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Frustration in Forex

  • #41
  • Jun 7, 2017 10:45pm Jun 7, 2017 10:45pm
Quoting SweetPrinces
Some trader suffer frustration when the price is always opposite from their orders. If entered, buy price quoted is heading to the bottom. It they entered the sell price goes up. I think this is due to lack of experience and knowledge in the business. What do you think?
It does despite of robust analysis. I personally experienced this fact and market makers always take a test even you are strong enough in technical analysis.
You need robust technical knowledge as well as psychological control too. Lets have a example.

Suppose You bought eur/usd around 1.0830 and you projected 1.1000 area to aim your target. You're very sure this pair will move up. But suddenly due to any ghost news price slipped to 1.0710 and you hold your nerves, you expecting now it will resume upwards but unexpectedly it further down 90 pips and showing weakness and throughout the week trading at lower side and quoting around 1.0510 to 1.0550. Now you were very correct in technical analysis and found no reason of sudden fall. See here Market makers play their Roll to demoralize your technical analysis and they will continue to do so. But euro will drift higher and as per your expectation and even more than you expected after few days or weeks. So despite of good analysis you will face such situations in market.

So trade with good margin and have patience. If you like to achieve something in trading mix technical analysis with psychological control and rely on your own conviction.

Happy Trading
Never Gamble Forex
  • #42
  • Jun 8, 2017 12:01am Jun 8, 2017 12:01am
If you are trading retail forex, normally they bucket orders and you may be triggering a cover order of much larger scale. You see it as them betting against you but legitimate shops bucket orders and when too many sells or buy come in, they take a trade opposite yours to ensure they don't go broke. It's normal.

I have been trading retail forex since 2000 (yes, I had 40% loss on Sept 11 2001) and yes I lost 90% of my account when Refco imploded. Retail forex not for greedy people and not for the faint of heart.
Ecclesiastes 1:9
  • #43
  • Jun 9, 2017 11:40am Jun 9, 2017 11:40am
Quoting yesyoucan
{quote} It does despite of robust analysis. I personally experienced this fact and market makers always take a test even you are strong enough in technical analysis. You need robust technical knowledge as well as psychological control too....
Quoting newbegger
... I have been trading retail forex since 2000 (yes, I had 40% loss on Sept 11 2001) and yes I lost 90% of my account when Refco imploded. Retail forex not for greedy people and not for the faint of heart.
In short, shit happens (excuse my language). Not every analysis will be correct, and even when it is correct the market can move in erratic ways, shocks and surprise events occur and so on.

In every trade you take, a primary requisite is to limit your risk. That is done by always using a stop loss. So many noob traders I've come across get the idea that what they will do is keep holding every losing trade open until the market turns around and they can exit it at a profit. (This is probably the main reason why some traders dislike First-In-First-Out rules.) Doing so will give a very high win rate (95% or higher) but there will inevitably be some trade that will simply never turn around and become profitable and that trade will trash your account.

There is a right way to use a stop loss. You want to enter a trade near a level you know will be heavily defended. And the SL should be located in back of that. It need not be a long way back, 10 pips is usually enough (for day trades -- for long term trades you have to allow more). Of course you will have a percentage of trades that get stopped out which would eventually have been winners had that SL not been there, but that's just the price paid for keeping your risk limited. Example: I took a trade an hour or two ago, SL 10 pips back. The market immediately marched directly into my SL -- hate it when that happens. But also love it, because after taking out my SL it then marched an additional 30 pips further, and it is still going. That SL limited my loss to 10 pips and not 40 pips and perhaps much more.

SL doesn't always limit your loss to the amount you desire, I had a trade long ago where I placed an SL to limit my loss to $700 and was handed a loss of $1700 because of volatile market conditions (my bad for trading through NFP). If some event like Sept 11, 2001 happens, or the Swiss Franc event of January 11, 2015, no SL will protect you. The only defense in that case is not have all your cash in your trading account.
Sure I have a trading plan. Buy low. Sell high. What's yours?
  • #44
  • Jun 10, 2017 7:27am Jun 10, 2017 7:27am
Quoting Trainman
{quote} {quote} In short, shit happens (excuse my language). Not every analysis will be correct, and even when it is correct the market can move in erratic ways, shocks and surprise events occur and so on. In every trade you take, a primary requisite is to limit your risk. That is done by always using a stop loss. So many noob traders I've come across get the idea that what they will do is keep holding every losing trade open until the market turns around and they ................o SL will protect you. The only defense in that case is not have all...
There're many episodes and huge discussion can be found searching the FF. There is no protection as such for black swan days and low volume trading can save those times.
Never Gamble Forex
  • #45
  • Jun 10, 2017 11:32am Jun 10, 2017 11:32am
Yeah, we need to identify the market situations and make our strategies accordingly, else we would be losing a lot in Forex Trading.
  • #46
  • Jun 10, 2017 8:22pm Jun 10, 2017 8:22pm
Quoting newbegger
If you are trading retail forex, normally they bucket orders and you may be triggering a cover order of much larger scale. You see it as them betting against you but legitimate shops bucket orders and when too many sells or buy come in, they take a trade opposite yours to ensure they don't go broke. It's normal. I have been trading retail forex since 2000 (yes, I had 40% loss on Sept 11 2001) and yes I lost 90% of my account when Refco imploded. Retail forex not for greedy people and not for the faint of heart.
Trade small, Trade small, Trade small. Like you said the markets are not for greedy people and it goes the same for money and life. The less of something you need the more it comes knocking at your door. If you trade with the intention of not loosing you will achieve mastery a lot quicker than being blinded by a profit pursuit.
Special one
  • #47
  • Jun 11, 2017 7:48pm Jun 11, 2017 7:48pm
Quoting TradeGenuis
{quote} Trade small, Trade small, Trade small. Like you said the markets are not for greedy people and it goes the same for money and life. The less of something you need the more it comes knocking at your door. If you trade with the intention of not loosing you will achieve mastery a lot quicker than being blinded by a profit pursuit.
Good and much concise statement for everyone who wishes to earn money from forex trading instead of frustration..!
  • #48
  • Last Post: Jul 12, 2017 8:17am Jul 12, 2017 8:17am
Frustration was one of the major troubles for me in early phase of my career and I used to get frustrated on nearly every occasion which was mainly to do with insufficient knowledge and experience. However, now years later, I have found handling frustration and difficult situation much easier which is a lot easier to do with experience that I have of past with similar situations!
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