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Three Reasons Why Successful Traders Fail In The Beginning

  • #21
  • Feb 23, 2015 4:23pm Feb 23, 2015 4:23pm
Quoting PoundTrader
{quote}i started trading in 2005 didn't start making real money untill 2010, so it is a long process for most
For me it was late May 2007 on demo. 2008 live. Started my journal here in 2009. I've never "blown" the account. It's still the original. But man have I done serious damage to it many times! It was only last year I reached a point of confidence to take it all the way and know I can make a living with a properly funded account. Now I'm working on building that account. Agreed, a long process indeed. But one I truly believe everyone who takes trading seriously must go through.

Some can and have done it faster. Some not. This is truly a trial by fire and there really are no shortcuts. Do the work, never give up and above all else, Save your capitol. You gotta be in it to win it.
Ghost Rider - WWTBMD?
  • #22
  • Feb 23, 2015 4:36pm Feb 23, 2015 4:36pm
The thread started and ended with the first post IMO which was brilliant.

Human emotion is a Motha F-er to deal with in regards to anything in life.

The market retraces to fill more orders and F with your head..... JUMP BOY, JUMP.... PLACE YOUR TRADE AND CLOSE YOUR EYES....

Quoting PoundTrader
1. They jump out of losing positions that become winners. 2. They jump out of winning positions that become huge winners. 3. They stop trading and watch the huge moves pass them by.
SPC * Swollen PocketZ Crew!
  • #23
  • Feb 23, 2015 4:44pm Feb 23, 2015 4:44pm
Quoting gustcoelho
there's my 2 cents from the other side (losers) i started trading stocks in 2009. i opened my first (and the only) FX account in 2012 (and it's still alive) between highs and lows, i never made real money (my losers are far more often than my winners) but in the other hand, i never lose real money (just using money management techniques) my best 'season' was trading stocks with counter-trend long/shorts... guess what? made a lot but in the end i lose it all again it has 4 or 5 years studying trading (not full time, of course, but LOTS of time),...

Very much Actual Analysis. Did my demo account in 2011. Got it real by 2012. I wasn't sure what I was doing with it. All I was doing was trading BUY and SELL. 10$ profit, 30$ loss. Up and Down. Selling LOWS and Buying HIGHS. Got it blown by 2013. But didnt leave it. When I had my time, trading companies were corrupt and were chewing away my profits as well as my equity.

In Lower-Mids of 2014, I thought to my self that things cannot go any further with this. Regained myself. Strategic plans were implemented. Right Trading Company was chosen. Enough equity was poured into trading account and then, VOLA!

I put 10 trades daily with a target of targeted amount. At times it hit the targeted amount. At times it hit 80% of the target. At times it hit 120%. No LOSS to lose now. I am here to earn money. FOMC, ECB, MARIO or YELLEN doesnt bother me. I am in for trade, Out with profit, Light up a Cigar, Drink a scotch and play with my kids.

Moral of the story: I am in with BIG MONEY, BIG LOTS, LESS PIPS to TRADE!
  • #24
  • Feb 23, 2015 4:44pm Feb 23, 2015 4:44pm
Quoting gustcoelho
{quote} what you mean with applause? is this for being 100% sincere or for my awful performance (in this case, you're laughing on me)? (personally, sometimes i need to laught about it)
im not laughing at you trust me on that
  • #25
  • Feb 23, 2015 4:45pm Feb 23, 2015 4:45pm
Quoting JoeNY
The thread started and ended with the first post IMO which was brilliant. Human emotion is a Motha F-er to deal with in regards to anything in life. The market retraces to fill more orders and F with your head..... {quote}
  • #26
  • Feb 23, 2015 4:47pm Feb 23, 2015 4:47pm
Quoting albchr
{quote} For me it was late May 2007 on demo. 2008 live. Started my journal here in 2009. I've never "blown" the account. It's still the original. But man have I done serious damage to it many times! It was only last year I reached a point of confidence to take it all the way and know I can make a living with a properly funded account. Now I'm working on building that account. Agreed, a long process indeed. But one I truly believe everyone who takes trading seriously must go through. Some can and have done it faster. Some not. This is truly a trial...
  • #27
  • Feb 23, 2015 5:02pm Feb 23, 2015 5:02pm
Quoting nadyrkhan
{quote} Very much Actual Analysis. Did my demo account in 2011. Got it real by 2012. I wasn't sure what I was doing with it. All I was doing was trading BUY and SELL. 10$ profit, 30$ loss. Up and Down. Selling LOWS and Buying HIGHS. Got it blown by 2013. But didnt leave it. When I had my time, trading companies were corrupt and were chewing away my profits as well as my equity. In Lower-Mids of 2014, I thought to my self that things cannot go any further with this. Regained myself. Strategic plans were implemented. Right Trading Company was chosen....
as a contribution to the thread, can you give a quick explanation on how you approach the markets to made profit?

