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Trader pains and issues

  • #21
  • Aug 9, 2016 2:37am Aug 9, 2016 2:37am
Quoting jmn5611
{quote} 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...
Well, that's why forex market are off in weekend. I can say that we're being given by weekend to take a break from any kind of business and take some fresh air outside.
  • #22
  • Aug 9, 2016 5:01am Aug 9, 2016 5:01am
Quoting gabanda
{quote} Well, that's why forex market are off in weekend. I can say that we're being given by weekend to take a break from any kind of business and take some fresh air outside.
I agree. Thinking about Forex during the weekend is emotionally exhausting for me. I use the weekends to take a break and clear my mind, so I can look at the charts with fresh eyes on Monday.
  • #23
  • Aug 11, 2016 2:21am Aug 11, 2016 2:21am
1. What motivated you to trade forex? why do you do it?

-I'm currently still learning but whats motivated me to learn is a couple of things. I want the ability to stay in my girlfriend's home country permanently using bank statements of self sufficiency, I don't like working for others and being told what to do, I find regular 9-5 jobs very unsatisfactory, I wish too prove everyone wrong who says I wont succeed, and last but not least the same reason most people would like too do it is the idea of wealth.

2. Whats so hard about it? Which parts? Why?

-The hardest part for me has been how overwhelming each step appears compared to the last but by the end of it I see its not that hard to grasp at all. (referring to reading about charts, terms, trends, etc.)
  • #24
  • Aug 11, 2016 4:45am Aug 11, 2016 4:45am
Quoting gabanda
{quote} Well, that's why forex market are off in weekend. I can say that we're being given by weekend to take a break from any kind of business and take some fresh air outside.

I do it the other way. Looking at the charts at the weekend, setting my orders on monday and that´s it I think the most traders looking at the charts and thinking like "oh yes, here is my chance i go in, i go in". In my opinion, that´s the problem why the most lose because they are running the money behind.
(.)(.) think first ...
  • #25
  • Aug 11, 2016 11:54am Aug 11, 2016 11:54am
A trader's haiku

I buy
Price goes down
I sell
Price goes up
Oh no.
  • #26
  • Aug 11, 2016 12:23pm Aug 11, 2016 12:23pm
Quoting Mingary
A trader's haiku I buy Price goes down I sell Price goes up Oh no.
yes and than "now i do it the other way i buy only when the price goes down" and the price goes down and he is buying and the price goes down and he is buying and the price goes down ..... "ohhhh nooo, i close all my positions" .. and the price goes up ....
(.)(.) think first ...
  • #27
  • Aug 11, 2016 6:58pm Aug 11, 2016 6:58pm
I started my journey in 2006 after paying thousands of dollars to several people to mentor me and blowing many accounts worth thousands of dollars. In 2010 I took a job in which I could not sit in front of the computer every day for hours trading so I took a year off. During that year I thought about trading everyday. I also thought about my business that went down in the 2008 crunch in which was very successful. My idea was to treat this as a business in which it most definitely is. So as I did what i did in my business I wrote a business plan and a trading plan. I knew that I had a system that was successful but I lacked the patience to wait for the market to set up before I would enter. I know most (95%) of you won't do this but you need a trading plan that tells you when you will enter the market and where you will get out and a check list of each condition met for entry. Yes I know "DO I HAVE TO WRITE DOWN EVERY TRADE"??? the answer is yes it makes you accountable to yourself. It also gives you a record to look back at and show yourself that you waited and all rules were met. This may not work for everyone but if I can help one of you it is worth reading this LONG POST. This was my turning point that helped me to be a consistently positive trader along with a few other things but I believe this was the most important.

