Trading is Extremly hard! | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Why is short term trading so hard 47 replies

Trading Options... What I've learned (the hard way) 45 replies

How big a hard drive do I need for trading? 7 replies

Help! Finding emotional aspects of trading very hard! 23 replies

New trading system hard to completely follow... anyone ever have this problem? 0 replies

Attachments: Trading is Extremly hard!
Exit Attachments

Trading is Extremly hard!

  • #61
  • Apr 4, 2017 9:42am Apr 4, 2017 9:42am
The only enemies is yourself, your emotion, your minds.
Risk comes from not knowing what you're doing.
  • #62
  • Apr 4, 2017 9:55am Apr 4, 2017 9:55am
Oh, just to add something. Count your profits or losses in pips. Never US dollars, euros, pounds, yen...whatever your base currency might be.

This will give you a little relief. Trust me. It will be easier for you. Instead of "I've made 1000 bucks this month" think like "I've made 50 pips this month".
"Don't lose your cool, and you will fare well".
  • #63
  • Edited 12:05pm Apr 4, 2017 11:48am | Edited 12:05pm
Quoting diana91
Oh, just to add something. Count your profits or losses in pips. Never US dollars, euros, pounds, yen...whatever your base currency might be. This will give you a little relief. Trust me. It will be easier for you. Instead of "I've made 1000 bucks this month" think like "I've made 50 pips this month".
only a serios tip: never ever ever count pips. never ever. one of the biggest mistake you can do. there is only one way it is allowed to count in pips, when you trade only same currency (or at least same second currency in the currency pairs to have same tickvalue) and only same amount each trade (often only done for an expert advisor trading in 1 currency allways same lots). then the tickvalue for each pip is the same, if not your calculation is the most stupiest and unimportanst possible number you can count. but who is trading only this style, near noone. so counting pips is one of the biggest beginner mistakes someone can do. count in money, count in percent, then recalculate this in pips later if you want/need.
  • #64
  • Apr 4, 2017 11:55am Apr 4, 2017 11:55am
Quoting diana91
What is hard is to turn emotions off. Everything else is rather easy, and can be learned. He who controls his mind, will always get the most from the markets.
if you have a good trading system and dont trade more risk then your mind accept, all is easy. people dont start from low lots and increase till they are comfortable with the risk at maximum. they do it to fast and so their emotions get problems. thats all, its so easy, people only do it complicated because they dont know it better and many told them its complicated. trading is not complicated or more difficult then any other simple job, it is only with more risk when you dont do it correct against other easy jobs. this is the truth many cant see. i have never seen it different way, never seen someone fail when done it correctly and with math knowledge. emotions are the most easy part in trading , if you have the problem that emotions will get biggest part, then you have reached allready all goals (and many dont know that they are at their dreams already or are wrong that emotions are biggest problem and not their trading system,or other...) in trading allready and you just trade with to much lots and need to decrease it until you can live with it without emotion problems. its really this simple, dont do it difficult when its so easy.
  • #65
  • Apr 4, 2017 11:57am Apr 4, 2017 11:57am
Quoting dukas_trader
{quote} only a serios tip: never ever ever count pips. never ever. one of the biggest mistake you can do. there is only one way it is allowed to count in pips, when you trade only same currency and only same amount each trade (often only done for an expert advisor trading in 1 currency allways same lots). then the tickvalue for each pip is the same, if not your calculation is the most stupiest and unimportanst possible number you can count. but who is trading only this style, near noone. so counting pips is one of the biggest beginner mistakes someone...
I agree. Pip is a biased statistic. For one thing, analytics software like myfxbook gives a biased pip count depending on whether you're trading exotics or not, along with the majors. As you said, it makes more sense to look at percentages or dollar amount. In the end, what matters is profit not pips.
  • #66
  • Apr 4, 2017 11:59am Apr 4, 2017 11:59am
Dealing with loses is the single most hard thing a trader has to do. I wasn't aware of the short circuit that produces a single losing day.

