Too much reading? | Forex Factory

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Too much reading?

  • #1
  • First Post: Apr 26, 2007 9:15am Apr 26, 2007 9:15am
I have answered questions people have asked about how much reading is too much reading. I personally have a problem when it comes to reading certain things. I will bring up my charts, do my homework, and make a decision either to make a trade or sit on the side. At this point, I feel very confident (not always but usually). Then comes the hard part. I will come on Forex Factory, and come to a thread that talks about a certain currency pair and how this could happen or that could happen. Most of the time I can ignore what I read and stick to my decision because I am confident about what I see in the charts. But, there happens to be something I read that makes me change my mind sometimes. I will close a trade I took based on what I read or jump in a trade because of something I read. Then, the trade I got out of goes in my direction and I get upset. If only I didn't read whatever I read to make me change my mind.
Is there anyone else that this happens to or has happened to and they have overcome that? I ask myself, why would I change my mind based on something someone wrote that I have never met and how can I trust that person. I have know myself my whole life and am confident in my decisions that I make.
How does a person overcome it? Is it just a thing I have to get the right mindset to stick to my guns? Is that all there is to it or do I just stop reading posts about things like that?
I have missed out and lost alot of pips because of this and I would sure like to change this part of my trading habits. Any help would be greatly appreciated.
JOHN 3:16
  • #2
  • Apr 26, 2007 9:33am Apr 26, 2007 9:33am
Quoting renasdad
Most of the time I can ignore what I read and stick to my decision because I am confident about what I see in the charts. But, there happens to be something I read that makes me change my mind sometimes. I will close a trade I took based on what I read or jump in a trade because of something I read. Then, the trade I got out of goes in my direction and I get upset. If only I didn't read whatever I read to make me change my mind.
Why keep on reading RD?
Quote
Is there anyone else that this happens to or has happened to and they have overcome that? I ask myself, why would I change my mind based on something someone wrote that I have never met and how can I trust that person. I have know myself my whole life and am confident in my decisions that I make.
Yep, but no more. I'll make a decision and stick with it, right or wrong.
Quote
How does a person overcome it? Is it just a thing I have to get the right mindset to stick to my guns? Is that all there is to it or do I just stop reading posts about things like that?
See bolded text, and you have your answer.
Quote
I have missed out and lost alot of pips because of this and I would sure like to change this part of my trading habits. Any help would be greatly appreciated.
Old habits die hard, but I've dumped ALL the RSS feeds, and all the other 'thoughts, and stick to what I've decided represents a signal for me.
I might check the calendar of FF, but that's about it really. It does depend on your TF, I suppose, but if what you do during 'general' trading conditions works why mess with it.
Good to see you active again, hope the family is well
  • #3
  • Apr 26, 2007 10:14am Apr 26, 2007 10:14am
Peter,
The family is good, thanks you for asking. I figured that was the answer I would get. It was something I was thinking about and figured I'd just throw it out there to see what others thought. I do have a problem with sticking to my guns. Just like everything else I've learned, it just takes a little time. I am young and in no hurry. I have alot of time to get that mindset that some on the people on here have already. Only 5 yrs left til my "training period" is up. 75% of the things I have learned about trading has come from this 1 and only forum. There is nothing like it. My mom could get on here and actually be able to understand what I talk about when I ramble about it.
JOHN 3:16
  • #4
  • Apr 26, 2007 10:32am Apr 26, 2007 10:32am
Quoting renasdad
Peter,
The family is good, thanks you for asking. I figured that was the answer I would get. It was something I was thinking about and figured I'd just throw it out there to see what others thought. I do have a problem with sticking to my guns. Just like everything else I've learned, it just takes a little time. I am young and in no hurry. I have alot of time to get that mindset that some on the people on here have already. Only 5 yrs left til my "training period" is up. 75% of the things I have learned about trading has come from this 1 and only forum. There is nothing like it. My mom could get on here and actually be able to understand what I talk about when I ramble about it.
I'm glad life is on the up, I recall the mental struggle you had trying to balance things, work and seeing the family etc.
If you just concentrate on what YOU are doing, you'll shorten that training period.
I'll be the first to admit that I have some way to go before I'd really consider myself worthy to give heavy-weight advice to newcomers, but I think I've dumped much of the 'newbie' baggage, and can trade real relaxed now.
Like you, most of my current state of progress is as a result of reading the good stuff on this site, and we both know who those authors are.
I'm sure that now your personal life is sorted, and you've found a way to trade that suits you, there is only one direction in which your life will travel.
Be true to yourself, get rid of any uncertainty, and stick to YOUR plan.
  • #5
  • Apr 26, 2007 10:44am Apr 26, 2007 10:44am
Thanks man, there are so many people in my life that never thought I would get to this point. Talking to guys at work and they think its just gambling. They'll see. The reason I have about 5 yrs of training left is, like I have always said, if I want to make as much in a year as a doctor, I have to train/go to college for 8 yrs. I at around 3 yrs now so that gives me 5 left. Although I don't need a diploma for this. I could handle only 3 more. I am gonna love going back and reading that "responsible thinking" thread I made when I first got on here.
Man, I love this stuff.
JOHN 3:16
  • #6
  • Apr 27, 2007 4:18am Apr 27, 2007 4:18am
it might be a highly personal thing...i never feel the need to read about other peoples opinion on specific pairs and if i do occasionaly, it has no influence on me...ok, i have to admit, im one of those guys that never listens to what others are saying and always need to have the last word...
  • #7
  • Apr 27, 2007 8:50am Apr 27, 2007 8:50am
RD, happy to see you around posting again, and that all is well. I enjoyed our times in the 3d chat world long ago!

I agree with what both Peters stated above. I'm doing my best to filter out the "noise". One thing that i've recently come across (yea i read it in a book!) was the idea that if you are reading "opinions" and 90% or so are saying go X on Y-pair, do the opposite. . . since 95% of traders lose. grin.

I've also found that getting away from the charts, and utilizing more non-market entries at homework-technical levels is assisting in my quest to filter out the noise. I can't freak on what i don't see (i.e. walk away from my charts after setting levels/entries/exits).

: ) Thom
  • #8
  • Last Post: Apr 27, 2007 12:14pm Apr 27, 2007 12:14pm
Accrete,
Those chat rooms are pretty cool. I'll have to get back in there one of these days. I've been finding, the best thing for me to do for reading is only read things where people have questions on something I could answer. That way I am not getting those thoughts in my head and I stay on MY path.
JOHN 3:16
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