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Trader pains and issues

  • #1
  • First Post: Jun 12, 2016 2:28pm Jun 12, 2016 2:28pm
Hi guys,

We all know that trading forex profitably and consistently belongs only to the 5%. And the rest are struggling along.

Hopefully by identifying the pains, issues and problems collectively, we will progress faster in the right direction. Here's some questions to help identify the issues that most of us face with trading forex. Appreciate everyone's inputs. Thank you in advance!

1. What motivated you to trade forex? why do you do it?
2. What’s so hard about it? Which parts? Why?
3. When do you think about it the most? Do you think about it often?
4. What else have you tried? What worked? For how long?
  • #2
  • Jun 12, 2016 3:36pm Jun 12, 2016 3:36pm
Quoting oxygn
Hi guys, We all know that trading forex profitably and consistently belongs only to the 5%. And the rest are struggling along. Hopefully by identifying the pains, issues and problems collectively, we will progress faster in the right direction. Here's some questions to help identify the issues that most of us face with trading forex. Appreciate everyone's inputs. Thank you in advance! 1. What motivated you to trade forex? why do you do it? 2. Whats so hard about it? Which parts? Why? 3. When do you think about it the most? Do you think about it...
my opinion
the 5% (although do not know exactly but assume use it, actually maybe we only can call it tiny number) is not trading, and that tiny number maybe never show to the public to say hello, here I am rich have lot of money from this and follow my path
the gambler
the devils apprentice Return Today: na
  • #3
  • Jun 12, 2016 4:23pm Jun 12, 2016 4:23pm
Hi soekarno, thank you for your reply. What do u mean by 5% not trading?
  • #4
  • Jun 12, 2016 5:01pm Jun 12, 2016 5:01pm
Quoting oxygn
Hi soekarno, thank you for your reply. What do u mean by 5% not trading?
my opinion
its about word and terminology, beware about it. lot of people accept that this is "trading", that word can mislead to a direction far away for what all people dream on this what all people call it "market", a dream for success (get money, rich etc) from this game. word trading will make in unconscious mind to have a believe that this is on win win condition, everybody happy. one person exchange to another person and all get what their want. this field is not like that. I know my statement is on zero sum game side. I will not debate about this, just express my opinion. the word "trading" is only lure to trap people to come to eaten by predator (that 5%). and all about "trading stuff" from technical analysis, fundamental analysis, price action, robust system etc its only make more cloudy to see them (the 5%), I am not telling that all that stuff is useless, not that.
my answer to your opening thread.
1. what motivated me? its cool be predator the elite (5%), the highest top rank predator in food chain. proud to myself (narsisisme)
2. what so hard? its myself
3. when on the early stage, when on "the dumb, blind, lust etc condition" think it everyday
4. already tried all stuff TA, price action, scalping etc and all is make more dumb.
the last, I will never tell and teach how I get money. I will tell to only my successor
forgive me, I join ff actually only for watch, read, and make some noise
the gambler
the devils apprentice Return Today: na
  • #5
  • Jun 13, 2016 4:47am Jun 13, 2016 4:47am
Hmm, let's see.

1. I started trading forex because I was curious and because I got bombarded with forex advertising at one time. Good thing I am cautious and paranoid by nature or I would've lost a lot of money.
2. What's so hard? Everything. Literally everything. Studying, understanding, practising, dealing with one's own emotions, none of it comes easy.
3. I try only to think about it when I trade. Otherwise I'd get burned out quickly.
4. What do you mean? Other types of trading? Like binary options or something? Not that binary options is trading, exactly.
  • #6
  • Jun 20, 2016 12:12am Jun 20, 2016 12:12am
Quoting Soekarno
{quote} my opinion its about word and terminology, beware about it. lot of people accept that this is "trading", that word can mislead to a direction far away for what all people dream on this what all people call it "market", a dream for success (get money, rich etc) from this game. word trading will make in unconscious mind to have a believe that this is on win win condition, everybody happy. one person exchange to another person and all get what their want. this field is not like that. I know my statement is on zero sum game side. I will not...
Hi Soekarno, thank you for your reply.
I was reading around and the a common problem with beginners is hopping from 1 method to another. In my opinion, like what you said correctly, the hardest problem is ourselves - Our psychology and discipline. We are self sabotaging ourselves. I truly believe that lots of methods work and are profitable but the obstacle in the way is our emotions and discipline.
  • #7
  • Jun 20, 2016 12:20am Jun 20, 2016 12:20am
Quoting mlawson71
Hmm, let's see. 1. I started trading forex because I was curious and because I got bombarded with forex advertising at one time. Good thing I am cautious and paranoid by nature or I would've lost a lot of money. 2. What's so hard? Everything. Literally everything. Studying, understanding, practising, dealing with one's own emotions, none of it comes easy. 3. I try only to think about it when I trade. Otherwise I'd get burned out quickly. 4. What do you mean? Other types of trading? Like binary options or something? Not that binary options is trading,...
Hi Mlawson, thanks for your reply! Agreed there's so much information online that we have information overload!
What I mean by the 4th question is what other types of "money making" methods have you tried. e.g. other types of Fx trading stragtegies? other types of trading, or E-signals? or just putting your money into a PAMM for other profitable traders to trade?

