Most traders fail because of no discipline! | Page 26 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Why most 'traders' fail 12 replies

Top Reasons Why Most Beginner Traders Fail 64 replies

The Miracle of Discipline, by Rob Booker 18 replies

Average system + great discipline =great results? 44 replies

Why Traders Lose Their Discipline 2 replies

Attachments: Most traders fail because of no discipline!
Exit Attachments

Most traders fail because of no discipline!

  • #501
  • Jan 31, 2017 5:37am Jan 31, 2017 5:37am
This is probably the best summary of the journey I have ever seen!!!
  • #502
  • Jan 31, 2017 5:38am Jan 31, 2017 5:38am
Quoting Shabs19
{quote} Not necessarily, It depends on how you use them. They can be great tools to spot divergences on trending markets. Hidden divergence especially, on strong trending markets.
Right, I forgot to mention they can be used also to spot divergence, but then again they cannot be right all the time, you just have to learn how to tweaked its settings to give better results.
  • #503
  • Jan 31, 2017 5:53am Jan 31, 2017 5:53am
Quoting mlawson71
{quote} Even if one has a natural ability it still takes years of study and practice to become successful and consistently profitable in this business.
I mention natural ability here because there are some traders who can read markets like reading a book. They have an ability that cannot be taught to others.
Husain Bolt is one that comes to mind with natural ability, but also with great positive winning mental attitude. To replicate what he can do, cannot be learnt.

Sure, good practice makes perfect achievable faster. The response time to a clear signal and acting on it.
Gary Player once said: " The more I practice, the luckier I get"
It never gets easier, you just get better
  • #504
  • Jan 31, 2017 6:00am Jan 31, 2017 6:00am
Quoting techboy46
{quote} Right, I forgot to mention they can be used also to spot divergence, but then again they cannot be right all the time, you just have to learn how to tweaked its settings to give better results.
I did say: They can be great tools to spot divergences on trending markets. Hidden divergence especially, on strong trending markets.

Understand what your indcators are actually telling you & what they were designed to do. It's not about tweaking settings, that is another "hamster wheel" you will keep going round in loops for a long time.

This is exactly why traders get frustrated when they claim their indicators don't work and then move onto the next one.
It never gets easier, you just get better
  • #505
  • Jan 31, 2017 6:08am Jan 31, 2017 6:08am
Nice, we have a clear bullish trend on this thread !
  • #506
  • Jan 31, 2017 6:12am Jan 31, 2017 6:12am
Quoting executivefx
The 9 Stages of a Forex Traders Development {image} Stage 8 - Realization 8.1 We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better. 8.2 We continue to trade and the market teaches us more and more about ourselves. 8.3 We master our methodology and our trading rules. 8.4 We begin to consistently make money. 8.5 We get a little over-confident and the market humbles us. 8.6 We continue to learn our lessons.
Stage 8 is wrong.
Stage 8 should be Discovery. The Eureka moment. If you know what I mean then you can fill in 8.1, 8.2,8.3,8.4,8.5
The breakthrough that you have been searching all this time. That you have discovered something about the markets that will change your life.
If you have experienced it you will know what I mean. If you haven't you are not there yet.
You came here for the truth and let me unveil it for you
  • #507
  • Jan 31, 2017 6:55am Jan 31, 2017 6:55am
Quoting Shabs19
{quote} I did say: They can be great tools to spot divergences on trending markets. Hidden divergence especially, on strong trending markets. Understand what your indcators are actually telling you & what they were designed to do. It's not about tweaking settings, that is another "hamster wheel" you will keep going round in loops for a long time. This is exactly why traders get frustrated when they claim their indicators don't work and then move onto the next one.
Honestly, technical indicators to me is a thing in the past, I tried it before but it does bring good results in my trading, today I never use any indicators its pure price action,I am more comfortable using to it than get stuck to this indicators. That is why if you look on my chart its very clean it is all candle stick chart....the truth is a trader can be profitable without using any indicators.Why complicate things if you can make it simpler?
  • #508
  • Jan 31, 2017 7:07am Jan 31, 2017 7:07am
Quoting techboy46
{quote} Honestly, technical indicators to me is a thing in the past, I tried it before but it does bring good results in my trading, today I never use any indicators its pure price action,I am more comfortable using to it than get stuck to this indicators. That is why if you look on my chart its very clean it is all candle stick chart....the truth is a trader can be profitable without using any indicators.
different people win and lose different ways. many use same indicators different ways. allways you need to know offcourse what the indicator calculates and whats was to reasons behind its creation. offcourse you can also use an indicator without knowing this, but often this brings more risk in trading.

