Most traders fail because of no discipline! | Page 41 | Forex Factory

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Most traders fail because of no discipline!

  • #801
  • Feb 10, 2017 10:09am Feb 10, 2017 10:09am
Cheers..
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Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -299
  • #802
  • Feb 10, 2017 11:41am Feb 10, 2017 11:41am
Quoting mohsinali
Cheers.. {image}
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #803
  • Feb 10, 2017 11:56am Feb 10, 2017 11:56am
What's about this...
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Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -299
  • #804
  • Feb 10, 2017 12:08pm Feb 10, 2017 12:08pm
Quoting mohsinali
What's about this... {image}
i would say trading is easy, thats why so many do it. but because its difficult to do it with good wins, thatswhy many lose.
but without the many people doing it without wins, there would be a much much much smaller amount winners out there.when there are no loser, there are no chance of any winners, so simple.
  • #805
  • Feb 10, 2017 12:18pm Feb 10, 2017 12:18pm
Quoting dukas_trader
{quote} i would say trading is easy, thats why so many do it. but because its difficult to do it with good wins, thatswhy many lose. but without the many people doing it without wins, there would be a much much much smaller amount winners out there.when there are no loser, there are no chance of any winners, so simple.
Its very easy on demo acc..but so much difficult on live acc that's why we know very reare successful traders...
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -299
  • #806
  • Feb 10, 2017 12:25pm Feb 10, 2017 12:25pm
Quoting mohsinali
{quote} Its very easy on demo acc..but so much difficult on live acc that's why we know very reare successful traders...
offcourse demo is most easy, not only because money is unimportant, you also win with strategies you cant use in live trading (arbitrage, very big trading volume with smallest spreads, no slippage, best newstrading, best SL execution,...).
often its bether to use cent accounts (or small mini accounts) at least to have a more realistic feeling for training.
  • #807
  • Feb 10, 2017 1:21pm Feb 10, 2017 1:21pm
Quoting TooSlow
{quote} FreightTrain.jpg;2183106 {image}
Wile E. Coyote doesn't give up easily either LOL

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It never gets easier, you just get better
  • #808
  • Feb 10, 2017 6:16pm Feb 10, 2017 6:16pm
I think we can achieve success through short bondage and discipline
One Day U Will Miss me!
  • #809
  • Feb 10, 2017 6:20pm Feb 10, 2017 6:20pm
Quoting Shabs19
{quote} Wile E. Coyote doesn't give up easily either LOL Success-quotes-10.jpg;2183210 {image}
"We don't grow when things are easy; We grow when we face challenges"

How true, indeed!

Thanks for this inspirational message.
  • #810
  • Feb 10, 2017 6:23pm Feb 10, 2017 6:23pm
Self discipline is the hardest thing about this racket, you have to think and function like a cold emotionless robot when on the charts.

About to take the 2nd loss in a row? Dont dare move that stop loss...
  • #811
  • Feb 10, 2017 6:31pm Feb 10, 2017 6:31pm
Quoting dukas_trader
{quote} offcourse demo is most easy, not only because money is unimportant, you also win with strategies you cant use in live trading (arbitrage, very big trading volume with smallest spreads, no slippage, best newstrading, best SL execution,...). often its bether to use cent accounts (or small mini accounts) at least to have a more realistic feeling for training.
When I first started doing demo trading, I thought it was cool that they'd give you $50K, or at least $10K or whatever. But it didn't take long for me to realize how unrealistic that made things, seeing how I was gonna be opening a live/real account with only a few hundred dollars. So imagine my surprise when I asked the broker if they could lower my balance on the demo account, to say $500.... and they said NOPE. They can "replenish" my original balance if I wanted, but the only way to have a really low amount was for me to intentionally LOSE a lot to get down to that level. Alrighty then! Crazy stuff...
  • #812
  • Feb 10, 2017 6:33pm Feb 10, 2017 6:33pm
Quoting Shabs19
{quote} Wile E. Coyote doesn't give up easily either LOL Success-quotes-10.jpg;2183210 {image}
Yeah, I don't know why Wile E. was considered such a clown... when in reality, he had some admirable qualities. (work ethic, never give up, confidence, etc)
  • #813
  • Feb 10, 2017 6:36pm Feb 10, 2017 6:36pm
Quoting GDR3k
Self discipline is the hardest thing about this racket, you have to think and function like a cold emotionless robot when on the charts. About to take the 2nd loss in a row? Dont dare move that stop loss...
Great point. I know EXACTLY what you mean about "2nd loss in a row". Having a small loss now and then, no big deal... but something about having TWO in a row that still bugs me. I'm to the point now that I'll accept it, but I still don't like it... not sure why.
  • #814
  • Feb 10, 2017 7:58pm Feb 10, 2017 7:58pm
Alright, here it goes. Discipline is the only reason that I fail in trading. I decided to start trading again to earn a little side income for my Monday-Friday desk job. I have two Fridays off a month, which makes it much easier (sometimes).

For some reason, part of me wants to be in the market at all times. I started on a small account, (400 dollars), while depositing 250 each paycheck, and part of my 25th and 26th paychecks (I am not there yet). I learned to trade a while ago, when I was debating whether or not my chosen profession was for me, I started learning about trading and learned some techniques that worked well. My biggest problem was that after learning about the stock market, I focused my attention on the options markets (bad idea). While, I was pretty good at flipping options for a while, I blew up an account, badly. But, throughout all of that, I started learning about all of the other markets, FOREX/FUTURES etc. I always enjoyed FOREX, it is relatively small capital, it allows you to learn chart patterns, trend analysis, and my favorite, building charts. Charting in the stock market, is not where it used to be, but in Forex/Futures (somewhat) allows you to gain a better idea of the direction in the market place.

