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Attitudes a Forex Trader needs (part 1)

  • #21
  • May 12, 2020 12:17am May 12, 2020 12:17am
Quoting GeorgeBaile
{quote} Meditation for sure! This practice will help you to build a better brain.
Very much agree. This has helped me to stop taking impulsive trade and emotional trades.
  • #22
  • May 12, 2020 4:07am May 12, 2020 4:07am
sometimes emotions can bring good result , its rare , most of the time we the traders take decisions by emotions , that always fall us a great trouble. so we have to be strong mentality fist of all. otherwise no way to survive in there successfully.
  • #23
  • May 12, 2020 6:58am May 12, 2020 6:58am
Yeah I think confidence is one, something I am still working on - Currently, im finding im setting a 'close a profit' but im closing manually before my target is hit purely because of the lack of confidence in letting it ride
  • #24
  • May 12, 2020 10:20am May 12, 2020 10:20am
the target we select generally it be unrealistic , as a result we lose most of the time and blame ultimately this stock market .
  • #25
  • May 19, 2020 2:27am May 19, 2020 2:27am
Quoting AlexImam
the target we select generally it be unrealistic , as a result we lose most of the time and blame ultimately this stock market .
Good thinking. Let's be clear about this. Your primary duty as a trader is to conserve your capital. Risk less than 1% (some risk 2%) of your capital per trade. Cut your losses and let your winners run. Move your stop loss to +1 as soon as feasible. When you trade like this, you will have a clear picture of how much you will earn. You probably will not like the result.
Gone to a better place
  • #26
  • May 19, 2020 3:12am May 19, 2020 3:12am
Quoting smikester
{quote} Good thinking. Let's be clear about this. Your primary duty as a trader is to conserve your capital. Risk less than 1% (some risk 2%) of your capital per trade. Cut your losses and let your winners run. Move your stop loss to +1 as soon as feasible. When you trade like this, you will have a clear picture of how much you will earn. You probably will not like the result.
Words of wisdom
  • #27
  • May 19, 2020 3:31am May 19, 2020 3:31am
It's like we get to know ourselves so much better on the stock market. The real selves.
  • #28
  • May 19, 2020 4:49am May 19, 2020 4:49am
Quoting smikester
{quote} Good thinking. Let's be clear about this. Your primary duty as a trader is to conserve your capital. Risk less than 1% (some risk 2%) of your capital per trade. Cut your losses and let your winners run. Move your stop loss to +1 as soon as feasible. When you trade like this, you will have a clear picture of how much you will earn. You probably will not like the result.
thanks for sharing the experience , its a nice plan , but one thing i want to add, risk ratio fluctuate most of time , we can maintain same risk ratio despite of good trading plan.
  • #29
  • May 20, 2020 1:23am May 20, 2020 1:23am
Quoting smikester
{quote} Good thinking. Let's be clear about this. Your primary duty as a trader is to conserve your capital. Risk less than 1% (some risk 2%) of your capital per trade. Cut your losses and let your winners run. Move your stop loss to +1 as soon as feasible. When you trade like this, you will have a clear picture of how much you will earn. You probably will not like the result.
I totally agree with your views.
  • #30
  • May 20, 2020 6:44am May 20, 2020 6:44am
I don't really understand people who risk more than 2% of their capital per trade, but to each their own.
  • #31
  • Jun 30, 2020 2:27am Jun 30, 2020 2:27am
Attitude a forex trader needs is commitment and skills.
  • #32
  • Jul 5, 2020 4:29am Jul 5, 2020 4:29am
Quoting smikester
{quote} Good thinking. Let's be clear about this. Your primary duty as a trader is to conserve your capital. Risk less than 1% (some risk 2%) of your capital per trade. Cut your losses and let your winners run. Move your stop loss to +1 as soon as feasible. When you trade like this, you will have a clear picture of how much you will earn. You probably will not like the result.
Nicely put. "Your primary duty as a trader is to conserve your capital" - can't stress enough on this.
  • #33
  • Oct 8, 2020 1:31pm Oct 8, 2020 1:31pm
Every new trader should get educated before trading in the live account with their money.
  • #34
  • Oct 28, 2020 8:01pm Oct 28, 2020 8:01pm
Forex Trading Mind Game. And if you want to win the game of the mind, you have to maintain positive attitudes. It is not possible to make a profit without a positive attitude.
  • #35
  • Oct 29, 2020 2:16am Oct 29, 2020 2:16am
an open mind
  • #36
  • Oct 29, 2020 2:56am Oct 29, 2020 2:56am
A trader needs to have a positive mindset. It is never possible to make a profit by trading with emotions. Must have the ability to manage money management and risk rewards. If all these things can be managed, then a positive attitude will be maintained.
  • #37
  • Oct 29, 2020 5:40am Oct 29, 2020 5:40am
Every trader should get proper knowledge and ex[erience about forex before making a trade in this is a risky market.
  • #38
  • Oct 29, 2020 7:46am Oct 29, 2020 7:46am
Quoting godofgold
Becoming a successful trader is not easy, for sure. Which is the discipline of steel, the impatient patience, the knowledge of knowledge, the endless passion, ... it requires the "forms" of habit that most ordinary people can not have. Each successful trader has a different style, or almost the same, but together, we can list the attitudes that successful traders have (should / must) have. In this article, I would like to give my opinion on the attitudes that a trader needs to be successful, maybe they are incomplete but if you want to be a trader...
These attributes that you mention above are best suited to computers. That's why algorithm based strategies will win in FX. The discretionary trader has very little chance. World champions at trading like Andrea Unger, never trade on a discretionary basis. It's all in code.

Ray Dalio on the other hand has a very long time horizon and looks for long-term fundamental patterns that have occurred over and over again throughout history to make his investments in currencies that he expects would appreciate vs other currencies that he expects would depreciate.

Forex is so difficult to assess fundamentally because it is essentially a long/short strategy. Long one currency and short the other. Long/short in equities for example is easier, as the variables that you'd have to assess are less than currencies. And even in equities, long/short strategies are formidably difficult. Most money managers are long, few of them focus on the short side which is another argument.
  • #39
  • Last Post: Oct 29, 2020 8:47am Oct 29, 2020 8:47am
Quoting smikester
{quote} Good thinking. Let's be clear about this. Your primary duty as a trader is to conserve your capital. Risk less than 1% (some risk 2%) of your capital per trade. Cut your losses and let your winners run. Move your stop loss to +1 as soon as feasible. When you trade like this, you will have a clear picture of how much you will earn. You probably will not like the result.

I HIGHLY disagree and here its why:

The ONLY reason to do this activity its to make money, you dont start this by thinking: "ok, im ready to mantain my capital for an indefinitive amount of time, im so pumped !! "

Do You remember why you started looking into trading in the first place?

Do You remember why you started reading about it and kept moving forward even when you didnt understand a single thing, you were losing money left and right and you said to yourself that its just part of the journey?


Thats right.. the idea of making money with this activity


And the ONLY way to make that happen its to do it the right way and with the right mindset, which is no more than a "winner/go for it" mentality backed up by the right/proper knowledge behind it !!

Averaging down/preservation/low risk, etc etc its the wrong mindset!! those "mind tricks" are just illusions that will take you no where, and it wont let you raise up your capital to a meaningful level in order to make a nice withdraw from your broker..

Level up and ditch the pussy mentality, man the F up, learn to do it right, follow the rules and go for it, thats all is needed period !!
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