what you can trust is the price, because there is all others (each desicion to buy/sell because of any indicator/strategy,volume, open interest, news, emotions,....... whatever) allready calculated in and reacts to all instantly. if you have learned to master naked charts then you are at a very high level.
  • #509
  • Jan 31, 2017 7:19am Jan 31, 2017 7:19am
Quoting dukas_trader
{quote} different people win and lose different ways. many use same indicators different ways. allways you need to know offcourse what the indicator calculates and whats was to reasons behind its creation. offcourse you can also use an indicator without knowing this, but often this brings more risk in trading. what you can trust is the price, because there is all others (each desicion to buy/sell because of any indicator/strategy,volume, open interest, news, emotions,....... whatever) allready calculated in and reacts to all instantly. if you have...
I will not say that I am at that level already but I am working toward it,to come to such level of understanding I think requires years of constant engagement of the market, but of course discipline will always play an important rule to success, not to mention I already burn a lot of trading accounts for the last 8 years, so I guess its just right that I have to start reaping the fruits of my labor.
  • #510
  • Jan 31, 2017 7:22am Jan 31, 2017 7:22am
Quoting dukas_trader
{quote} different people win and lose different ways. many use same indicators different ways. allways you need to know offcourse what the indicator calculates and whats was to reasons behind its creation. offcourse you can also use an indicator without knowing this, but often this brings more risk in trading. what you can trust is the price, because there is all others (each desicion to buy/sell because of any indicator/strategy,volume, open interest, news, emotions,....... whatever) allready calculated in and reacts to all instantly. if you have...
I'll second that. There is no right or wrong way to trade, whatever works for you.
Indicators just measure something, and could be a helpful tool. The tool by itself isn't good or bad, it's up to you how to use it.
That's it, no more no less.
  • #511
  • Jan 31, 2017 7:31am Jan 31, 2017 7:31am
Quoting techboy46
{quote} I will not say that I am at that level already but I am working toward it,to come to such level of understanding I think requires years of constant engagement of the market, but of course discipline will always play an important rule to success, not to mention I already burn a lot of trading accounts for the last 8 years, so I guess its just right that I have to start reaping the fruits of my labor.
thats normal that you burned accounts at starting. i hope it was demo accounts or small accounts. thats best you can have. at beginning all try strategies like martingale, using no SL, have a opinion about the market has to move and hold it till the end,..... and so on ... and its neccesary to learn it the hard way that this will bring someone to a loss way. after this will happen, someone is realizing , myself is not smarter then rest of the world (there was no secret in the market i discovered and nobody did see), start studying the basics and do it correct.
  • #512
  • Jan 31, 2017 7:33am Jan 31, 2017 7:33am
Quoting anax
{quote} I'll second that. There is no right or wrong way to trade, whatever works for you. Indicators just measure something, and could be a helpful tool. The tool by itself isn't good or bad, it's up to you how to use it. That's it, no more no less.
True, a trader can use any approach he want as long that he is comfortable with it and he makes money with it. What is important in trading anyway is you are making money not losing money regardless of what strategy or approach you are using.
  • #513
  • Edited 7:48am Jan 31, 2017 7:38am | Edited 7:48am
Quoting techboy46
{quote} True, a trader can use any approach he want as long that he is comfortable with it and he makes money with it. What is important in trading anyway is you are making money not losing money regardless of what strategy or approach you are using.
yes, and not only making money ,also how much risk you have by making it and how much risk you will have in the future. as example: when using martingale you can get by luck making money 1 day, 1 month, even 1 year , nobody knows. but on the end you lose all whats on the account (or more by an gap) by this strategy.
  • #514
  • Jan 31, 2017 7:43am Jan 31, 2017 7:43am
Martingale is out of the picture of course. Is not even a trading style, is pure gambling money management with mathematically negative expectancy .
  • #515
  • Jan 31, 2017 7:55am Jan 31, 2017 7:55am
Quoting techboy46
{quote} Honestly, technical indicators to me is a thing in the past, I tried it before but it does bring good results in my trading, today I never use any indicators its pure price action,I am more comfortable using to it than get stuck to this indicators. That is why if you look on my chart its very clean it is all candle stick chart....the truth is a trader can be profitable without using any indicators.Why complicate things if you can make it simpler?
I gave you an example of how an oscillator maybe used in a trending market, even though it was designed for a ranging market. Such as RSI, Stochastics,CCI etc.
except for MACD (my preference). It is about finding the alternative way of exploiting the information they provide on market momentum.
Why would I want to trade against it ? Surely trading with momentum is better ?

