Most traders fail because of no discipline! | Page 52 | Forex Factory

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Most traders fail because of no discipline!

  • #1,021
  • Mar 25, 2017 10:25am Mar 25, 2017 10:25am
Quoting guybaker
{quote} 3 months not very long really, how many trades in that period? Have you back tested?
Trades are not too many in this strategy because it is using the 4hr chart,but it is utilizing 1:1 RR(sometime better) so loses can be easily compensated on winning trades, in trading it is the quality that matters not the quantity, so it does not really matter if I have 5 trades a week as long that I come out having more profits than loses, if the results are consistent in the next 3 months then it is good to go in live account.....
  • #1,022
  • Mar 25, 2017 4:34pm Mar 25, 2017 4:34pm
Quoting techboy46
{quote} Trades are not too many in this strategy because it is using the 4hr chart,but it is utilizing 1:1 RR(sometime better) so loses can be easily compensated on winning trades, in trading it is the quality that matters not the quantity, so it does not really matter if I have 5 trades a week as long that I come out having more profits than loses, if the results are consistent in the next 3 months then it is good to go in live account.....

Your money

If it were me I would back test it using a computer on as much 4 hour historical data as I could lay my hands on. Especially as your trade frequency is likely to be low during your "trial" period.

FYI you can find a good source of historical tick data here https://www.dukascopy.com/swiss/engl...ch/historical/
I live entirely from the growth of my personal trading account
  • #1,023
  • Mar 25, 2017 6:45pm Mar 25, 2017 6:45pm
Quoting guybaker
{quote} Your money If it were me I would back test it using a computer on as much 4 hour historical data as I could lay my hands on. Especially as your trade frequency is likely to be low during your "trial" period. FYI you can find a good source of historical tick data here https://www.dukascopy.com/swiss/engl...ch/historical/
I back tested it 1 year of data and it is showing good results but I cannot go further beyond 1 year because as we all know past results never guarantee that it will be repeated in the future, second back testing future data never simulate real live trading as compare to forward testing, where you can implement your strategy in live trading condition, this system is around 80% mechanical and 20% discretionary, as long that I will not allow emotions to interfere in my execution then perhaps it will yield good results, I will continue this demo account and see where it will go 6 months or perhaps years from now .....
  • #1,024
  • Mar 25, 2017 6:52pm Mar 25, 2017 6:52pm
Most traders fail because of no discipline!

Nope - they lose because the game is rigged. The sooner you learn that, the sooner you'll stop wasting your money on forex.
  • #1,025
  • Mar 25, 2017 7:54pm Mar 25, 2017 7:54pm
Quoting gravitist
Most traders fail because of no discipline! Nope - they lose because the game is rigged. The sooner you learn that, the sooner you'll stop wasting your money on forex.
For me it is not rigged - it is just too difficult to succeed as a trader, it is one of the hardest(or maybe the hardest) profession in this planet, I can understand that there are a lot of traders think that the business is rigged because they are trading for years yet they cannot make consistent profits or perhaps losing money all the time, most of us joined the market because of one dream to become rich and financially independent but after years of trading the opposite happens and that is why some traders think that it is a rigged business, but I really disagree with such opinion. With the proper mindset,knowledge and tons of persistence a trader can possibly reach his destination.
  • #1,026
  • Mar 25, 2017 8:14pm Mar 25, 2017 8:14pm
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....
I see from your Trade Explorer that your account age is 62 days. Are those trading days or calendar days? Either way, congratulations. My personal goal is to have similar results to your Trade Explorer for 60 consecutive increasing equity days before trading with real money. Are you currently live or do you have a different benchmark before going live?
  • #1,027
  • Mar 26, 2017 5:22am Mar 26, 2017 5:22am
Quoting techboy46
{quote} I back tested it 1 year of data and it is showing good results but I cannot go further beyond 1 year because as we all know past results never guarantee that it will be repeated in the future, second back testing future data never simulate real live trading as compare to forward testing, where you can implement your strategy in live trading condition, this system is around 80% mechanical and 20% discretionary, as long that I will not allow emotions to interfere in my execution then perhaps it will yield good results, I will continue this...
20% discretionary? discretionary is not testable. Does it have an edge with just the 80% mechanical? Did you test by hand or with software? Sorry to give you a grilling, there are many times in the past were a grilling by an impartial observer (if I had listened) would have saved me a lot of money, so please accept my questions as constructive criticism.
I live entirely from the growth of my personal trading account
  • #1,028
  • Mar 26, 2017 5:53am Mar 26, 2017 5:53am
Quoting TGS
{quote} I see from your Trade Explorer that your account age is 62 days. Are those trading days or calendar days? Either way, congratulations. My personal goal is to have similar results to your Trade Explorer for 60 consecutive increasing equity days before trading with real money. Are you currently live or do you have a different benchmark before going live?
@TGS - I think it is calendar days I am not sure about it, 3 months more with same good results then perhaps its time to go live with such strategy, as of the moment my goal is to continue demo trading up to a year to see how it performs....