Anyway, on a related note, if anything was possible, what would be one thing you wished you could have for Fx trading?
  • #8
  • Jun 20, 2016 4:17am Jun 20, 2016 4:17am
Quoting oxygn
{quote} Hi Mlawson, thanks for your reply! Agreed there's so much information online that we have information overload! What I mean by the 4th question is what other types of "money making" methods have you tried. e.g. other types of Fx trading stragtegies? other types of trading, or E-signals? or just putting your money into a PAMM for other profitable traders to trade? Anyway, on a related note, if anything was possible, what would be one thing you wished you could have for Fx trading?
Ah, I see. I have a strategy that uses candlestick analysis that I trust for the most part and I feel comfortable using that. I prefer to trade by myself, making my own decisions, no PAMM or e-signals for me. That way I know I am responsible for both my profits and my losses.

As for the one thing that I could have, hmmm, a larger account I could trade with. Larger accounts means being able to open a position with a bigger lot and thus I could make a larger profit. Oh well, it is what it is.
  • #9
  • Jun 20, 2016 9:09am Jun 20, 2016 9:09am
Quoting oxygn
Hi guys, We all know that trading forex profitably and consistently belongs only to the 5%. And the rest are struggling along. Hopefully by identifying the pains, issues and problems collectively, we will progress faster in the right direction. Here's some questions to help identify the issues that most of us face with trading forex. Appreciate everyone's inputs. Thank you in advance! 1. What motivated you to trade forex? why do you do it? 2. Whats so hard about it? Which parts? Why? 3. When do you think about it the most? Do you think about it...
1. The potential to make money, of course!
2. There's a lot of B.S. that some people online talk when trading. It can get tedious sifting through what is fact and what is just a scam.
3. I often think that there might be a better strategy out there I could use. But, I guess that's something I might find out in due course.
4. I used to do sports betting in the past. I got bored of it, especially with the low returns. Forex offers better potential and technical analysis is easier.
  • #10
  • Jun 21, 2016 1:27am Jun 21, 2016 1:27am
Quoting mlawson71
{quote} Ah, I see. I have a strategy that uses candlestick analysis that I trust for the most part and I feel comfortable using that. I prefer to trade by myself, making my own decisions, no PAMM or e-signals for me. That way I know I am responsible for both my profits and my losses. As for the one thing that I could have, hmmm, a larger account I could trade with. Larger accounts means being able to open a position with a bigger lot and thus I could make a larger profit. Oh well, it is what it is.
Hi Mlawson! that is what we all dream about - trading our own capital with no to be responsible to but yourself.

Besides the large account, what else would you wish you had to help you in your journey towards being a profitable trader?
  • #11
  • Jun 21, 2016 1:48am Jun 21, 2016 1:48am
Quoting Rm2
{quote} 1. The potential to make money, of course! 2. There's a lot of B.S. that some people online talk when trading. It can get tedious sifting through what is fact and what is just a scam. 3. I often think that there might be a better strategy out there I could use. But, I guess that's something I might find out in due course. 4. I used to do sports betting in the past. I got bored of it, especially with the low returns. Forex offers better potential and technical analysis is easier.
Hi Rm2, Thank you for your reply. On point 3, I feel the same way sometimes. It's like there might be something out there that is more effective or better. I don't deny that there might be another strategy that might produce returns more than what I am doing, if that is your definition of better.

I think, unless that particular strategy doesn't suit your personality, we should actually focus on mastering that strategy, our own psyche, discipline. I myself feel that patience is one of the keys to unlocking the doors to profitable trading. This is what I have self reflected. Just my 2 cents.

Anyhows, what is one thing you wished you could have to help you in this journey towards profitability? thanks again for your reply.
  • #12
  • Jun 21, 2016 4:14am Jun 21, 2016 4:14am
Quoting oxygn
{quote} Hi Mlawson! that is what we all dream about - trading our own capital with no to be responsible to but yourself. Besides the large account, what else would you wish you had to help you in your journey towards being a profitable trader?
More patience and more knowledge. The latter depends on my own effort, and I suppose the former does as well, but that is so much harder to learn.
  • #13
  • Jun 21, 2016 2:45pm Jun 21, 2016 2:45pm
I got into forex trading because I had a friend tell me about it who was consistently making large profits and even quit his job and is a fulltime trader. So, I begged him to teach me what he knew and within a few months of learning his strategy, I've been consistently grabbing about 60-100 pips per day.