if others, who are at the profitable side of the table, could comment on that would be nice
  • #28
  • Feb 23, 2015 5:08pm Feb 23, 2015 5:08pm
Quoting gustcoelho
{quote} as a contribution to the thread, can you give a quick explanation on how you approach the markets to made profit? if others, who are at the profitable side of the table, could comment on that would be nice

There is nothing FREE in this world.

And you are asking a Million Dollar Question!

  • #29
  • Feb 23, 2015 5:19pm Feb 23, 2015 5:19pm
You weren't asking me but I will reply to your post. You are asking the wrong questions. You have already identified one problem. You're having issues with TP. So the question you need to ask yourself is....... What am I going to do about that????? What are you going to do about that????

You only need to have conversations with one's self....


Quoting gustcoelho
{quote} as a contribution to the thread, can you give a quick explanation on how you approach the markets to made profit? if others, who are at the profitable side of the table, could comment on that would be nice
SPC * Swollen PocketZ Crew!
  • #30
  • Feb 23, 2015 5:24pm Feb 23, 2015 5:24pm
Patience and trust.

I frequently get into my trades with price going against me initially, sometimes for days or weeks, but I keep hold of them because I have prearranged stops in place which rarely trigger. Most of the these eventually turn into profit and then it becomes when to exit and lock in that profit.

And yes my entry rules need a lot of work

Last week I entered 3 trades which immediately went against me and ranged for a while and yesterday was a total of -318pips. Today I woke and was now +142pips with another 2 trades triggered overnight. Patience is one of the strongest skills a trader can utilise.
Winners add to winning trades!
  • #31
  • Feb 23, 2015 5:43pm Feb 23, 2015 5:43pm
Quoting gustcoelho
{quote} as a contribution to the thread, can you give a quick explanation on how you approach the markets to made profit? if others, who are at the profitable side of the table, could comment on that would be nice
I wish I had a dollar for every time I've asked that very same question. Took me along time to understand and accept the answers I got most often by those who know how to trade.

Explaining how I approach the markets would do you little good. Especially a quick explanation (if that were even possible). Trading is such a personal journey and no matter what method or approach you end up using, if/when you become profitable, you will have made it your own. More than likely, it will made up of all the bits and pieces (gold nuggets) you'll pick up along that journey that fit you specifically. Your unique personality, your risk tolerance, what "stands out" on a chart to you and your ability to recognize it over and over again. And of course, an understanding of how and why the market works the way it does. All of that only comes with time. Normally, a lot of it .... .... lol

So my approach, while it "may" contain one of those nuggets, will invariably never match yours or another's. With rare exception I've found the closest we can come to matching another is seeing the same price levels. How we all get there differs widely. I trade everyday with a small group of friends here. In that group we have everyone from scalpers to position traders and our personal approach or methods all vary. But we all see the same levels and for the most part, how (not when) they'll be reached.

