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What most newbies must go through when trading Forex

  • #61
  • Aug 6, 2012 12:13pm Aug 6, 2012 12:13pm
What most newbies must go through when trading Forex.

Actually, I find these stages are more accurate:

1) Numbness
2) Searching and yearning
3) Disorganization and despair
then
4) suicide
or
Reorganization and recovery ==> as in "get a real job"
  • #62
  • Aug 6, 2012 3:53pm Aug 6, 2012 3:53pm
Great article I think I am a level 2 can't wait to get to level 5!!!
  • #63
  • Aug 21, 2012 5:41pm Aug 21, 2012 5:41pm
Quoting dennyduranta
Really Awesome article...
where i am right now anyway?
but one thing i must emphasize and add for this article

1. DONT BE GREEEEDY
2. CUT LOSSES IMMEDIATELY
3. DONT TAKE REVENGE PROFIT WHEN YOU LOOSE MANY TIMES, PATIENT IS ANOTHER KEY
I know those things. But I am still greedy and take revenge many times. I need more time to be a better trader. I am trying.
i am a beginner, so one pair is enough
  • #64
  • Sep 3, 2012 10:00pm Sep 3, 2012 10:00pm
I am very new to trading hence this question might sound stupid - If I want to trade just one currency pair and if my account balance is $15000.00 then is taking a single Buy trade of 8.00 lot size equal to 8 different Buy trades of 1.00 lot size each of the same currency pair? My account has a leverage of 300:1. What is the advantage or disadvantage? I usually trade the 5 min chart (Sniper)! Many thanks!
  • #65
  • Oct 7, 2012 9:15am Oct 7, 2012 9:15am
if it is made into these steps then i guess i am beggining at step4

but it is so hard for me to cut loss fast and take the big winning...

but no doubt money management is the most imporant part,,, learned from

my mistakes but i guess i am still learning... anyways thanks for sharing
  • #66
  • Oct 18, 2012 6:01am Oct 18, 2012 6:01am
Quoting Rajj
Hi all, i stumbled on this article on my research after loosing some money in my demo account (started intentionally with $300 to about $57 in two weeks). I realised that this article sumed up what i and most other newbie traders go through. I have scaled through stages 1-3 and hope to move on to 4 & 5 very soon. Please enjoy this....

(Courtesy: Soultrader)


Step One: Unconscious Incompetence.

This is the first step you take when starting to look into trading. you know that its a good way of making money cos you've heard so many things...
It's a great article . But I am confused, I am in which stage? Now I am trading naked that means without indicator but only with charts.
I already have used many indicators.
  • #67
  • Aug 2, 2013 8:36am Aug 2, 2013 8:36am
i dont know what exact stage i'm in ... but keep trying and keep learning. thanks for your good article
TRy my best to learn
  • #68
  • Aug 2, 2013 11:04am Aug 2, 2013 11:04am
A good article, thanks for posting it. I find that by using a demo account you can really learn a lot as well and put into action all the learning's from articles like this one, without involving much risk.
  • #69
  • Aug 2, 2013 3:51pm Aug 2, 2013 3:51pm
Quoting Mingary
What most newbies must go through when trading Forex. Actually, I find these stages are more accurate: 1) Numbness 2) Searching and yearning 3) Disorganization and despair then 4) suicide or Reorganization and recovery ==> as in "get a real job"
Once in a while I like your posts. For most, this is in fact the case, where many find out that their losses are mounting and that they're caught in a cycle of gambling.

Also, I had to laugh at this:

Quote
you realise that its actually possible to make money with a simple moving average and nothing else IF you can get your head and money management right

You will NEVER make consistent money over the long term with a simple moving average. In fact, you'll lose everything over time.
  • #70
  • Aug 6, 2013 7:12am Aug 6, 2013 7:12am
Ouch, this makes me realize i still have a long way to go. Currently im reading a lot of books on analysis, not ebooks, but i guess im in stage 2. Long way to go
  • #71
  • Aug 6, 2013 7:39am Aug 6, 2013 7:39am
Wow, There are 5 stages to go through before you can actually become a successful trader!
Guess I still have a loooong way to go... Still learning and learning before going to put my money in.
  • #72
  • Aug 7, 2013 11:19am Aug 7, 2013 11:19am
I think this post is so educational. And I do hope I can recovery.
  • #73
  • Aug 7, 2013 2:35pm Aug 7, 2013 2:35pm
Thanks for posting a great article. I'm new to forex, currently using a demo account and consider myself in stage 3. Looking forward to making it all the way.
The trader IS the holy grail.
  • #74
  • Aug 8, 2013 4:52am Aug 8, 2013 4:52am
Great Article. I fully agree with the 5 stages. Thanks for sharing!
  • #75
  • Aug 8, 2013 11:00am Aug 8, 2013 11:00am
Quoting Mingary
What most newbies must go through when trading Forex. Actually, I find these stages are more accurate: 1) Numbness 2) Searching and yearning 3) Disorganization and despair then 4) suicide or Reorganization and recovery ==> as in "get a real job"
Hahaha, awesome reply!
I kinda agree with this steps... This is what 95% of the newbies face when they try out Forex, maybe including me?
  • #76
  • Aug 8, 2013 6:39pm Aug 8, 2013 6:39pm
Really intresting post. In a weird way i thought this steps-stages apply to our lives as humans, from babies to old grandfathers.
  • #77
  • Aug 9, 2013 7:36am Aug 9, 2013 7:36am
I am glad I stumbled onto this thread. I have been trading intermittently over the past 5 years and am not ashamed to say that I am not a successful trader as of yet. I am at the doorstep of phase three.

If discipline doesn't trump emotion, then it really doesn't matter what system we are using. We are human, and as such, we are always only one click away from a bad decision that is outside the parameters of our system.
Pride always comes before destruction.... -Proverbs 16:18
  • #78
  • Aug 9, 2013 9:23am Aug 9, 2013 9:23am
Interesting and useful article. I remember trying a site that offers a virtual training for a Forex newbie. It is true that it may look easy but definitely it has risks and trading should be very well analyzed.
  • #79
  • Aug 9, 2013 9:34am Aug 9, 2013 9:34am
Nice comments here and very interesting post
  • #80
  • Aug 16, 2013 3:51am Aug 16, 2013 3:51am
Nice post first of all! Practically, Soultrader took the NLP knowledge on learning and applied them to the FX world.

1. Unconscious Incompetence - basically you don't know that you don't know
2. Consciuos Incompetence - you know that you don't know and your start learning but you still encounter many dificulties
3. Conscious Competence - you have the ability but you lack consistency
4. Unconscious Competence - auto-pilot like Mr. Soultrader said

But there is another stage, "mastered" only by a very few:

5. Mastery - more than unconscious competence, everything comes together in a constant flow. This takes alot of time and effort to achieve, but the results are extraordinary.

In my case, I believe I am currently struggling through stage 2 . Still long ways to go to achieve the 4th stage and alot of learning...
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