I think my biggest issue used to be being disciplined enough to wait for the perfect setups that I knew paid out time and again. So, ive made all types of checklists to help me choose the best setups and it has definitely been working.

I love forex and am now fulltime with it.
  • #14
  • Jun 21, 2016 11:08pm Jun 21, 2016 11:08pm
Quoting katanatrader
I got into forex trading because I had a friend tell me about it who was consistently making large profits and even quit his job and is a fulltime trader. So, I begged him to teach me what he knew and within a few months of learning his strategy, I've been consistently grabbing about 60-100 pips per day. I think my biggest issue used to be being disciplined enough to wait for the perfect setups that I knew paid out time and again. So, ive made all types of checklists to help me choose the best setups and it has definitely been working. I love forex...
Amazing! how we all wished we had a mentor to guide us and show us along. One who is a true profitable trader and not those marketing sales tactic scammers. What was the most valuable thing that you learnt from your mentor about trading? thanks Katana for your reply
  • #15
  • Jun 21, 2016 11:11pm Jun 21, 2016 11:11pm
Quoting mlawson71
{quote} More patience and more knowledge. The latter depends on my own effort, and I suppose the former does as well, but that is so much harder to learn.
Agreed totally. When I started out in trying to make money in the money markets, I was impatient and it cost me alot. It was so painful! Patience is really a virtue and most of us starting out or in this journey can't wait to make money! but the irony is the slower you are, the faster you progress!
  • #16
  • Jun 22, 2016 4:39pm Jun 22, 2016 4:39pm
Quoting oxygn
{quote} Amazing! how we all wished we had a mentor to guide us and show us along. One who is a true profitable trader and not those marketing sales tactic scammers. What was the most valuable thing that you learnt from your mentor about trading? thanks Katana for your reply
I think having a mentor is essential. But, the thing that really helped me most, was that he stressed the importance of marking up my charts daily so that I begin to subconsciously see all of the patterns that were most profitable. I even made flash cards so that I could train my brain to see them faster than most traders.

I mark up why I would take a trade and also on days where the setup isnt there, I markup why i didnt take a trade so that Im training myself when to get into a trade and also when to get out of a losing trade without losing much of my account.
  • #17
  • Jun 24, 2016 1:10am Jun 24, 2016 1:10am
Quoting katanatrader
{quote} I think having a mentor is essential. But, the thing that really helped me most, was that he stressed the importance of marking up my charts daily so that I begin to subconsciously see all of the patterns that were most profitable. I even made flash cards so that I could train my brain to see them faster than most traders. I mark up why I would take a trade and also on days where the setup isnt there, I markup why i didnt take a trade so that Im training myself when to get into a trade and also when to get out of a losing trade without losing...
Thanks for sharing Katana. How long did it take you to become a profitable trader?
  • #18
  • Jul 14, 2016 8:08pm Jul 14, 2016 8:08pm
I think that I am just fond of all those analysis and gambling feeling of good income, yeah I believe it makes the most of motivating part of forex trading for me. It is hard to predict the end of a trend accurately enough, and often doubts prevent from making the right obvious decision. It takes lots of nerves afterwards. And surely it is really very difficult to withstand all newbies' psychological challenges and start over and over again after which mistake, retrieving the right lesson from it. But I suppose, that's the way it is. And also all those charts, inds, trend predictions, bar/spread dancing are gathered in some hellish mix and often makes morally exhausted. I think that the best way to be referred as to those lucky 5% is to learn to coupe with those things like professional and handle them all the time like a firefighter handles fire. I believe overcoming of emotions will be the first step to sober forex thinking.
  • #19
  • Aug 8, 2016 9:52am Aug 8, 2016 9:52am
Quoting oxygn
{quote}How long did it take you to become a profitable trader?

My biggest asset is demo trading and if anyone wanted to be a profitable trader then never give up demo trading no matter how much time it takes in becoming a successful trader and profitable too.
  • #20
  • Aug 8, 2016 4:49pm Aug 8, 2016 4:49pm
Quoting oxygn
Hi guys, We all know that trading forex profitably and consistently belongs only to the 5%. And the rest are struggling along. Hopefully by identifying the pains, issues and problems collectively, we will progress faster in the right direction. Here's some questions to help identify the issues that most of us face with trading forex. Appreciate everyone's inputs. Thank you in advance! 1. What motivated you to trade forex? why do you do it? 2. Whats so hard about it? Which parts? Why? 3. When do you think about it the most? Do you think about it...
1. I trade FX because no other market offers the flexibility that FX does without a seven figure account. I do it because it is said that 95% fail.
2. What is hard is that you have to wade through the indicator industry. Which parts and why are up to the traders ability to fail fast.
3. I think about FX the most when I am not trading during the weekend. I think about it as much as I think about my wife.
4. I have traded everything except bonds. It all works, for awhile. How long depends on what the market is doing. I did not become a master at trading until a few years in FX.
If you are good at something, never do it for free--Joker
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