I will add to the list to forget about the money. Monetary objectives is what most have, when procedure objectives is what winners have.
  • #67
  • Edited 12:21pm Apr 4, 2017 12:07pm | Edited 12:21pm
Quoting TGS
{quote} I agree. Pip is a biased statistic. For one thing, analytics software like myfxbook gives a biased pip count depending on whether you're trading exotics or not, along with the majors. As you said, it makes more sense to look at percentages or dollar amount. In the end, what matters is profit not pips.
zulu, myfxbook and so on have the pip count only because of one reason: to impresse stupid beginners, that they can see how many pips are done. and thats why many trade 20 times 0,1 lot and not 2,0 lot, so they have 20 times more pips earned with same trade to get in first places in statsitic for beginners. so useless counting pips, exact same win like with all pips in 1 trade. with pips counting cheating is most easiest possible.
  • #68
  • Edited Apr 5, 2017 7:57am Apr 4, 2017 12:14pm | Edited Apr 5, 2017 7:57am
Quoting Paintomaker
Dealing with loses is the single most hard thing a trader has to do. I wasn't aware of the short circuit that produces a single losing day. I will add to the list to forget about the money. Monetary objectives is what most have, when procedure objectives is what winners have.
i teach always this style:

if you open a trade: this money you use for a Stoploss is lost, in the second you do this trade. dont ever think again for this money, all you do now with better closing then stoploss price is a win against this already loss. never ever think about this loss, this is part of the game and you pay for be part of the game. if you do it this style you dont lose more then you can accept and can increase your amount most easy with time.

second important thing: losses are so important. you need to know the structure of the losses, so you can calculate all other figures. i only calculate my lots in comparing to my drawdown, not to possible profits or what ever. so if you dont have many losses you cant calculate it correct (or at least have a low statistic value from the calculation). losses are part of the game. and i dont speak about a trading system that dont have wins,i speak about losses in a winning trading system. as example if you have 1 loss and 1000 wins and 5:1 win/drawdown i would prefer much more 200 loss and 800 wins with 5:1 ratio, because its much much much more worth and fair calculated.
  • #69
  • Apr 4, 2017 12:33pm Apr 4, 2017 12:33pm
Quoting dukas_trader
{quote} zulu, myfxbook and so on have the pip count only because of one reason: to impresse stupid beginners, that they can see how many pips are done. and thats why many trade 20 times 0,1 lot and not 2,0 lot, so they have 20 times more pips earned with same trade to get in first places in statsitic for beginners. so useless counting pips, exact same win like with all pips in 1 trade. with pips counting cheating is most easiest possible.
I trade with smaller lots and keep adding to a winning position but it's certainly not because of any pip count. This may possibly be a newly started rumor that I've noticed in a few posts now.

I've had a problem with pip counts for a long time and I've repeatedly reported this bias to myfxbook. I think finally they made some changes regarding the XAU symbol but I haven't checked for others. I'm no longer trading exotics so it doesn't affect me anymore anyhow.
  • #70
  • Apr 4, 2017 2:41pm Apr 4, 2017 2:41pm
I completely agree that Forex trading is hard, but everything is hard first up. If we want to do something and if we are determined for it then there is always a way. The problem is people consider it optional, so they give a try for some time or go with certain investment, but if it doesn’t work then they just give up easily. But if we take it as necessary thing like passing educational exam in college or school and be determined then eventually we will pass through!
  • #71
  • Apr 4, 2017 3:50pm Apr 4, 2017 3:50pm
Quoting dragonexpert
The only enemies is yourself, your emotion, your minds.
Not is myself and minds.
  • #72
  • Apr 4, 2017 5:44pm Apr 4, 2017 5:44pm
Trading is like any other venture, to succeed you always have to be one or several steps ahead. Most players like in chess,snooker,business, always cannot think further than what they see today. But, money is made by seeing what is not. You need to think through several scenarios and choose your best vision for the future, most of you guys profits come by luck that's why its not consistent. So you need to trade in the future not the present.
Special one
  • #73
  • Apr 4, 2017 5:47pm Apr 4, 2017 5:47pm
Quoting dragonexpert
The only enemies is yourself, your emotion, your minds.
its fast to say, but realistic its opposite:

all you can control is no enemy. the price could be the enemy, the news, the economy, the luck, other traders, other opinions about the future,.......

