A trading peculiarity | Forex Factory

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A trading peculiarity

  • #1
  • First Post: Jan 12, 2012 6:56pm Jan 12, 2012 6:56pm
Why does every trader think he is good at trading?

wouldn't your acceptance of the fact that you are not that good be the first step towards getting better?

maybe we could have ego anonymous here

let me be the first one to say

I am Red Lion, and I am not as good as I want to be, I am working to get better everyday.
AVT INVENIAM VIAM AVT FACIAM
  • #2
  • Jan 12, 2012 7:19pm Jan 12, 2012 7:19pm
Quoting the redlion
Why does every trader think he is good at trading?
http://en.wikipedia.org/wiki/Dunning...3Kruger_effect
http://onlinelibrary.wiley.com/doi/1...1082.00078/pdf
  • #3
  • Jan 12, 2012 7:29pm Jan 12, 2012 7:29pm
Hello everyone, my name is George, as you can see im under the nickname giogio15, and I just want to follow redLion and say that I have a lot to learn... I want to recognize that knowledge I have accumulated thus far will not suffice for successful day-trading, I need to keep on learning/ That being said though learning in forex is very different from learning in conventional fields of occupation as there is no feedback mechanism to your theoretical foundation, thus it is far more complicated to pinpoint areas where you are struggling... Anyways, wish you all good luck!!!
  • #4
  • Jan 12, 2012 7:39pm Jan 12, 2012 7:39pm
Quoting the redlion
Why does every trader think he is good at trading?
.
Simple... Same reason you only (mostly) see winning trades on a forum.

You're not going to get forum replies like "oh gee wizzing wizzle red lion, wish I could comment on your question there but I'm the crappest trader on the forum".

no... you're going to get someone who thinks he/she has something valuable to say. Everyone else will stay quiet until they do. So yes ego I guess you could call it that... Optimism is anoter one...

I think for every one person that has something negative to say about FOREX then it is followed up by about 10 people defending it, but what they're really defending is their own optimism... or ego... or whatever.

5% of the time you get a valid point. Profitable traders are easy to spot, after you've been here long as I have.

I couldn't care less if the masses thought I was good or bad trader, the market is my only marker.
Time hides Nothing
  • #5
  • Jan 12, 2012 7:52pm Jan 12, 2012 7:52pm
Quoting CindyXXXX
Simple... Same reason you only (mostly) see winning trades on a forum.

You're not going to get forum replies like "oh gee wizzing wizzle red lion, wish I could comment on your question there but I'm the crappest trader on the forum".

no... you're going to get someone who thinks he/she has something valuable to say. Everyone else will stay quiet until they do. So yes ego I guess you could call it that... Optimism is anoter one...

I think for every one person that has something negative to say about FOREX then it is followed up by...
I think not every trader thinks that he is a good trader though... Just as in every day life situations you will have some who waist their energy proving that they can but eventually fail and some who just do their thing and succeed. I don't think that if someone would be successful in forex he would try to shove that in every single comment/ or remark his success in anyway on forexfactory - just why?
  • #6
  • Jan 12, 2012 8:28pm Jan 12, 2012 8:28pm
Quoting giogio15
I think not every trader thinks that he is a good trader though... Just as in every day life situations you will have some who waist their energy proving that they can but eventually fail and some who just do their thing and succeed. I don't think that if someone would be successful in forex he would try to shove that in every single comment/ or remark his success in anyway on forexfactory - just why?
you havent been around here long enough i see
AVT INVENIAM VIAM AVT FACIAM
  • #7
  • Jan 12, 2012 8:38pm Jan 12, 2012 8:38pm
Quoting the redlion
you havent been around here long enough i see
Actually have been registered for a while but haven't really paid any attention to traders egotistic behavior I was following few trading systems in the past - I don't think that they are around anymore that much - 4 hr macd trading method by philip nel and cornflower by lever70 So yes, haven't been around that much
  • #8
  • Jan 12, 2012 8:39pm Jan 12, 2012 8:39pm
Move over Jeff Foxworthy. "I'm ForExtraPips. And I'm NOT smarter than a day trader."
Time turns trend. - W.D. Gann
  • #9
  • Jan 12, 2012 10:29pm Jan 12, 2012 10:29pm
Quoting the redlion
Why does every trader think he is good at trading?

wouldn't your acceptance of the fact that you are not that good be the first step towards getting better?

maybe we could have ego anonymous here

let me be the first one to say

I am Red Lion, and I am not as good as I want to be, I am working to get better everyday.
I think thats the human emotions and instincts coded in genes.

Took me first 3 years of trading to learn this simple fact.

Next 1 year to understand that trading is not complicated but simple , yet its our mind that sees anything profitable to be complex.
Another year in trading to understand that there are no limits..not even the sky ....
Now lets see what this year teaches ....
BEING PROFESSIONAL IS ALL ABOUT HOW YOU CONTROL FASTEST THING--UR MIND!
  • #10
  • Jan 12, 2012 10:49pm Jan 12, 2012 10:49pm
Inserted Video
  • #11
  • Feb 11, 2012 5:55pm Feb 11, 2012 5:55pm
Quoting the redlion
Why does every trader think he is good at trading?

wouldn't your acceptance of the fact that you are not that good be the first step towards getting better?

maybe we could have ego anonymous here

let me be the first one to say

I am Red Lion, and I am not as good as I want to be, I am working to get better everyday.
Greetings dear RedLion,

In my opinion the answer You are looking for can just be called the "Ego".
Why? Because Ego has to protect himself all the time, he has to be in control, and to recognize that You have a weakness, puts Your ego in Danger in front of the world around him.

Most of us identify with our Ego, and that is why "It" manages to take control, and bring out the "animal" inside every Human Beeing.

We can only be the Best version of us in every moment of our Lives, if We are willing to say: "I am always trying to be better, because I think I am not as good as I could be".

I am also not as good in trading as I would like to be, to actually be successful (in my definition of success)...But I am fighting with my own Limits to get there...How?..By accepting my Limits and Evolving with Them, bringing new Better Limits. For me Limits and Problems imply Solutions and Evolution.

"I shall either find a way or make one." (Hannibal)
"Give me the place to stand, and I shall move the earth."(Archimedes)
Powerful Quotes... What about:

"Nosce et Ipsum" (Socrates)

To YOur Succes,
Doctortyby
  • #12
  • Last Post: Feb 12, 2012 12:12pm Feb 12, 2012 12:12pm
Quoting the redlion
Why does every trader think he is good at trading?

wouldn't your acceptance of the fact that you are not that good be the first step towards getting better?

maybe we could have ego anonymous here

let me be the first one to say

I am Red Lion, and I am not as good as I want to be, I am working to get better everyday.
I have thought about the same thing already since a while. Yeah it is really the ego that holds people back. But the ego is fed by the market giving them randomly profits. So they think: "ah, I am almost there, the last trade was really good". But in fact they have just had some luck. So, this makes them think: "yeah, I am good, I can do this, my account will grow eventually, once I figure out how to reduce the losers."

In fact they are far away from anything and just got an enormous ego, and that in return will hinder them to make any good progress in the right direction.

Good that you acknowledge your own weaknesses, now it's time to do some serious research to get back on track.
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