GOOD LUCK TO ALL
KEITH
  • #28
  • Aug 11, 2016 7:19pm Aug 11, 2016 7:19pm
Quoting Keith0609
I started my journey in 2006 after paying thousands of dollars to several people to mentor me and blowing many accounts worth thousands of dollars. In 2010 I took a job in which I could not sit in front of the computer every day for hours trading so I took a year off. During that year I thought about trading everyday. I also thought about my business that went down in the 2008 crunch in which was very successful. My idea was to treat this as a business in which it most definitely is. So as I did what i did in my business I wrote a business plan...
Do you think I could PM you some questions I'm new too trading and there is a few things I could use some guidance with!
  • #29
  • Aug 11, 2016 10:04pm Aug 11, 2016 10:04pm
Quoting gabanda
{quote} Well, that's why forex market are off in weekend. I can say that we're being given by weekend to take a break from any kind of business and take some fresh air outside.


But I will still to a little post market analysis during the weekend to see if I can improve my pip yield.
If you are good at something, never do it for free--Joker
  • #30
  • Aug 12, 2016 3:54am Aug 12, 2016 3:54am
Quoting Mingary
A trader's haiku I buy Price goes down I sell Price goes up Oh no.
...That was the most concise description of the general trading approach most people seem to have. Including myself.
  • #31
  • Aug 12, 2016 6:54am Aug 12, 2016 6:54am
Quoting jollypk
{quote} 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.
Well, you might found less of them who've done so. Most of them were giving up on demo account and moving to real account without any proper knowledge.
  • #32
  • Aug 12, 2016 6:03pm Aug 12, 2016 6:03pm
Quoting Subliminal
{quote} Do you think I could PM you some questions I'm new too trading and there is a few things I could use some guidance with!
Yes you can PM me.
  • #33
  • Aug 25, 2016 3:35am Aug 25, 2016 3:35am
Quoting gabanda
{quote} Well, you might found less of them who've done so. Most of them were giving up on demo account and moving to real account without any proper knowledge.
Practicing demo account seems to be bit tiring and that's the reason many newbie avoid it and finally looses money.
  • #34
  • Aug 25, 2016 4:27am Aug 25, 2016 4:27am
Quoting jollypk
{quote} Practicing demo account seems to be bit tiring and that's the reason many newbie avoid it and finally looses money.
A lot of people see it as a waste of time because they are not actively making any money off the demo account, but that is a mistake. Time and effort invested in education are never wasted.
  • #35
  • Aug 25, 2016 7:55am Aug 25, 2016 7:55am
Hello,

I've read most of the comments posted here and it really struck me on just how lucky I am to be part of the 5%..... I mean I'm a 21 year old student who started out with £1450 and now manage hundreds of thousands. My journey into Forex is probably something I could write a book of. I was never good at trading and never had a mentor or followed anything but myself, what I learned throughout was that 'discipline', 'patience' and a strong mindset with a strategy that has an 'edge' which also suits your lifestyle is key, there's no point following other peoples strategies because it 'works' it may work for them but it doesn't mean it will work for you. Every week (I trade once a week) I enter positions where I risk 5 figures, but because I believe in my strategy I don't sit there and watch the charts, I place my order and go about my daily routine and only come back to close my position and a certain time of the day (my stop-loss is based on time). Being part of the 5% doesn't give me any sort of boost or 'elite' status which I would not prefer even if it was awarded to me. From a young age I have always been a quite individual who loves being alone and challenging himself, patience has always been my main strengths of life due to my personal life experiences. One of my biggest fears was working for someone to help them achieve there own goals, or even the fact of working with other individuals for 8 hours straight 5 to 7 days a week. Anyone who puts there mind to it can succeed, remember, failure is giving up on something, we all have losing streaks, even I have had losing streaks but the reason 'winning' or 'losing streaks' don't effect me is because I have an 'edge' over other traders with my strategy and I know if I lose on this trade it is just the market doing business with you and you just have to move onto the next trade.

