolute/complete/utter) nonsense.
Nonsense/Don't talk nonsense! She's far too ill to return to work!
You mustn't upset your sister with any more nonsense about ghost
Quoting Sajid: You absolutely nailed it my brother. Trading is discipline. 200% agree.
  • #113
  • Edited 9:22am Jan 22, 2017 8:37am | Edited 9:22am
This thread has some very in-depth analysis of why many traders fail, allowing for a great learning tool for traders of all different colours to take something away. From being someone who has never looked at a chart to one of the most experienced traders on the block, the mind must refine, re-tune and adapt its approach to the markets, daily.

With that in mind, I would like to offer some tips on ways to help control the mind, working with others and of course myself, these ideas might not work for everyone, but have provided some promise. These ideas take time for the mind to shift, and Im not trying to be a guy like Tony Robbins who tells other people what to do, for success but has actually never done anything success himself. And no I havent done a study to determine the statistics on this approach, but science is still on my side, but again I cant say it will work for everyone.

Thinking about money: The mind is identical to a cocaine addict when it thinks about money https://www.ncbi.nlm.nih.gov/pubmed/9331351

Trading can become addicting and as a trader, understanding this, when making a trade or a second, third or fourth trade after a losing trade, it is important for a trader to ensure they arent trading out of spite, remain focused even when in large drawdowns or even when trades are moving against us, after the trade itself was ITM.


Risky decisions happen in a different part of the brain: Pretty straight forward, as a trader your risky trades will be developed in a different part of the brain compared to making good trades with low risk! This area is associated with the nucelus accumbens, which is an area of the brain, that is part of the dopamine process(addiction). This can result in becoming more addicted, more risk taking. As an example when you opened an account of 1000$, when your down to your last 100$ you make a very risky trade and of course lose. Where as normally you would never risk 10% of your portfolio on a trade. Let's be honest, a high percentage of us have done this, at one point or another, before are first account goes broke for some other reason.

These 2 concepts, play a very large roll in the mind, and are emotions as a trader, weather we like it or not, they occur in the mind and their is nothing we do about it. It is the nature of humans.

So how can we control this?

Having a checklist:
Go over the checklist, each time we sit down to trade. This helps the mind, find the path to the correct area of the brain, where we take less risk, and the mind sees things from a more technical aspect, essentially helping to remove emotions

Daily meditation: Daily meditation has been shown to quiet the mind, quieting the mind, also helps to lower the stimulation of the accumbens area, allowing for the logical area of the brain, to remain in control. Again, removing emotions.

Talking to someone about your trading: Hearing are voice and repetition, helps to develop a pathway for the brain to connect the dots, for understanding why the trade failed or why we were success. Will that occur on every single conversation? No!! This takes time, but allows the concept to be replayed over in the mind. This process can allow for the idea, to become more of a second nature aspect.


Repetition, Repetition, Repetition just like anything, the more you do it, the more it becomes second nature!!! Trading is a profession and to be successful as a professional, your whole life must become engulfed in the idea of being a professional, consistently adapting, remaining focused, and allowing your mind to accept new concepts.
Attached Image
Learn, a forex trader must, unlearn and relearn he will.
  • #114
  • Jan 22, 2017 12:29pm Jan 22, 2017 12:29pm
I automated my Manual processes and now life is so much more fun , eliminating human weaknesses like discipline. My solution to this problem is automation. Now I spend more time doing what I love . My role has changed from trader to software designer, manager all for the better. However, I only like to use what I have coded or can see the logic as there is so much crap out there . It is possible to watch Star Trek , spend more time with family , listen to tunes while trading this way . A tune to chill and trade to ,