I was asked once what my method of trading is. My response is I really don't know. I just trade. All I can say is SR/SD (Support & Resistance/Supply & Demand) are the foundation. To that I've added/am adding Harmonics and Ratios to project potential targets. Then it's a matter of watching price structure develop around SR/SD to either confirm or deny those projections. Beyond that it's just a feel or recognition that only comes with lots of chart time. That's pretty much it for me.
Ghost Rider - WWTBMD?
  • #32
  • Feb 23, 2015 5:50pm Feb 23, 2015 5:50pm
Quoting JoeNY
You weren't asking me but I will reply to your post. You are asking the wrong questions. You have already identified one problem. You're having issues with TP. So the question you need to ask yourself is....... What am I going to do about that????? What are you going to do about that???? You only need to have conversations with one's self.... {quote}
Yeah, talk to yourself whenever there's something wrong with your trades, saying bad words sometimes releases your pains, but don't let anybody see you, they might think you are on your way to mental hospital. Serious, you are near the end of the tunnel, just a few polishing is needed, nobody can teach you that except hundreds of trial and error.
  • #33
  • Feb 23, 2015 5:56pm Feb 23, 2015 5:56pm
Most people fail at this business because I don't allow them to win.

  • #34
  • Feb 23, 2015 6:07pm Feb 23, 2015 6:07pm
Quoting gustcoelho
{quote} as a contribution to the thread, can you give a quick explanation on how you approach the markets to made profit? if others, who are at the profitable side of the table, could comment on that would be nice
Get 3 things right and you are on your way to profitability

1. market direction

2. entry level

3. your psychology

It takes a very long time to realise you got it wrong. Long time to admit you got it wrong. Long time to want to set it right. There you have it why it takes a very very long time and for most they have have not overcome the 1st stage of the wrongs as we are inclined to think we are right - the mother of wrongs.
  • #35
  • Feb 23, 2015 6:32pm Feb 23, 2015 6:32pm
Quoting GDR3k
Most people fail at this business because I don't allow them to win.
....
Ghost Rider - WWTBMD?
  • #36
  • Feb 23, 2015 9:35pm Feb 23, 2015 9:35pm
According to me there is only one skill you need to be successful. Emotional control. It looks like you have enough screen time over the years for you to identify good entries. It is the emotional control (waiting for confirmation before enter, close looser, etc) that's difficult to get. You Google advises from any successful investors in the world they all will tell you its all about emotional control. I can post 10 entries (trade calls) here over the next few days/weeks and i will guarantee you that 75% or above will be winners but repeating this HIGH disciplined process over and over again, year over year is very difficult. I do not know any other job that requires this much discipline. You are going to make money if you apply the same discipline to any work you do...After blowing up more than half a million US dollars over the years i am only playing tiny lots with descent size capital for very small returns and i do not know why i still do this (^_^).
Quoting gustcoelho
{quote} as a contribution to the thread, can you give a quick explanation on how you approach the markets to made profit? if others, who are at the profitable side of the table, could comment on that would be nice
  • #37
  • Feb 23, 2015 9:48pm Feb 23, 2015 9:48pm
Quoting Xxavier
........................more than half a million US dollars over the years i am only playing tiny lots with descent size capital for very small returns and i do not know why i still do this (^_^). {quote}
Still do what?
The Thief of Wall Street
  • #38
  • Feb 23, 2015 9:51pm Feb 23, 2015 9:51pm
Why i still trade
Quoting Chicky
{quote} Still do what?
  • #39
  • Feb 23, 2015 10:01pm Feb 23, 2015 10:01pm
Quoting Xxavier
Why i still trade {quote}
Same feeling here, it is just a hobby for me. Sometimes I win sometimes I lose, but these amounts are never significant.
I am in L5M.
The Thief of Wall Street
  • #40
  • Feb 23, 2015 10:59pm Feb 23, 2015 10:59pm
Not for any debate, but i have 2 reasons why sometimes I failed.

1st: Directions
When we know the directions, emotion and psycholoy will not be a factor to affect our trading decision. We become indecisive when we are unsure where prices are going.
Eg, If SNB tell u that they going to unpeg Eur on 15th Jan, I am sure you know what to trade and when to wait.

2nd: Alcohol
I think I need to fix this myself or some policy to ban alcohol.
The only winner is the one who survive the longest...
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