Most traders fail because of no discipline! | Page 7 | Forex Factory

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Most traders fail because of no discipline!

  • #121
  • Jan 22, 2017 3:47pm Jan 22, 2017 3:47pm
Quoting techboy46
{quote} My friend this is precisely what trading is all about, dealing the uncertainties of the market, it is about having the right skills to make money out of this uncertainties, I dont really listen to this economic gurus because it has nothing to do with my trading, I am an intraday trader all I need is a few pips a day and I dont care what this people are saying because I myself know that most FOREX pairs do move at least 50 pips a day and I can extract a few pips from it. Peace be with you!
Better you quit now and enjoy something else like farming
  • #122
  • Jan 22, 2017 4:25pm Jan 22, 2017 4:25pm
Quoting HeyYou
{quote} Better you quit now and enjoy something else like farming
???? me or kpclick? I can do both, farming and trading is a very enjoyable profession
  • #123
  • Jan 22, 2017 4:41pm Jan 22, 2017 4:41pm
Quoting techboy46
{quote} ???? me or kpclick? I can do both, farming and trading is a very enjoyable profession
You, you, focus on farming.
  • #124
  • Jan 22, 2017 4:51pm Jan 22, 2017 4:51pm
Quoting BooG
insufficient discipline insufficient equity lack of business/economics/analytic background unrealistic expectations short term perspective reckless risk and the list goes on. Trading requires a basket of traits. Mastering just one only postpones the inevitable. One day your a** will be served to ya. good luck, have fun!!
Lets discuss the points you raised a little bit:

The discipline we are talking here is being discipline all the time not now, tomorrow or this month, its literally all the time every move, every actions must be in accordance with the specific rule, that is the discipline that we are talking here, now if one has different interpretation then their is nothing I can do about it. Insufficient discipline is the same with lack of discipline.

Insufficient equity, in general I will agree that under capitalization can bring more psychological pressures to most traders causing to over leverage and over trade, but this is not applicable to all traders, because there are traders that makes money even with smaller equity.

Lack of business/economics/analytical background - Are you saying that you need to be an economic or analytical expert to be a successful trader or maybe you are just referring to traders that dont have the right education right from the start because we all know that majority of traders comes to this market not getting the right preparation and knowledge.

Unrealistic expectations - this part can be associated to lack of knowledge
Recklessness and other negative traits in trading can be associated to psychological unpreparedness of a trader

Peace!
  • #125
  • Jan 22, 2017 4:54pm Jan 22, 2017 4:54pm
Quoting HeyYou
{quote} You, you, focus on farming.
Why I will focus in farming? I am trading for 8 years, I am happy and very passionate with this profession, and beside I can do both, I can trade with an EA or I can swing trade in the 4 HR chart, so I have all the time in the world to do other things... what is your problem my friend?
  • #126
  • Jan 22, 2017 5:02pm Jan 22, 2017 5:02pm
Quoting techboy46
{quote} Why I will focus in farming? I am trading for 8 years, I am happy and very passionate with this profession, and beside I can do both, I can trade with an EA or I can swing trade in the 4 HR chart, so I have all the time in the world to do other things... what is your problem my friend?
I can grasp something from your posts and I think you should just give up, don't get offended.
  • #127
  • Jan 22, 2017 5:10pm Jan 22, 2017 5:10pm
Quoting HeyYou
{quote} I can grasp something from your posts and I think you should just give up, don't get offended.
No big deal my friend, its your opinion and I respect it, but sorry I dont live in this world to live on someone's opinion, I follow my heart and do the things what I believe I can do.....you dont know me so dont judge me for just reading my post, I dont have to show my equity curve just to prove that you are wrong, dont judge me because you dont know me personally, so if you want respect show some respect also....
  • #128
  • Jan 22, 2017 5:11pm Jan 22, 2017 5:11pm

I'd forgotten why I'd stopped reading forex forums a few years ago. In every thread that someone opens, there are a bunch of inexperienced people coming and writing posts as if they've figured it all out and trying to reason others with some BS they've read somewhere on the net. Most of them don't even have a demo account. They've known this market for at most 1 or 2 years and yet they write long- winded posts and ooze inadequate insight of the market. Maybe most traders fail because of reading forex forums.


I still don't understand why people who can't make money from this market, spend Their precious time being around here and writing windy posts. Maybe their time is not precious for them at all. Get a life!!

  • #129
  • Jan 22, 2017 5:17pm Jan 22, 2017 5:17pm
Quoting techboy46
{quote} No big deal my friend, its your opinion and I respect it, but sorry I dont live in this world to live on someone's opinion, I follow my heart and do the things what I believe I can do.....you dont know me so dont judge me for just reading my post, I dont have to show my equity curve just to prove that you are wrong, dont judge me because you dont know me personally, so if you want respect show some respect also....
  • #130
  • Jan 22, 2017 5:50pm Jan 22, 2017 5:50pm
Quoting daivid40
I'd forgotten why I'd stopped reading forex forums a few years ago. In every thread that someone opens, there are a bunch of inexperienced people coming and writing posts as if they've figured it all out and trying to reason others with some BS they've read somewhere on the net. Most of them don't even have a demo account. They've known this market for at most 1 or 2 years and yet they write long- winded posts and ooze inadequate insight of the market. Maybe most traders fail because of reading forex forums. I still don't understand why people who...
I may agree on some points, but not all are talking BS there are some that can be taken seriously, the negative side in forums is you got mixed information that can just bring more confusions, so its up to the individual trader to segregate the good and the bad ones, but to me being successful in trading goes beyond just reading and participating in forums, it really requires a lot of hard work and dedication in a passionate way.
  • #131
  • Edited 8:25pm Jan 22, 2017 7:34pm | Edited 8:25pm
Quoting techboy46
Whether you agree or not, but to me a trader cannot succeed in this business if he cannot implement discipline in his trading all the time, market is so brutal that it can ripped your account apart if you ignore discipline for just one time, I know for a fact that being discipline all the time in trading is very hard to achieve considering the fact that market is volatile and easily affect traders psychological stability that can prompt most traders to divert or do discretionary trading once in a while that most of the time can damage their account....
Sure, but without a trading edge discipline is worthless.

