Most traders fail because of no discipline! | Page 9 | Forex Factory

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Most traders fail because of no discipline!

  • #161
  • Jan 22, 2017 11:51pm Jan 22, 2017 11:51pm
Quoting Mr Breakout
{quote} When the wrath of God the All Mghty strikes down, knowing if the cable (or any currency) is going down or up will be the least of your worries.
Peace guys.You both seem interesting traders.I read you are 67 and full time trader.Excellent!We can all learn from each other.
Carry on!
In trading, you have to be defensive and aggressive at the same time
  • #162
  • Jan 22, 2017 11:54pm Jan 22, 2017 11:54pm
Quoting Davit
{quote} Peace guys.You both seem interesting traders.I read you are 67 and full time trader.Excellent!We can all learn from each other. Carry on!
Peace too, Davit.

Thank you for your comment.
  • #163
  • Jan 23, 2017 12:01am Jan 23, 2017 12:01am
Quoting Davit
{quote} You may find my thread interesting check it out. http://www.forexfactory.com/showthread.php?t=588764 got nothing to sell and have no motive but I like you check it out. regards
Thanks again Davit, I will look into it.

And like you said, we can always learn from each other.
  • #164
  • Jan 23, 2017 2:19am Jan 23, 2017 2:19am
  •  hak444
  • | Joined Aug 2016 | Status: knowing is not enough,we must apply | 41 Posts
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I can accept failure but i can't accept not trying. (Michael Jordan)
  • #165
  • Jan 23, 2017 2:20am Jan 23, 2017 2:20am
Quoting Mr Breakout
{quote} Thanks again Davit, I will look into it. And like you said, we can always learn from each other.
One has to be willing to learn first.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #166
  • Jan 23, 2017 2:27am Jan 23, 2017 2:27am
Quoting alphaomega
{quote} EXACTLY! This is why the discretionary trading is my primary choice. I've been trying to automate my discretionary methods for years, but without success. The main problem is that much of the things which I do, rely on external information. Timing, fundamentals, overall market sentiment, news.... and all of this in combination with technical patterns. Almost impossible to automate. But even if we take purely technical setups, on the surface they look simple, but when you look more deeply into the data (time series, ticks, volume, ) and all...
Fully agree with your post...especially with this part: "there are some incredible and complicated relationships between price, time and volume."

I've been trying to debunk the dynamic relationship between those for years, and all i've got is that the key for that is TIME SCREENING and GUT FEELING...so nothing to be coded
"What would you attempt to do, if you knew your success was a certainty?"
  • #167
  • Jan 23, 2017 2:40am Jan 23, 2017 2:40am
Quoting Fxentropy
{quote} Fully agree with your post...especially with this part: "there are some incredible and complicated relationships between price, time and volume." I've been trying to debunk the dynamic relationship between those for years, and all i've got is that the key for that is TIME SCREENING and GUT FEELING...so nothing to be coded
My take on this is that market is simply unpredictable, that is why even you gather all the brilliant minds in trading they just cannot create comprehensive strategy that can adapt to all market conditions. Peace!
  • #168
  • Jan 23, 2017 3:39am Jan 23, 2017 3:39am
"Most traders fail because of no discipline!"

They don't have an edge.
And when they have ... they donīt have the discipline to implement it.
Or patience.

They don't use money management correctly.

Yes, it's a hard work and it's a long (learning) walk.
"You may say I am a dreamer .... but I am not the only one."
  • #169
  • Jan 23, 2017 4:26am Jan 23, 2017 4:26am
Quoting techboy46
{quote} My take on this is that market is simply unpredictable, that is why even you gather all the brilliant minds in trading they just cannot create comprehensive strategy that can adapt to all market conditions. Peace!
If its unpredictable, how then we can make money out of it? ....
"What would you attempt to do, if you knew your success was a certainty?"
  • #170
  • Jan 23, 2017 4:39am Jan 23, 2017 4:39am
Quoting WolGod
Yes agree, Traders fail due to discipline. discipline for risk management. But mainly traders fail as they dont have the right education and have a million indicators about price action itself. One aspect /One context of a trade. Thats the scam. Stochs, macd, fibs, gann, momentum, are all about price action meaning price going up or down. Think about it properly they tell you nothing of worth. But even hardcore discipline people with risk management skills only can make some money in forex. But with bad educatiin people give up as its all too hard...

