I'm starting to think that for a lot of folks beginning to trade the forex is like the 5 coping phases...
Denial Anger Bargaining Depression Acceptance.
This is usually the mechanism associated with coping with grief, so I will just assume the grief in this case doesn't come from a deceased relative, but from a deceased account instead.
So here is what I constantly observe in people that try and get somewhere:
1. Denial - I know what I need to do, all you profitable people are stupid with all your advice(psychology lol) and I know what's wrong with me better than you
2. Anger - dammit why isn't my logic working, keep losing grrrrr it's the market's fault!
3. Bargaining - okay maybe you're right what the hell am I supposed to do? Please tell me :/
4. Depression - ah christ I'm not ever gonna be a trader, every trade just goes against me
5. Acceptance - maybe I really should listen to what those people 6 months and 3 accounts ago tried to tell me, start by trading the daily, looking only for the best setups and demo until I am profitable..
--
Dunno, just something I noticed with only slight variations
You could also say that until people haven't been slapped around and humbled enough by the market to break down their ego and arrogance they're not going to progress. Of course the smarter alternative is just to realize it.
One needs to understand that one needs to:
a) take advice from others without that making you a pussy
b) stop thinking that being a gung-ho stubborn SOB will force the market to obey and
c) realize that it might just take more than reading a 3 paragraph "how to trade" to actually get to where people who have spent years on it are
Else you won't really go anywhere.
It does of course take both a minimum amount of enlightment to overcome stubbornness with acceptance - and I feel this is where most people just stop progressing.
They get stuck in the "nah you're not right, you're just one of many people saying many things, there's no real way, it's all random and you need to just out-gung-ho the market enough and one day he'll be your bitch, yeehaw" loop.
Or they cling to the belief that if only they calculate the median of any news relase of the CPI ever and the moved pips they will find a way to exploit it. Read: they can not let go of the belief that FX is complex, difficult and near impossible to master.
In short:
They spend 95% of the time arguing instead of practicing and learning.
IMHO until you've reached 5 - acceptance (that you are both not smarter than the market AND the traders that are ahead and trying to tell you something for example, and that you won't ever ever EVER change the market, but can only change yourself) you're not going to go anywhere.
The true realizations imho in this game you need to make is:
Forex is not complex.
You are your only real obstacle.
The hardest thing to master is not the market, it's you.
Until you accept simplicity, it WILL elude you.
------
People will SAY things like "yea yea it's all really easy, just as hard as you make it bla bla heard all about it" and then go on trading 50 times a day, reading news releases, arguing in threads and all those other fun things that keep them comfortably stuck in middle ground land.
The step that's the biggest barrier is going from saying to understanding (as in the true meaning of understanding - consequence. Only an understanding that has a consequence to it is really understanding and in turn leads to a decision and action) to doing.
Most of everyone just instead goes to distract themselves(here it's the forum instead of tv and video games or parties) and finds alternatives that tell them what they want to hear(they only tune into stations errr threads that reinforce their old beliefs) so they can stay comfortable and remain in their normal nowhere land. The same as in everyday society.
Until you break out of the trot and go for what really hurts = CHANGE, then guess what - there's not going to BE any change.
(P.S.: As an added bonus, here's a secret: the main person this article is addressed to, was adressed to and will always be addressed to is myself.)
Denial Anger Bargaining Depression Acceptance.
This is usually the mechanism associated with coping with grief, so I will just assume the grief in this case doesn't come from a deceased relative, but from a deceased account instead.
So here is what I constantly observe in people that try and get somewhere:
1. Denial - I know what I need to do, all you profitable people are stupid with all your advice(psychology lol) and I know what's wrong with me better than you
2. Anger - dammit why isn't my logic working, keep losing grrrrr it's the market's fault!
3. Bargaining - okay maybe you're right what the hell am I supposed to do? Please tell me :/
4. Depression - ah christ I'm not ever gonna be a trader, every trade just goes against me
5. Acceptance - maybe I really should listen to what those people 6 months and 3 accounts ago tried to tell me, start by trading the daily, looking only for the best setups and demo until I am profitable..
--
Dunno, just something I noticed with only slight variations
You could also say that until people haven't been slapped around and humbled enough by the market to break down their ego and arrogance they're not going to progress. Of course the smarter alternative is just to realize it.
One needs to understand that one needs to:
a) take advice from others without that making you a pussy
b) stop thinking that being a gung-ho stubborn SOB will force the market to obey and
c) realize that it might just take more than reading a 3 paragraph "how to trade" to actually get to where people who have spent years on it are
Else you won't really go anywhere.
It does of course take both a minimum amount of enlightment to overcome stubbornness with acceptance - and I feel this is where most people just stop progressing.
They get stuck in the "nah you're not right, you're just one of many people saying many things, there's no real way, it's all random and you need to just out-gung-ho the market enough and one day he'll be your bitch, yeehaw" loop.
Or they cling to the belief that if only they calculate the median of any news relase of the CPI ever and the moved pips they will find a way to exploit it. Read: they can not let go of the belief that FX is complex, difficult and near impossible to master.
In short:
They spend 95% of the time arguing instead of practicing and learning.
IMHO until you've reached 5 - acceptance (that you are both not smarter than the market AND the traders that are ahead and trying to tell you something for example, and that you won't ever ever EVER change the market, but can only change yourself) you're not going to go anywhere.
The true realizations imho in this game you need to make is:
Forex is not complex.
You are your only real obstacle.
The hardest thing to master is not the market, it's you.
Until you accept simplicity, it WILL elude you.
------
People will SAY things like "yea yea it's all really easy, just as hard as you make it bla bla heard all about it" and then go on trading 50 times a day, reading news releases, arguing in threads and all those other fun things that keep them comfortably stuck in middle ground land.
The step that's the biggest barrier is going from saying to understanding (as in the true meaning of understanding - consequence. Only an understanding that has a consequence to it is really understanding and in turn leads to a decision and action) to doing.
Most of everyone just instead goes to distract themselves(here it's the forum instead of tv and video games or parties) and finds alternatives that tell them what they want to hear(they only tune into stations errr threads that reinforce their old beliefs) so they can stay comfortable and remain in their normal nowhere land. The same as in everyday society.
Until you break out of the trot and go for what really hurts = CHANGE, then guess what - there's not going to BE any change.
(P.S.: As an added bonus, here's a secret: the main person this article is addressed to, was adressed to and will always be addressed to is myself.)
Trust price. Know yourself.