Pure candlestick charts & Price Action - Good for you. Agree with you simple is better.
It never gets easier, you just get better
  • #516
  • Edited 8:22am Jan 31, 2017 8:10am | Edited 8:22am
Quoting RondaRousey
{quote} Stage 8 is wrong. Stage 8 should be Discovery. The Eureka moment. If you know what I mean then you can fill in 8.1, 8.2,8.3,8.4,8.5 The breakthrough that you have been searching all this time. That you have discovered something about the markets that will change your life. If you have experienced it you will know what I mean. If you haven't you are not there yet.
I think Realisation and Discovery mean almost the same thing here.
I agree about the breakthrough = when the penny actually drops and you realise what you have been missing.
It never gets easier, you just get better
  • #517
  • Jan 31, 2017 8:11am Jan 31, 2017 8:11am
Off to bed made Nearly 2:1 after the accumulation over 2 sessions. Should be more in it.
took all bloody day but got there.

anyone IF wanting to make money IF a rejection of around 7560 and usdollar continues weakening THEN enter on the audusd, put stop loss @ 7546 and target 7610 for a nice 2:1+

no need to thank me.
  • #518
  • Jan 31, 2017 8:13am Jan 31, 2017 8:13am
Quoting executivefx
The 9 Stages of a Forex Traders Development {image}
A very similar article here:
http://www.forexfactory.com/showthread.php?t=3156
It never gets easier, you just get better
  • #519
  • Jan 31, 2017 8:20am Jan 31, 2017 8:20am
Quoting WolGod
Off to bed made Nearly 2:1 after the accumulation over 2 sessions. Should be more in it. took all bloody day but got there. anyone IF wanting to make money IF a rejection of around 7560 and usdollar continues weakening THEN enter on the audusd, put stop loss @ 7546 and target 7610 for a nice 2:1+ no need to thank me.
you are still big mouth, you are the best trader in writing ;-). but in reality?? i dont think anyone recognises you there inside the market. by your words you had to be one of the 10 biggest players around.

do all a little bit smaller and post your trades in commercial thread. you post it this cheater style, so you can winn all the time easy, so why anyone needs to look?
  • #520
  • Jan 31, 2017 8:27am Jan 31, 2017 8:27am
Quoting dukas_trader
{quote} you are still big mouth, you are the best trader in writing ;-). but in reality?? i dont think anyone recognises you there inside the market. by your words you had to be one of the 10 biggest players around. do all a little bit smaller and post your trades in commercial thread. you post it this cheater style, so you can winn all the time easy, so why anyone needs to look?
so calling it 30 minutes now not good enough either? Ffs Dukus. Data coming inwas just showing how to make 2:1 and more within the tradig day. No
need to hold overnight. Extremely safe and very leveraged trades with bias. What is your problem?
just showing insight.
The reason i dont have data is the strategy has just been finished. Give me time, man. Im excited.
0 traders viewing now