Most traders fail because of no discipline! | Page 46 | Forex Factory

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Most traders fail because of no discipline!

  • #901
  • Feb 21, 2017 9:43pm Feb 21, 2017 9:43pm
Quoting aaven
In fact, losses can be used to judge the viability of a strategy. It still boggles my mind how you have misinterpreted this point, and took the thread from a benign discussion to a hostile one. 4. {image} There is something more nastier than name calling, making assumptions about people for attacking them.... Thanks
Not the first time this has happened on a trading forum.
Betting it won't be the last time it occurs.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #902
  • Feb 21, 2017 11:17pm Feb 21, 2017 11:17pm
Every time dukas trader starts posting it becomes hostile. I'm on his ignore list and proud of it.
You came here for the truth and let me unveil it for you
  • #903
  • Feb 22, 2017 3:05am Feb 22, 2017 3:05am
Quoting Shabs19
{quote} Surely a demo account will allow you to calculate this. I dont see why you need to have many losses, surely you have no edge at all - stop trading or try something else. You should know the conditions when your strategy works & when it doesn't. All testing can be done in demo and then Live with small stakes. Why do traders need to believe that they must lose to be successful, it doesn't make any sense at all. Traders lose because they have no edge to start with, discipline & money management with no edge is always going to be a disaster....
Loses in trading are inevitable circumstances, whether you have an strategy with an edge, traders need to accept such fact that you cant win all the time, but as long that the loses are smaller that your winning still you will come out profitable in the long run, so its okay to embrace loses as long that it is in the context of your trading strategy, controlling loses is one important aspect to profitability in this market. Again its always a 3 pillar to success: Strategy(with an edge), risk/money management and psychological stability(the discipline part)
  • #904
  • Feb 22, 2017 3:07am Feb 22, 2017 3:07am
Quoting aaven
{quote} Shabs19, It pains me to showcase your wrongs, making assumptions about people for attacking them.... Thanks
If you are clever enough to remove your nose from dukas traders backside, you will read his posts carefully. The way he writes has confused not only myself
but many others on this forum. He may be trying to say the right things but has a very difficult time being clear. I am glad you are finding his posts enlightening.
I am sure he will give you a star for being a minion to defend him. You have found your guru - good luck to you.
It never gets easier, you just get better
  • #905
  • Edited 3:43am Feb 22, 2017 3:30am | Edited 3:43am
Quoting techboy46
{quote} Loses in trading are inevitable circumstances, whether you have an strategy with an edge, trades need to accept such fact that you cant win all the time, but as long that the loses are smaller that your winning still you will come out profitable in the long run, so its okay to embrace loses as long that it is in the context of your trading strategy, controlling loses is one important aspect to profitability in this market. Again its always a 3 pillar to success: Strategy(with an edge), risk/money management and psychological stability(the...
A trader that knows his strategy will also know his win rate, his RR, his drawdown etc. beforehand. He also knows when his strategy has the best probability of being successful. Sure you have to embrace losses and accept them, we are not infallible.
But if you are facing losses upon losses, then recalculating your drawdown does not help you. The problem is with your strategy.
Retail traders are taught to accept losses by who exactly ?
It never gets easier, you just get better
  • #906
  • Feb 22, 2017 3:32am Feb 22, 2017 3:32am
Guys, tell me how much money you made today or this week? What discipline? What BS (talks)?

Speaking of my live trading, I am under the water (-1.4%) in one of my accounts and over the water (+0.5%) into the other... March, however, will boost me at the account I am negative right now. If it offers the Jan'17 movements on the cable, I will be over 20-30% for Mar'17. I hope it does...
Maadik Hugiis. IQ 69.
  • #907
  • Feb 22, 2017 3:38am Feb 22, 2017 3:38am
Quoting Shabs19
{quote} If you are clever enough to remove your nose from dukas traders backside, you will read his posts carefully. The way he writes has confused not only myself but many others on this forum. He may be trying to say the right things but has a very difficult time being clear. I am glad you are finding his posts enlightening. I am sure he will give you a star for being a minion to defend him. You have found your guru - good luck to you.
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Simple Explanation. English May not be Dukas Trader's first language?