You need a mathematical trading edge first and THEN discipline.

You can discipline yourself all you want but without a statistical trading edge you will lose all your money on transaction costs, spread and slippage alone, just like in a casino.
  • #132
  • Jan 22, 2017 7:44pm Jan 22, 2017 7:44pm
Quoting TooSlow
{quote} Not exactly. Price moves up, Price moves down or Price does not move at all. Sideways "movement" does not exist.
You must be JOKING mate.

Sideways movement is a term that we use to describe the "Consolidation Phase" in the market. It doesn't
mean that the market stops moving, it simply means that the forces of supply and demand are almost equal.
Therefore, the only time Price stops moving is when the market is closed.....
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #133
  • Jan 22, 2017 7:51pm Jan 22, 2017 7:51pm
Quoting OctaveJay509
{quote} You must be JOKING mate. Sideways movement is a term that we use to describe the "Consolidation Phase" in the market. It doesn't mean that the market stops moving, it simply means that the forces of supply and demand are almost equal. Therefore, the only time Price stops moving is when the market is closed.....
Absolutely.

Not sure what TooSlow is talking about .

Markets have been going up, down and sideways for centuries.

TooSlow, here is the definition of a sideways market buddy:
http://www.investopedia.com/terms/s/sidewaysmarket.asp
  • #134
  • Jan 22, 2017 7:56pm Jan 22, 2017 7:56pm
Quoting Mr Breakout
{quote} Sure, but without a trading edge discipline is worthless. You need a mathematical trading edge first and THEN discipline. You can discipline yourself all you want but without a statistical trading edge you will lose all your money on transaction costs, spread and slippage only, just like in a casino.
Absolutely true, mathematical edge,others may call it winning strategy or trading methodology and discipline is a must to be a profitable trader(no point of argument) , this two should work hand in hand all the time otherwise all efforts will be in vain, I did not mention risk management because I always believe that risk management is just part of a good and effective methodology(some may not agree).
  • #135
  • Jan 22, 2017 8:00pm Jan 22, 2017 8:00pm
Quoting techboy46
{quote} Absolutely true, mathematical edge,others may call it winning strategy or trading methodology and discipline is a must to be a profitable trader(no point of argument) , this two should work hand in hand all the time otherwise all efforts will be in vain, I did not mention risk management because I always believe that risk management is just part of a good and effective methodology(some may not agree).
Totally my friend!

Money management is even more important that discipline or even trading edge.

Yes, it has been proven that you can make money even with totally random entry points, if you use the right exit strategy (money management).

I know, it is hard to believe but it's true.
  • #136
  • Jan 22, 2017 8:09pm Jan 22, 2017 8:09pm
Quoting Mr Breakout
{quote} Absolutely. Not sure what TooSlow is talking about . Markets have been going up, down and sideways for centuries. TooSlow, here is the definition of a sideways market buddy: http://www.investopedia.com/terms/s/sidewaysmarket.asp
REALITY CHECK.
Price only moves up and down.
You can tell yourself any story you like.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #137
  • Jan 22, 2017 8:14pm Jan 22, 2017 8:14pm
Hello Everyone !!! I posted this on my thread and since it is on topic , I post the link here.


From Post 1330

http://ezinearticles.com/?Day-Tradin...-By&id=1398584


By Dr. Barry Burns | Submitted On August 10, 2008

http://img.ezinearticles.com/spriting/trans.gif
http://ezinearticles.com/members/mem...urns_36257.jpg
Most people looking to make money in the markets believe that the answer lies in finding some simple technical analysis strategies that will catapult them to profitability.
  • #138
  • Jan 22, 2017 8:17pm Jan 22, 2017 8:17pm
Quoting TooSlow
{quote} REALITY CHECK. Price only moves up and down. You can tell yourself any story you like.
So sideways markets do no exist.

Oh well, you learn everyday.

I guess.

Now let me contact these morons at Investopedia and tell them to stop publishing nonsense.
http://www.investopedia.com/terms/s/sidewaysmarket.asp
  • #139
  • Jan 22, 2017 8:41pm Jan 22, 2017 8:41pm
Quoting Mr Breakout
{quote} So sideways markets do no exist. Oh well, you learn everyday. I guess. Now let me contact these morons at Investopedia and tell them to stop publishing nonsense. http://www.investopedia.com/terms/s/sidewaysmarket.asp
One must be precise.
I am talking about price.
You are talking about markets.
Not the same entity.

Morons used to believe the world was flat.
And they burned witches.
They killed those who believed the earth was not the center of the universe.
Question Authorities.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #140
  • Jan 22, 2017 8:48pm Jan 22, 2017 8:48pm
Quoting TooSlow
{quote} One must be precise. I am talking about price. You are talking about markets. Not the same entity. .

Hahahaha.

Whatever.
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