Sure, the best traders I know focus on very few instruments. The more you trade AUD for example the better you will be at it. I said this about the AUD because I have a friend who is trading for a few years only this currency with the EUR and USD. His success rate in the last 3 months is around 80%. I saw his account history. See, it's like a job or a hobby, the more you look into it, the better you will be at it.
  • #171
  • Edited 5:40am Jan 23, 2017 5:14am | Edited 5:40am
Quoting Fxentropy
{quote} If its unpredictable, how then we can make money out of it? ....
In my humble opinion yes I believe that its unpredictable in nature, meaning no method can accurately predict where the market will go next regardless of what algorithm you are using(am sure veteran traders agree on this) so if you place a trade now it does not mean that it can be a winner outright(market results is random)but if trader can create a method that produce more winners than losers with good RR then you can be profitable in the long run(law of averages), assuming that you can consistently follow your trading strategy, hope you get the point! It is a matter of having the right mindset,the danger to most newbies and traders is they try to create or search a strategy that can give them unreasonably high profits which is impossible to achieve. Do you believe that market is predictable all the time?
  • #172
  • Jan 23, 2017 6:16am Jan 23, 2017 6:16am
Quoting techboy46
{quote} In my humble opinion yes I believe that its unpredictable in nature, meaning no method can accurately predict where the market will go next regardless of what algorithm you are using(am sure veteran traders agree on this) so if you place a trade now it does not mean that it can be a winner outright(market results is random)but if trader can create a method that produce more winners than losers with good RR then you can be profitable in the long run(law of averages), assuming that you can consistently follow your...
Hi techboy46

Itīs all about probabilities.
... and you can have a method that produces more losses than wins with a good RR and be profitable also.

Green pips
"You may say I am a dreamer .... but I am not the only one."
  • #173
  • Jan 23, 2017 6:21am Jan 23, 2017 6:21am
Quoting RasmusFX
{quote} Sure, the best traders I know focus on very few instruments. The more you trade AUD for example the better you will be at it. I said this about the AUD because I have a friend who is trading for a few years only this currency with the EUR and USD. His success rate in the last 3 months is around 80%. I saw his account history. See, it's like a job or a hobby, the more you look into it, the better you will be at it.
I wish you well Rasmus. But you have to remember that your "Friend" will not pay your bills and put food on your table.
He has had success.......I do hope you also have success......But you need to learn about the road that you are travelling on.
Your friend sounds like he has travelled that road for the last 3 months(and maybe longer) Wonderful. (I did similar in my first 1.5 Months. But then I got bitten on the bum). I hope the road is smooth for you. Good luck my friend, but it is you who will need to have SUCCESS (or not) and your friend may not be there when you REALLY need him.
Best regards
Michael
  • #174
  • Jan 23, 2017 6:46am Jan 23, 2017 6:46am
Quoting shrips
{quote} Best comment of the thread so far!!! The survival instinct kicks in and somehow you adapt to whats required to be a successful trader.
This is true , when I trade my spreadbet account as a part time trader I always end up doing some stupid over leveraging....

When I trade my futures account as a full time trader ,I tend to be less stupid and more business like .
  • #175
  • Jan 23, 2017 7:22am Jan 23, 2017 7:22am
Quoting MichaelG
{quote} I wish you well Rasmus. But you have to remember that your "Friend" will not pay your bills and put food on your table. He has had success.......I do hope you also have success......But you need to learn about the road that you are travelling on. Your friend sounds like he has travelled that road for the last 3 months(and maybe longer) Wonderful. (I did similar in my first 1.5 Months. But then I got bitten on the bum). I hope the road is smooth for you. Good luck my friend, but it is you who will need to have SUCCESS (or not) and your friend...

