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What's Your Biggest Obstacle?

  • Post #1
  • Quote
  • First Post: Feb 10, 2009 12:26pm Feb 10, 2009 12:26pm
Hi everybody!

I'm new to trading forex, but not new to trading in general.

Before I jump in to trading forex I was hoping to get some insight into what obstacles I might expect.

Any suggestions? What's been your biggest obstacle to forex trading?

Thanks!

Nick
Quoting nick_l
Hi everybody!

I'm new to trading forex, but not new to trading in general.

Before I jump in to trading forex I was hoping to get some insight into what obstacles I might expect.

Any suggestions? What's been your biggest obstacle to forex trading?

Thanks!

Nick
Myself.

Don't be to naive. You will encounter manytimes that you think you know how it working but you don't.
Quoting Tjpld
Myself.

Don't be to naive. You will encounter manytimes that you think you know how it working but you don't.
Have your read "Fooled by Randomness?"

Nick
Biggest Obstacles:

1. Brokers:
a. Margin Requirements
b. liquidity
c. stop hunting
d. dealing desks
e. execution

2. Yourself:
a. Greed
b. Uncertainty OR Overconfidence
c. Inability to take losses
d. Fear
e. Lack of funds

theres 10 problems one might encounter, but if you're not new to trading you already knew the last 5
My biggest obsticle is that guy calling himself mrgreen. he's a tough and stubborn rascal but I think I got him under control.
In trading, there is no bullshit. You either make money or you don't.
Quoting nick_l
Have your read "Fooled by Randomness?"

Nick
No. Maybe I should give it a try.
Thanks for the recommendation.
Quoting Tjpld
No. Maybe I should give it a try.
Thanks for the recommendation.
Basically, the book "Fooled by Randomness" is all about people thinking they're smart when they really just got lucky. Not that any traders would ever think that way. Actually, from what I've seen, it's usually the opposite. When traders get lucky and win, they think they're smart, and when they lose they think it's everybody and everything's fault but their own.
Quoting Jwentro
Biggest Obstacles: b. Uncertainty OR Overconfidence
Wow... that's an interesting distinction. Having certainty when you should be uncertain is the probably worse than uncertainty. Why is it that everything in trading seems to be counter-intuitive, or the opposite of what you "should" feel to win? Is it because when you're one individual in them middle of mass psychology you're guaranteed to lose if you follow the negative emotions of the crowd? Or is it because emotions are a lagging indicator?
Quoting nick_l
Hi everybody!

I'm new to trading forex, but not new to trading in general.

Before I jump in to trading forex I was hoping to get some insight into what obstacles I might expect.

Any suggestions? What's been your biggest obstacle to forex trading?

Thanks!

Nick

Believing that the system that I used on stocks, options etc would work with the same efficiency on FX, boy was I wrong but at least now it has made me a much better trader as I am no longer a cowboy.

cheers
Go Getter When Trading Its All About "WHO YOU ARE BEING"
  •  zykas
  • | Joined Oct 2008 | Status: ... measure thrice, but cut once | 196 Posts
Quoting nick_l
Hi everybody!

I'm new to trading forex, but not new to trading in general.

Before I jump in to trading forex I was hoping to get some insight into what obstacles I might expect.

Any suggestions? What's been your biggest obstacle to forex trading?

Thanks!

Nick

Biggest obstacle to conquer first is your emotions
I like the Big Dogs because I trade like them
I would consider the following as the biggest obstacles.

1.) Greed.
2.) Lack of patience.
3.) Emotions.

Every single time any one of those comes into play I lose money. When I'm cool headed and don't care whether I get a trade or not I make it back.

oo7_ts
Oanda v20 Practice Return This Year: na
This is not school. Reading cherry picked trade books/pdfs will not get you your diploma. This is a 100% OJT business.

EA does not translate to e=mc2

Demo is for mastering platform executions (what's a limit, what's a spread what will happen when I try this 400 leverage thingy etc). Nothing more.

The answer you are searching for really is on Baby pips, but it's too simple.... you must travel to URL school of hard knocks and dumb A decisions before you "see" the simplicity.

Reading psychobabble books (in the zone etc) is pointless, until after the tsunami lands, and damages you; and as my dad would say "Son, it builds character". Then it wont babble anymore.



Those were some of the hills I had to climb

Now on to the next summit
Nothing but myself.
Hardest part is just plain cutting through all the "noise". Too many huckleberries out there on FF and otherwise.

 

  1. Realize that profitable systems are already out there. No need to reinvent the wheel. Read some finance and business books and put in your time
  2. Discipline is hard. Create your system and then program it. Virtually all systems can be programmed - take the discipline out of it by using these tools

Me
Quoting nick_l
Hi everybody!

I'm new to trading forex, but not new to trading in general.

Before I jump in to trading forex I was hoping to get some insight into what obstacles I might expect.

Any suggestions? What's been your biggest obstacle to forex trading?

Thanks!

Nick
Honestly? I think you will find at the beginning that your biggest obstacle will be.........YOU!
At least when I started I realized that was the case, I noticed that I was not always able to recall many of my previous strategy mistakes and so often repeated them...luckily still with my demo. So, all I can recommend to you buddy is to plain and simply record on scratch paper what your planned strategy for your next trade will be...followed by the results. This will shortly result in you hopefully noticing where your faults lie, invariably it is because you never had a plan "B" (should your expected trade start going belly up) or a good exit plan. Trial and error my friend...trial and error.
Trading capital....currently after doing ~10% pm still I cant take the profit and enjoy it......which is so irritating. Leads to temptation of putting higher lev......Stick to the plan, patience is the keyword here.
The only way to get smarter is by playing a smarter opponent.
Learning to see and understand price was a big obstacle for me.
The need to sleep.
Quoting hanover
The need to sleep.
my uncomfortable chair. It's not easy to sit for 2-3 hours on a chair that doesn't tilt back
Working towards CME membership
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