Inserted Video
  • #115
  • Jan 22, 2017 12:33pm Jan 22, 2017 12:33pm
Quoting dkrock
Failure is not real until you accept it. Successful people experience temporary defeat and never fail. We adapt and overcome. It is all about what you believe. If you believe you can, then you can. If you believe you cannot, then you cannot. Period.
nicely put. What I learned over the years that trading with multiple entries with smaller lots least leverage is better then 1 position with decent leverage.
Think of net fishing vs spear fishing.
Banks don't close position when price goes 50pips against them but average retail trader does.You take 4 losses like that in a week then you are in serious hole however by trading small you can have wider price brush that can encompass 50-75pips thus all those mini orders representing single position.
This is how I do it.
In trading, you have to be defensive and aggressive at the same time
  • #116
  • Jan 22, 2017 12:34pm Jan 22, 2017 12:34pm
Quoting kpclick
{quote} http://dictionary.cambridge.org/dict...glish/nonsense an idea, something said or written, or behaviour that is silly or stupid: This report is nonsense and nothing but a waste of paper. The accusations are (absolute/complete/utter) nonsense. Nonsense/Don't talk nonsense! She's far too ill to return to work! You mustn't upset your sister with any more nonsense about ghost Quoting Sajid: You absolutely nailed it my brother. Trading is discipline. 200% agree.
don't know why you got suspended....having an opinion is fine by me even if the opinions are forceful.
In trading, you have to be defensive and aggressive at the same time
  • #117
  • Jan 22, 2017 1:12pm Jan 22, 2017 1:12pm
Quoting Pip-Miner
I automated my Manual processes and now life is so much more fun , eliminating human weaknesses like discipline. My solution to this problem is automation. Now I spend more time doing what I love . My role has changed from trader to software designer, manager all for the better. However, I only like to use what I have coded or can see the logic as there is so much crap out there . It is possible to watch Star Trek , spend more time with family , listen to tunes while trading this way . A tune to chill and trade to , http://youtu.be/OD3F7J2PeYU...
Great job Pip-Miner you just discovered automated trading. fun and rewarding as you say.
  • #118
  • Jan 22, 2017 3:03pm Jan 22, 2017 3:03pm
Quoting Pip-Miner
I automated my Manual processes and now life is so much more fun , eliminating human weaknesses like discipline. My solution to this problem is automation. Now I spend more time doing what I love . My role has changed from trader to software designer, manager all for the better. However, I only like to use what I have coded or can see the logic as there is so much crap out there . It is possible to watch Star Trek , spend more time with family , listen to tunes while trading this way . A tune to chill and trade to , http://youtu.be/OD3F7J2PeYU...
Right, it is an option to eliminate human emotions in trading and it would be much better if its a battle tested strategy.
  • #119
  • Jan 22, 2017 3:15pm Jan 22, 2017 3:15pm

  1. insufficient discipline
  2. insufficient equity
  3. lack of business/economics/analytic background
  4. unrealistic expectations
  5. short term perspective
  6. reckless risk
  7. and the list goes on.

Trading requires a basket of traits. Mastering just one only postpones the inevitable. One day your a** will be served to ya.

good luck, have fun!!

  • #120
  • Jan 22, 2017 3:23pm Jan 22, 2017 3:23pm
Quoting kpclick
{quote} I did not want to waste my time, but... let me show you your ignorance (love that) and perhaps give some tips to others: First, watch this video, thats is from Davos 2017: https://www.youtube.com/watch?v=5cuCLb8iB7c Secondly ask yourself this question: who is better suited to assess uncertainty in 2017, you or Lagarde, Kuroda, Summers, Hammond, Moscovici, CEOs, fund managers ect? I bet its them not you, at least of one good reason: because they setup political and economical policies, not you. Therefor we can assume with conviction,...
My friend this is precisely what trading is all about, dealing the uncertainties of the market, it is about having the right skills to make money out of this uncertainties, I dont really listen to this economic gurus because it has nothing to do with my trading, I am an intraday trader all I need is a few pips a day and I dont care what this people are saying because I myself know that most FOREX pairs do move at least 50 pips a day and I can extract a few pips from it. Peace be with you!
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