@guybaker - no problem if I can be of help to other traders then good for me, actually the discretionary part is still at the bound of the mechanical system, I go discretionary as a matter of capital and profit preservation only, no more no less, for example when price get stuck on a particular level for days I may move my stop loss to BE or close a winning trade or close trade when I gain above 70 pips instead of sticking to the original rule which is 100 pips TP, but SL is fixed at maximum of 100 pips or even lower whenever a reversal signal shows up early before it hit stop loss.....a good trader must learn to let go on a losing trade....
  • #1,029
  • Mar 26, 2017 8:55am Mar 26, 2017 8:55am
Quoting techboy46
...a good trader must learn to let go on a losing trade....
Agreed. I believe being desensitized to losses is an important characteristic of a trader.
  • #1,030
  • Mar 26, 2017 9:24am Mar 26, 2017 9:24am
Quoting gravitist
Most traders fail because of no discipline! Nope - they lose because the game is rigged. The sooner you learn that, the sooner you'll stop wasting your money on forex.

It is not rigged it is just really really really difficult.

I make my entire living from trading Forex with my own money.
I live entirely from the growth of my personal trading account
  • #1,031
  • Mar 26, 2017 9:45am Mar 26, 2017 9:45am
Quoting guybaker
{quote} It is not rigged it is just really really really difficult. I make my entire living from trading Forex with my own money.
Traders make trading difficult.
Most are their own worst enemy.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,032
  • Mar 26, 2017 5:35pm Mar 26, 2017 5:35pm
Quoting TooSlow
{quote} Traders make trading difficult. Most are their own worst enemy.
Well, the biggest enemy that traders has to face is himself, it is maybe due to the fact that market is very unpredictable at times that one's psychology is really finding it hard adjusting to the market that in the process he makes a lot of trading mistakes that transform into big loses, so it is more of a psychological issue in the part of the trader how he reacts and adjust to certain situations of the market to keep his trading in the right perspective. We humans normally looks for some comfort zone in life, where we feel at ease and secure but it trading world where there are a lot of uncertainties it brings a lot of uneasiness in the part of the trader. I believe that in order for a trader to progress as a good trader he needs to work out first in his psychology before thinking the technical stuff, once your psychology is in harmony with the market, the technical aspect will be an easy thing to do.
  • #1,033
  • Mar 26, 2017 6:58pm Mar 26, 2017 6:58pm
Quoting techboy46
{quote} Well, the biggest enemy that traders has to face is himself, it is maybe due to the fact that market is very unpredictable at times that one's psychology is really finding it hard adjusting to the market that in the process he makes a lot of trading mistakes that transform into big loses, so it is more of a psychological issue in the part of the trader how he reacts and adjust to certain situations of the market to keep his trading in the right perspective. We humans normally looks for some comfort zone...
It is a failure to execute properly.
Failing to do what needs to be done.
Either you do or you don't.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,034
  • Mar 26, 2017 7:10pm Mar 26, 2017 7:10pm
Quoting TooSlow
{quote} It is a failure to execute properly. Failing to do what needs to be done. Either you do or you don't.
It maybe true,but everybody knows that it is easier said than done, if trading that easy then all traders can be rich by now, it is important that traders knows and understand why he fails so that he can make the necessary adjustment and focus on achieving emotional stability in his trading. Everybody wants to be a winner but it will be a long battle for every trader.
  • #1,035
  • Mar 26, 2017 8:23pm Mar 26, 2017 8:23pm
“It is critical to develop a well thought out and organized trading plan. It is then important to have the discipline needed to follow it… Trading should bring fulfillment of your business and personal goals.” - Andy Jordan
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #1,036
  • Mar 26, 2017 8:31pm Mar 26, 2017 8:31pm
I think the reason we fail as traders is because loosing doesn't hurt. We should accept losses, because trading involves a lot of losses. But, I think it doesn't hurt, and it doesn't hurt because we never expected to win. You gonna loose but it gotta hurt. Traders have no pain sensors but professional traders have pain sensors, it really goes like that; the higher you expect to win, the bigger the pain and the better you will be as a trader.
Special one
  • #1,037
  • Mar 26, 2017 8:33pm Mar 26, 2017 8:33pm
Quoting TooSlow
It is critical to develop a well thought out and organized trading plan. It is then important to have the discipline needed to follow it Trading should bring fulfillment of your business and personal goals. - Andy Jordan
I think it's more to do with under capitalization that most traders face, and reward for effort and the psychology attached to peoples inherent sense of self entitlement. Impatience Over leveraging