You keep making my case stronger that you keep jumping to conclusions...
  • #908
  • Feb 22, 2017 3:40am Feb 22, 2017 3:40am
Quoting Shabs19
{quote} A trader that knows his strategy will also know his win rate, his RR, his drawdown etc. beforehand. He also knows when his strategy has the best probability of being successful. Suer you have to embrace losses and accept them, we are not infallible. But if you are facing losses upon losses, then recalculating your drawdown does not help you. The problem is with your strategy. Retail traders are taught to accept losses by who exactly ?
Win rate,RR and draw down in one's strategy are very dynamic in nature, nothing is fixed but at least you have an idea how good the statistics on a particular strategy, "embracing losing trades" are different from "facing loses upon loses", if a trader is on the second phrase scenario then their is a big problem in his trading and its for him to find out what cause it and make the necessary corrections, again I repeat it is okay to accept loses as long that it is in the context of a proven and tested strategy. If a trader wont accept the idea of loses in his trading it will be a big psychological burden along the way, if you already read or hear Mark Douglas The disciplined trader book, that itself tells trader how to deal with loses, so lets not make a big deal about this thing.
  • #909
  • Feb 22, 2017 4:04am Feb 22, 2017 4:04am
Quoting RondaRousey
{quote} Body builders make good traders? what a load of rubbish! List some body builders that can solve complicated puzzles or beat a chess master or are expert gamblers.
If brains had anything to do with trading all successful traders would be very intelligent when they're not. Granted, you cannot be stupid but intelligence is way over rated. Think about all those stupid aptitude tests many firms run on their applicants and then see how many of them who pass said tests actually make it over the years, not many.

I knew a small very successful trading firm in London used to employ lots of gym junkies because they had DISCIPLINE and showed great COMMITMENT and STAMINA. The boss valued those virtues far higher than intelligence. And the boss had been around the markets for about 30+ years so I'll listen to him more than you Rhonda.

As for ex-spots pros in Chicago that's a cold fact. Many of them were excellent at what they did. Most I would assume didn't excel in their education. Most if not all of them wouldn't be able to beat a good Chess player...
Road To Wisdom? To err and err and err again, but less and less and less...
  • #910
  • Feb 22, 2017 6:04am Feb 22, 2017 6:04am
  •  hak444
  • | Joined Aug 2016 | Status: knowing is not enough,we must apply | 41 Posts
i agree with Calculus on this one....(just my opinion, if you differ...that's cool)

Some where i read that trading is about 3 Ms....

- Method (edge, system etc)
- Managing money (money management)
- Managing yourself (discipline, correct mindset)

All three are required for you to be consistently successful. Just having a system is not enough until and unless you have the discipline to apply it flawlessly.
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I can accept failure but i can't accept not trying. (Michael Jordan)
  • #911
  • Feb 22, 2017 6:21am Feb 22, 2017 6:21am
Quoting hak444
Just having a system is not enough until and unless you have the discipline to apply it flawlessly. {image}
Ha!

That is exactly one of my main points in all my Shouts. HAVING A SOLID STRATEGY IS NOT ENOUGH because you need to be able to EXECUTE and IMPLEMENT it in real-time trading and that's not easy for anyone. If you think it is, try...
Road To Wisdom? To err and err and err again, but less and less and less...
  • #912
  • Feb 22, 2017 7:24am Feb 22, 2017 7:24am
Quoting RondaRousey
Every time dukas trader starts posting it becomes hostile. I'm on his ignore list and proud of it.
hmm, but you deserve it. you told wrong things, i corrected you, you did cry like a baby and i ignored this because you cant talk like a man. i dont have time to waste to someone who cant learn from his mistakes, so i simple ignored you. i did this allready with 3 people, all three are from your kind.
  • #913
  • Feb 22, 2017 7:33am Feb 22, 2017 7:33am
Quoting Shabs19
{quote} If you are clever enough to remove your nose from dukas traders backside, you will read his posts carefully. The way he writes has confused not only myself but many others on this forum. He may be trying to say the right things but has a very difficult time being clear. I am glad you are finding his posts enlightening. I am sure he will give you a star for being a minion to defend him. You have found your guru - good luck to you.
i really cant get your point. i know i am right (and thats not because i am arrogant) in what i tell here, its my business since 20 years. if you have a question, simple tell me. if i cant check whats your really problem with what i told here, i cant say anything to this points.

and by the way: your marked points in my sentences are all correct (i checked it allready so many times when you spoke about it), i cant find any mistake, so you need to tell me whats wrong or written in wrong english.

and who are the others who was confused by my writing. i could only see you. there was a rhoudy some time ago and wolgod, both was crazy people with many mistakes i only corrected. so this people are your argument? if you will bring you in a level with this 2 , then all talking is useless. who else are the many people with" The way he writes has confused not only myself but many others on this forum." ??? i already asked if someone else had problems with what i told or written, noone did response. so i cant understand this point too. so you see, its not so easy to understand you , even when your english is bether then my english. content is also important.
  • #914
  • Feb 22, 2017 12:51pm Feb 22, 2017 12:51pm
Quoting MoneyZilla
Guys, tell me how much money you made today or this week? ........ March, however, will boost me at the account I am negative right now. If it offers the Jan'17 movements on the cable, I will be over 20-30% for Mar'17. I hope it does...
I'm overall down 0.8% so far this week. Ironically if I'd followed my instincts instead of my rules, I would have shorted EU earlier in the week and been well up. Such is the nature of trading!

Good luck with the cable in March.
  • #915
  • Feb 22, 2017 1:04pm Feb 22, 2017 1:04pm
Quoting hanover
{quote} I'm overall down 0.8% so far this week. Ironically if I'd followed my instincts instead of my rules, I would have shorted EU earlier in the week and been well up. Such is the nature of trading! Good luck with the cable in March.
Thanks, David.