yourself, your emotion, your mind... all this should be your friend, because you can control it. if its not this case, you have to work on it.
so your best friend (yourself) is in your case your only enemy?
  • #74
  • Apr 5, 2017 9:01pm Apr 5, 2017 9:01pm
I personally know a pro trader he suggested me to open minimum 1K trade positions in the demo first then live! Frankly, when I was a new trader then I didn’t get his point but now I know actually, what does he mean! Basically, new traders are hungry, they focus on only big profit rather than learning and acquiring knowledge, that’s the main problem, no one can be a successful Forex trader without enough practice and dedications!
  • #75
  • Edited 2:51am Apr 6, 2017 12:50am | Edited 2:51am
RISK
* You can loose all you invest
* You can take it as a gambling and loose everything you have over time
* You can spend years and years and still may not be able to get it.
* May not be flexible working hours.
* It is extremely challenging; everyday trading day you are actually playing a world cup trying to finish the match day without injury and be in the winning side.
* By far the hardest job in the world being under huge mental and emotional challenge if you cannot train yourself well.
* If you are a successful one you realise HOW BORING and ASOCIAL this job is.
* Can be addictive to some.


RETURN
* You are your own boss.
* Flexible working days.
* Flexible working environment.
* With a reasonable account size you can make a really good living working few hours a day from the comfort of your home.


Yes it is an extremely hard job. And may not yield too much if your account is small.

So if we all know this why are we all in here ? Challenge? Greed? Bored?
  • #76
  • Apr 6, 2017 1:23am Apr 6, 2017 1:23am
Quoting diana91
Oh, just to add something. Count your profits or losses in pips. Never US dollars, euros, pounds, yen...whatever your base currency might be. This will give you a little relief. Trust me. It will be easier for you. Instead of "I've made 1000 bucks this month" think like "I've made 50 pips this month".
I go one stage further and count units, 1 unit for me is 1% is one trade 100% lost or gained, and I set my unit size to 1% of my cash balance, this metric is independent of how much cash is in play or how many pips are gained or lost it is there for must easier to compare performance over time.
I live entirely from the growth of my personal trading account
  • #77
  • Edited 9:29am Apr 6, 2017 2:04am | Edited 9:29am
Quoting faisal13
I personally know a pro trader he suggested me to open minimum 1K trade positions in the demo first then live! Frankly, when I was a new trader then I didnt get his point but now I know actually, what does he mean! Basically, new traders are hungry, they focus on only big profit rather than learning and acquiring knowledge, thats the main problem, no one can be a successful Forex trader without enough practice and dedications!
demo first is good, but most pro would tell you that its much better open a cent account or mini account and trade with most possible low value. its much better then demo, because of some points:

- you learn trading real
- you see brokers real problems with real account and trading platform
- you see live real spreads
- you see slippage (even when in cent accounts maybe different)
- most important: you learn not to be greedy and trade only with the correct moneymanagement small amounts (not like in demo you start with trading big because its only demo money)
- you start losing and winning some real money (of course not much) and get a feeling for it
- you learn how breaking roles can be expensive even with small money in
- you can increase your lotsize slow even in this account by getting better
- you save the time for start first demo and then learn differences in live accounts
- you learn how it feels to win and more important lose real money very fast

1 k traded positions is not a fixed value. if you are smart and know math good or have backtested your system manuell (or sometimes automatic with manuell adjustment) correctly, you will be extrem faster. if not often 1k trades cant help. you need to get a guideline how to start, what steps done, but dont hold on the 1k rule as fix rule. there are some fix rules, but this is only a number that can be different for anyone.
  • #78
  • Apr 6, 2017 12:21pm Apr 6, 2017 12:21pm
Trading is hard till it becomes easy
  • #79
  • Apr 6, 2017 1:36pm Apr 6, 2017 1:36pm
Quoting HeyYou
Trading is hard till it becomes easy
or you start it the easy way and dont do the difficult ways first.
  • #80
  • Apr 6, 2017 1:39pm Apr 6, 2017 1:39pm
Quoting dukas_trader
{quote} or you start it the easy way and dont do the difficult ways first.
Starting is always difficult. If you could just remember your first breath...
0 traders viewing now