Thanks Michael for your good thoughts. I am trading with a broker that allows me to see other traders activity and stats. I verified it with my friends account. I also had my ups and downs so I know what you mean. They don't have any retention offices so if I get bitten at least it's on me you know...
  • #176
  • Jan 23, 2017 7:26am Jan 23, 2017 7:26am
Quoting techboy46
{quote} In my humble opinion yes I believe that its unpredictable in nature, meaning no method can accurately predict where the market will go next regardless of what algorithm you are using(am sure veteran traders agree on this) so if you place a trade now it does not mean that it can be a winner outright(market results is random)but if trader can create a method that produce more winners than losers with good RR then you can be profitable in the long run(law of averages), assuming that you can consistently follow your trading strategy, hope you...
I agree with what you are saying...most of it....and i would like to draw the attention here: "Do you believe that market is predictable all the time?"

Ofcourse that market is unpredictable most of the time for most of the people.
But here is the catch (in my view): MARKET IS PREDICTABLE SOMETIMES!
And those precious moments are to be exploited hard to make your daily/weekly/monthly/quarterly money. And by moments i understand circumstances, events and situations that converge all at once in same time. Sound complicated but its not.

Now back to screen staring
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"What would you attempt to do, if you knew your success was a certainty?"
  • #177
  • Jan 23, 2017 7:49am Jan 23, 2017 7:49am
Quoting Fxentropy
{quote} I agree with what you are saying...most of it....and i would like to draw the attention here: "Do you believe that market is predictable all the time?" Ofcourse that market is unpredictable most of the time for most of the people. But here is the catch (in my view): MARKET IS PREDICTABLE SOMETIMES! And those precious moments are to be exploited hard to make your daily/weekly/monthly/quarterly money. And by moments i understand circumstances, events and situations that converge all at once in same time. Sound complicated but its not. Now...
LOL nice picture

Far gone are the times when my eyes burned from looking so much at the charts.
"You may say I am a dreamer .... but I am not the only one."
  • #178
  • Jan 23, 2017 7:49am Jan 23, 2017 7:49am
Trading is a multi-faceted puzzle that has to be solved. Market participation before the puzzle has been solved has only one outcome - failure.
  • #179
  • Jan 23, 2017 8:08am Jan 23, 2017 8:08am
http://omooc.nl/wp-content/uploads/2...eleid-2016.pdf


Heuristic #10: CONFIDENCE OVER DOUBT. System 1 suppresses ambiguity and doubt by constructing coherent stories from mere scraps of data. System 2 is our inner skeptic, weighing those stories, doubting them, and suspending judgment. But because disbelief requires lots of work System 2 sometimes fails to do its job and allows us to slide into certainty. We have a bias toward believing. Because our brains are pattern recognition devices we tend to attribute causality where none exists. Regularities occur at random. A coin flip of 50 heads in a row seems unnatural but if one were to flip a coin billions and billions of times the odds are that 50 heads in a row would eventually happen. When we detect what appears to be a rule, we quickly reject the idea that the process is truly random, (page 115). Attributing oddities to chance takes work. Its easier to attribute them to some intelligent force in the universe. Kahneman advises, accept the different outcomes were due to blind luck (page 116). There are many facts in this world due to chance and do not lend themselves to explanations. Potential for error? Making connections where none exists.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #180
  • Jan 23, 2017 8:28am Jan 23, 2017 8:28am
You have to believe your current method/strategy is workable to be used by majority People.
It is similar like in business, you must believe your product is workable to be used by majority prospects.

Slowly, build up your confidence level on your method which is workable.
Don't rush for immediate result rather I suggest learn along the journey to your success on trading.
Let Market Tell You
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