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Your Trading Struggles - What is the biggest factor?

  • #61
  • Aug 22, 2014 12:02am Aug 22, 2014 12:02am
Alright, let's continue the conversation. I believe that the biggest three problems / pains for struggling traders are:

1. Focusing on skill development, not system chasing.

2. Accountability. When it's just you and your computer, it's easy to make silly trades.

3. Lack of a plan. If you go into a trade without a plan, you have no control.

How would you rank those three issues?

Are they applicable to you at all?
  • #62
  • Aug 22, 2014 1:17am Aug 22, 2014 1:17am
First step to success is to see forex as a business/job, not just some "side thing". So, when you go to your day-job - do you expect to get rich everyday or do you expect to get paid a certain amount at the end of each month ?

Forex is no different. See it as a job, certain amount each month/week/day/hour. Slow and steady wins the race. If you're a gambler then go to Vegas. At least you'll get complimentary drinks.
  • #63
  • Aug 22, 2014 1:59am Aug 22, 2014 1:59am
Trading struggle # 1:

Looking for patterns in random data -- such as forex price data - is an addiction that is hard to cure.

The only known cure is called bankruptcy.
  • #64
  • Sep 1, 2014 7:54pm Sep 1, 2014 7:54pm
Quoting Mingary
Trading struggle # 1: Looking for patterns in random data -- such as forex price data - is an addiction that is hard to cure. The only known cure is called bankruptcy.
Yes i think that too , people see too many patterns where they dont exist . I think a problem is also finding the right system .
  • #65
  • Sep 1, 2014 8:10pm Sep 1, 2014 8:10pm
7) staying awake while waiting for trades
  • #66
  • Sep 2, 2014 12:06am Sep 2, 2014 12:06am
Here's a perfect example of my trading struggles:
AUDUSD today Tues 2nd Sep, Building Approvals at 11:30 am
SO . . . according to the calendar description for this important (RED) event, "Actual > Forecast = Good for currency". Building Approvals 47% GREATER than forecast = AUD drops 30 points. Forex trading is such BS
  • #67
  • Sep 2, 2014 12:54am Sep 2, 2014 12:54am
Quoting KroneMad
{quote} Yes i think that too , people see too many patterns where they dont exist . I think a problem is also finding the right system .
Finding the right system or creating the right system? I think one is more useful than the other.
  • #68
  • Sep 6, 2014 9:13pm Sep 6, 2014 9:13pm
Alright, we've discussed our biggest struggles in the overall sense, ie. Why it's so damn hard to be consistent. Lets shift to day to day problems. What's the most painful or annoying thing that we as traders have to do or deal with every single trading day?
  • #69
  • Jul 13, 2015 10:53pm Jul 13, 2015 10:53pm
Quoting TradeDream
Take a breath, shut your eyes and think for a couple of moments. Why are you not yet a consistently profitable trader? Really think deeply. Go beyond your last few traders, think about your trading experience as a whole. What about last months trading? What about last years trading? If you had to distil your struggles into a single component of the trading puzzle, what would it be? 1. Developing a system with a reliable edge. 2. Finding a system with a reliable edge. 3. Following rules over a long period of time. 4. Beating your trading...

my problem was impatience, after my analysis closing lossing orders just to find some hours later i should be winning lol

sometimes the best is to open the order and leave your computer
Perfecting your entry will increase your profits
  • #70
  • Jul 13, 2015 11:41pm Jul 13, 2015 11:41pm
finally I found my biggest factor is metatrader platform for me as scalper. meta is not suited for scalper. now I already change broker and platform that match and suit
for scalping.
In years I thought all the mistake is about myself.
we don't predict, we only ride
  • #71
  • Jul 13, 2015 11:47pm Jul 13, 2015 11:47pm
Quoting TradeDream
Alright, we've discussed our biggest struggles in the overall sense, ie. Why it's so damn hard to be consistent. Lets shift to day to day problems. What's the most painful or annoying thing that we as traders have to do or deal with every single trading day?
Fear.

Fear of:
- being wrong
- losing money
- being too early
- being too late
- poor exits
- missing out
- and on and on......

Lots of the above revolves around personal issues with perfectionism In my case, you can trade through all this, but it never actually goes away.

With kind regards,
MK
  • #72
  • Jul 16, 2015 1:26pm Jul 16, 2015 1:26pm
Quoting TradeDream
Take a breath, shut your eyes and think for a couple of moments. Why are you not yet a consistently profitable trader? Really think deeply. Go beyond your last few traders, think about your trading experience as a whole. What about last months trading? What about last years trading? If you had to distil your struggles into a single component of the trading puzzle, what would it be? 1. Developing a system with a reliable edge. 2. Finding a system with a reliable edge. 3. Following rules over a long period of time. 4. Beating your trading...
Well, seeing as how I have only been trading forex for about 6 months now, I would say the #1 is the hardest thing for me. Like most other rookie traders, I used to be a strategy whore and constantly readjust things and channge things around once they don't seem profitable. I think most people go through this phase because they are not sure whether they truly have an edge or not. A lot of information about risk/reward etc. is spouted out all over forums and stuff, but no one truly knows how far the price will go. Projecting a reward is tricky because you are essentially predicting where the price will end up and there is no guarantee of that. You have to be sure that you have an edge and the only thing that can show you that in my opinion is forward testing. Backtesting is useful to get an idea, but market conditions change and only those who can adapt survive. That being said, I trade on an intraday basis. Daily charts seem much easier, but compound returns at a much slower rate.
  • #73
  • Last Post: Nov 18, 2020 11:31am Nov 18, 2020 11:31am
The most difficult task in the forex market as a new trader is to find a reliable broker to trade.
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