Good luck with your trading journey my friends
  • #36
  • Aug 25, 2016 8:37am Aug 25, 2016 8:37am
[quote]Hello,

I've read most of the comments posted here and it really struck me on just how lucky I am to be part of the 5%..... I mean I'm a 21 year old student who started out with 1450 and now manage hundreds of thousands. My journey into Forex is probably something I could write a book of. I was never good at trading and never had a mentor or followed anything but myself, what I learned throughout was that 'discipline', 'patience' and a strong mindset with a strategy that has an 'edge' which also suits your lifestyle is key, there's no point following other peoples strategies because it 'works' it may work for them but it doesn't mean it will work for you. Every week (I trade once a week) I enter positions where I risk 5 figures, but because I believe in my strategy I don't sit there and watch the charts, I place my order and go about my daily routine and only come back to close my position and a certain time of the day (my stop-loss is based on time). Being part of the 5% doesn't give me any sort of boost or 'elite' status which I would not prefer even if it was awarded to me. From a young age I have always been a quite individual who loves being alone and challenging himself, patience has always been my main strengths of life due to my personal life experiences. One of my biggest fears was working for someone to help them achieve there own goals, or even the fact of working with other individuals for 8 hours straight 5 to 7 days a week. Anyone who puts there mind to it can succeed, remember, failure is giving up on something, we all have losing streaks, even I have had losing streaks but the reason 'winning' or 'losing streaks' don't effect me is because I have an 'edge' over other traders with my strategy and I know if I lose on this trade it is just the market doing business with you and you just have to move onto the next trade.


Completely agree with everything here. Your journey and sentiments are very similar to mine. I now manage client funds as well as obviously my own account. Took me 6 years to learn and get profitable. No point in following other peoples strategies, also forget EA's and indicators. Anyone can do it though everyone's time-frame for getting there will be different. Find your own way and don't waste time looking for a holy grail, there isn't one. Good luck with your endeavours everyone.
  • #37
  • Jul 19, 2017 3:22pm Jul 19, 2017 3:22pm
Quoting Subliminal
1. What motivated you to trade forex? why do you do it? -I'm currently still learning but whats motivated me to learn is a couple of things. I want the ability to stay in my girlfriend's home country permanently using bank statements of self sufficiency, I don't like working for others and being told what to do, I find regular 9-5 jobs very unsatisfactory, I wish too prove everyone wrong who says I wont succeed, and last but not least the same reason most people would like too do it is the idea of wealth. 2. Whats so hard about it? Which parts?...
I always try to keep patience and besides live trading I am in demo account at all times for practicing. Even though I am not a profitable trader but didn’t give up and always trying to be disciplined.
  • #38
  • Jul 27, 2017 3:25pm Jul 27, 2017 3:25pm
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?

1. I was looking for a second source of income that wouldn't have me at a second job after I got off of my first. It allows me the freedom to earn when I have time.
2. The hardest part is finding a strategy that fits your trading personality and STICKING WITH IT. The rest is just a mind game.
3. Sometimes I think about it all day and sometimes I don't think about it until I sit down to trade. It all depends on what the market is doing.
4. This was the first type of investing I got into other than a simple 401k. I was hooked almost immediately.

Hope this helps!
  • #39
  • Jul 28, 2017 9:19am Jul 28, 2017 9:19am
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...
1. I found it to be an interesting, intellectually stimulating way to make a profit.
2. Forex takes a long time to learn if you do want to make a profit. There are no short-cuts, you have to put in the time and the effort to succeed.
3. I think about it the most when I trade or when I discuss my trading.
4. I realized that the simpler the strategy, the better it works for me. I am quite patient by nature and I can wait for the best moment to use said strategy.
  • #40
  • Last Post: Nov 23, 2017 4:35am Nov 23, 2017 4:35am
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. What’s so hard about it? Which parts? Why? 3. When do you think about it the most? Do you think...
So many questions! By the way, I like the way of trading, yes it’s challenging but I think enjoyable too! By the way, I started my trading without any trainer so for me, learning new thing is always hard! Frankly, sometimes I lose my hope when I face multiple SL’s in a session.
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