I have noticed one has to trade with bouquette of different approaches of the base strategy in use. Cause one time the narrow approach works, other times the widen approach performs better. Fab'17 was good for narrow approaches on the cable. But it is too late now... Next week I will combine few wide with few narrow approaches. Maybe even two narrow, one average, one large with one extra wide setups, running all together... This time if March goes into a frame or trending, I will be better prepared for both.

Good luck with your trading, too. Everything will be fine, I am sure.
Maadik Hugiis. IQ 69.
  • #916
  • Feb 22, 2017 1:13pm Feb 22, 2017 1:13pm
Quoting hanover
{quote} I'm overall down 0.8% so far this week. Ironically if I'd followed my instincts instead of my rules, I would have shorted EU earlier in the week and been well up. Such is the nature of trading! Good luck with the cable in March.
Hey. Just a quick hello David.

Cable will go further south - clues are in the 4h chart imo.
  • #917
  • Feb 22, 2017 1:19pm Feb 22, 2017 1:19pm
Quoting hanover
{quote} I'm overall down 0.8% so far this week. Ironically if I'd followed my instincts instead of my rules, I would have shorted EU earlier in the week and been well up. Such is the nature of trading! Good luck with the cable in March.
Rules are for when you do not have instincts.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #918
  • Feb 23, 2017 12:42am Feb 23, 2017 12:42am
Quoting MoneyZilla
I have noticed one has to trade with bouquette of different approaches of the base strategy in use. Cause one time the narrow approach works, other times the widen approach performs better......
Good luck with your trading, too. Everything will be fine, I am sure.
Yes, I believe that diversification is good, provided of course that each component method contributes positively over the long term, in its own right.

As for me, I have some winning and some losing weeks. Forex is a merely a hobby for me, a challenging diversion to pass the time.

Quoting claudia1
Just a quick hello David. Cable will go further south - clues are in the 4h chart imo.
Thanks Claudia, hope all is going well for you also.

Quoting TooSlow
Rules are for when you do not have instincts.
Or as I recall reading in one of Jack Schwager's Market Wizards books:
"A good trader follows his rules, a great trader knows when to break them".
  • #919
  • Edited 8:34am Feb 23, 2017 7:59am | Edited 8:34am
the most important point why an individual person is losing: his trading strategy, to less experience, overconfidence, wrong brokers, using money managements or signal services, using martingale, trading without an sl, dont backtest the proper way manuell, dont backtest the proper way with a program, dont calculate moneymanagement correct,....

normally fear or emotions dont be so very important, but when done this upper points ( and i think i even missed many) not correct, then this fear or emotions get you down often. if you do all the points correct you play it as math game, because all you see is on the plan you designed.

why a big crowd is losing: the forex market is a zero sum market place, like a lottery there is changing money from on hand to others only.
there is allways spread/commissions/rollover/money withdraw fee to pay to the brokers, that produces automatically much more losers then winners, allways and unchangeable.

an example for trading 1 year:
lets say an account with 10.000 USD is trading 1 lot turnover every day. so about 240 lots/year. so the spread/fees all together would be maybe 1 pip, if only traded eurusd or other low spread currencies. so it will be 2400 usd fees/spread. this is very optimistic calculated, because in reality you trade also higher spread currencies or in time when spread is widen, so the "true payed spread" will in reality increase the spread fees sometimes by many times and so the fees. and so the losses.

so if this trader is breakeven after this year, he has to make 2400 usd profit. to get this profit some other trader need to have this loss.
so only 1 trader who traded no very much and only in cheapest currencies (with lowest spread) and with breakeven and no wins on the end has produced in other accounts (one person, many,.... who knows......) a loss of 2400 usd.
and there are so many people around breakeven. so its simple to say by math how many need to lose money that even this break even people can by payed from.
and we did not even speak about winner to be payed.

anyone can easy calculate how much "lost money" he had produced on his opposite site traders, when sum his commissions/spread/rollover and other fees and wins (or when small in loss, the losing value). if you was in loss more then your fee was, then you payed to the winners.
offcourse this it not perfect calculateable because the true payed spread is not so easy to see in the history in volatile market times. but thats an other topic about true payed spread.
  • #920
  • Feb 23, 2017 8:54am Feb 23, 2017 8:54am
Quoting dukas_trader
the most important point why an individual person is losing: his trading strategy, to less experience, overconfidence, wrong brokers, using money managements or signal services, using martingale, trading without an sl, dont backtest the proper way manuell, dont backtest the proper way with a program, dont calculate moneymanagement correct,.... normally fear or emotions dont be so very important, but when done this upper points ( and i think i even missed many) not correct, then this fear or emotions get you down often. if you do all the points correct...
Awesome Inputs Dukas Trader...
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