Everyone has a breaking point, even the most disciplined soldier.

On the other end of the spectrum it's emotional attachment to money and sense of worth that is hard to detach from yet an essential element for successful trading. Again this comes back to sense of worth and in turn reward for effort, greed and fear

But yes the indirect result in both situations is poor discipline. But this is assuming the trader has a profitable strategy to begin with and that is a whole other story

in my homeless opinion =P

Inserted Video
Time hides Nothing
  • #1,038
  • Mar 26, 2017 8:36pm Mar 26, 2017 8:36pm
And I think it doesn't hurt because we are used to loosing.It becomes the norm in our lives, Trading will destroy your self-esteem I promise you. 5year down the road your self-esteem is so low. I think we need the mentality we had at the beginning of trading, that time loosing 5$ used to hurt so much. Now you blow an account and you are like next time I will get it right. Fuck!!! You have already build a habit of loosing.The next account will finish like the previous one. It gotta hurt and hurt bad every time you lose a trade.
Special one
  • #1,039
  • Mar 26, 2017 9:02pm Mar 26, 2017 9:02pm
Quoting TradeGenuis
And I think it doesn't hurt because we are used to loosing.It becomes the norm in our lives, Trading will destroy your self-esteem I promise you. 5year down the road your self-esteem is so low. I think we need the mentality we had at the beginning of trading, that time loosing 5$ used to hurt so much. Now you blow an account and you are like next time I will get it right. Fuck!!! You have already build a habit of loosing.The next account will finish like the previous one. It gotta hurt and hurt bad every time you lose a trade.
The only reason losing $5 would hurt is your attachment to the idea of your system . Its not the $5 that hurt, its the fact that your million dollar idea didnt work.

in short run sure self esteem is crushed but thats post natal to your ego. In the long run failure in any endeavor will level you and humble you which allows you to move on in a positive way. We're all just a bunch of babies learning to walk all the time

just enjoy the walk

https://m.youtube.com/watch?v=7RJsRQOneMY
Time hides Nothing
  • #1,040
  • Edited 9:59pm Mar 26, 2017 9:43pm | Edited 9:59pm
Quoting RondaRousey
{quote} Trading is designed to fool most people. Price action is designed to fool most people. Trading is designed to put most traders down so you lose your money, lose your confidence and lose your nerve. But trading can compound your money to no end.
I think the word designed is inappropriate because market behavior is the result of a consolidated actions from traders all around the globe so no single entity or organization that is in full control of its characteristic and behavior, meaning it is the nature of the market that it may move randomly against or in favor to a particular trade, what most traders do is they find difficulties in accepting the very fact that market is boss and it is always right and we have to submit to the market, so if your trading is in the losing end then let go and wait for the next trade opportunity, trading is a cumulative thing, loses is always part of trading no big deal, but it is not the case to most of us, instead of accepting the loss we tend to fight the market and do some stupid acts and insist to recover our loses by doubling the lot size, do some martingale or hedge positions that in the end will just bring huge loses, acceptance is important.
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