Back to discipline, I may be the greatest defensive trade of all time. Because every time I make money, I lose it, and then throughout the course of a few trading sessions, I will gain it all back, plus some. The cause, wanting to be in the market, but not 100% sure why. Well, I know why, it is because I feel like Trump will sneeze, and shake the markets. Although, this has its place, it does not work with the whipsaw that can occur on your iPhone. I have noticed that when I am on the defensive, my trading is much more logical, and it makes sense. Due to the fact that I know that I am down, and that I need to act smart to pick myself back up, which I am very good at. I believe that I am more than capable to use trading as an additional source of capital to finance my personal life. So, as of today, I have deleted my App off of my phone, I will only trade between the hours of 3AM-6AM, prior to leaving for work, and will have a logical reason to enter/exit a trade. As well as be out of all trades prior to leaving for my day job. This way will allow me to be able to be more organized, and make much better decisions.

Sorry for the rant, I am new here, and this is my way of putting my issues out there and figure out the best way to fix them.

Thanks and happy trading!
  • #815
  • Feb 10, 2017 8:07pm Feb 10, 2017 8:07pm
Quoting HFABamaFan
Alright, here it goes. Discipline is the only reason that I fail in trading.
Could be.

But are you totally sure that your trading system has an edge to begin with?

I mean even if you simply program your system into MT4 or TradeStation and let the computer trade for you on autopilot, how do you know if your trading strategy is indeed profitable?

Unfortunately most traders in this thread simply ignore that question.

Don't get me wrong, discipline is extremely important, but it can never turn a losing system into a profitable system.
  • #816
  • Feb 10, 2017 8:49pm Feb 10, 2017 8:49pm
Quoting Mr Breakout
{quote} Could be. But are you totally sure that your trading system has an edge to begin with? I mean even if you simply program your system into MT4 or TradeStation and let the computer trade for you on autopilot, how do you know if your trading strategy is indeed profitable? Unfortunately most traders in this thread simply ignore that question. Don't get me wrong, discipline is extremely important, but it can never turn a losing system into a profitable system.
Before answering, are we discussing that trading systems are infallible? I have not back tested a majority of my system because, currently, I tend to trade based on what I see, while also using trends and fib extensions to have an understanding of where the breath of the market is.

But, I am more than willing to be enlightened.

Also, I am basing my assumption on the the fact that if I was more disciplined, I would not trade as erroneously as I do.
  • #817
  • Feb 10, 2017 9:12pm Feb 10, 2017 9:12pm
Quoting mohsinali
What's about this... {image}
Trading is easy. Just open an account and press buy or sell. But being profitable month after month, year after year is the hard part. And not blowing up your account.
You came here for the truth and let me unveil it for you
  • #818
  • Edited 11:13pm Feb 10, 2017 9:13pm | Edited 11:13pm
Quoting HFABamaFan
{quote} Before answering, are we discussing that trading systems are infallible?
As long as we have this fat-tail distribution we (the traders) will be able to extract consistent profits from the market (using simple trend-following techniques for example), don't worry.

Quoting HFABamaFan
Also, I am basing my assumption on the the fact that if I was more disciplined, I would not trade as erroneously as I do.
More discipline equals less big, devastating losing trades but it's still not a guarantee that you will end up making money in the long run.

Quoting HFABamaFan
I am basing my assumption on the the fact that if I was more disciplined, I would not trade as erroneously as I do.
Discipline without a trading edge is worthless, no matter how disciplined the trader is.

Most brokers tell us that traders lose because they have no discipline.

TOTAL BULLSHIT!

Traders lose mainly because trading is a losing game in and by itself (due to commissions, transaction costs and spread), unless you trade with a system that gives you an edge.

Still not convinced?

Let's say we play a Head or Tail game with a perfectly normal coin. Head you win $100 and Tail you pay me $100. The only problem is that you have to pay me $3 upfront each time we toss the coin. Do you think you can make any money in the long run, that way?

Of course not, you are going to lose $3 per game. After 1,000 games (trades) you will end up losing $3,000 on average, simple as that.

Well that's the same thing with trading, just replace the $3 upfront fee with the upfront spread/commission and you will understand why most traders fail.

It is mathematically impossible to make money playing a game that constantly takes money upfront on each trade/bet (spread, commissions, slippage...), unless you can find a system that beats these transaction costs, simple as that.

Sad but true, 90% of traders, especially new comers, will never understand the importance of this simple mathematical fact.

Alright, enough said.
  • #819
  • Feb 10, 2017 10:40pm Feb 10, 2017 10:40pm
I find it very strange when people talk about discipline, I don’t you can be discipline till you don’t have sufficient education and experience, if we aren’t having that enough then we will never be able to stay in line or disciplined. So, if anything then focus on education and then it will be much easier to be discipline, it can’t be other way round, as Forex is simply too tempting to be able to handle alone on disciplinary grounds.
  • #820
  • Feb 10, 2017 11:23pm Feb 10, 2017 11:23pm
Quoting Fedricks
I find it very strange when people talk about discipline, I dont you can be discipline till you dont have sufficient education and experience, if we arent having that enough then we will never be able to stay in line or disciplined. So, if anything then focus on education and then it will be much easier to be discipline, it cant be other way round, as Forex is simply too tempting to be able to handle alone on disciplinary grounds.
Thank you very much for your feedback.

Do you have any books I can read to help develop a well rounded trading system.

Again, thank you for your feedback.

Hunter
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