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Most traders fail because of no discipline!

Quoting TooSlow
{quote} Changing time frames causing the price to speed up or slow down? You're kidding, right?
i think, he was speaking about movement per candle/bar. in slower timeframe more candles have splitted same move like in one candle in bigger timeframes.
of course the pure movement pro time in minutes/hours is same.
Quoting TooSlow
{quote} Changing time frames causing the price to speed up or slow down? You're kidding, right?
I thought the same exact thing when I read his comment. Clearly the price "appears" to move "slower" because of your eyes look at the moves to the left, which are much higher and longer, then the move which you are looking at now, on the same tf, tick for tick. However, there is no difference at all, if anything, the higher the Time-frame the more pips you will have to risk in order to hit your target.
I'm your unknown friend!
Quoting TooSlow
{quote} Changing time frames causing the price to speed up or slow down? You're kidding, right?
I want to clarify my statement, practically price move the same, what I am implying is all about visual representation, traders may react psychologically different when they are looking on a 5 min chart as compare to a trader that is looking on a 4hr chart, because price movement in lower time frame is too obvious I hope you get the point.

Quoting dukas_trader
{quote} i think, he was speaking about movement per candle/bar. in slower timeframe more candles have splitted same move like in one candle in bigger timeframes. of course the pure movement pro time in minutes/hours is same.
Correct, 1 candle in the daily chart means 24 candle in the 1 hour chart, which means price movement in one hour chart is very much defined as compare to daily time frame, and we all know that when price movement is very much obvious and erratic, traders will likely to get affected by it causing him to make more trading mistakes, that is why in general it is much harder to trade in the lower time frames that with higher time frames. But it does not mean you cannot be successful trading in the lower time frames....for me it is a matter of where you are comfortable of, as long that you make money on your trading it does not matter anyway what time frame you are using.
I just wanna say that I hope everyone double-checks what time-frame they're looking at on their charts. Or maybe it's just me who's had this weird experience before: I'm sitting there, intently watching a chart, waiting for a chance to jump into a trade. Normally the movement is pretty quick at this time of day in this pair, but right now it's just sitting there. I keep watching, and STILL sitting there, barely making a tiny up/down jiggle now and then. This goes on for like 15 minutes, and I'm thinking What the ???!!! Then I notice: I had switched time-frame of this (and only this) particular chart about an hour ago to check something out, and forget to change it back. So while I assumed I was watching a 5-minute chart (as I usually do), I was on 4-hour. And yeah, talk about "slower"!
Quoting Ratmach
I just wanna say that I hope everyone double-checks what time-frame they're looking at on their charts. Or maybe it's just me who's had this weird experience before: I'm sitting there, intently watching a chart, waiting for a chance to jump into a trade. Normally the movement is pretty quick at this time of day in this pair, but right now it's just sitting there. I keep watching, and STILL sitting there, barely making a tiny up/down jiggle now and then. This goes on for like 15 minutes, and I'm thinking What the ???!!! Then I notice: I had switched...
many mistakes in this kind can come. i put in 10 % per year by trading mistakes to be sure to have this possible part covered.
in fast trading situations i did already open the opposite direction than i was liked to do because of many different reasons, open with wrong trading amount, open with wrong price level for limit or stoporders, even i traded the wrong currency (depends on trading station and comes often when they had same price numbers in the last digits), changed SL price for wrong orders (also sometime when price in last digits was same), traded in wrong account,...... and so on. you cant avoid doing this mistakes completely in fast trading situation with manual trading (or you would be much slower and would have much more trading wins missed) , even sometimes happen in slow trading situations when tired or simple wrong looked. it can happen, but you always need to see that it happened and react to it fast (use very narrow SL, instantly close this trade, change the mistake,.....).
Quoting dukas_trader
{quote} many mistakes in this kind can come. i put in 10 % per year by trading mistakes to be sure to have this possible part covered. in fast trading situations i did already open the opposite direction than i was liked to do because of many different reasons, open with wrong trading amount, open with wrong price level for limit or stoporders, even i traded the wrong currency (depends on trading station and comes often when they had same price numbers in the last digits), changed SL price for wrong orders (also sometime when price in last digits...
I got your point, but it is very important for traders to realize that trading is all about commitment and dedication, one miss or mistake can bring huge impact in one's account and perhaps in the psychological aspect, that is why it is important to have a good trading plan that will not put us in a disadvantage situation, it is for traders to find the best time frame where he can monitor the market all the time and never miss a single trade setup based on a chosen strategy. If you wish to scalp or day trade find a specific time slot that you can monitor your chart all the time otherwise dont trade on lower time frames.
Quoting dukas_trader
{quote} many mistakes in this kind can come. i put in 10 % per year by trading mistakes to be sure to have this possible part covered. in fast trading situations i did already open the opposite direction than i was liked to do because of many different reasons, open with wrong trading amount, open with wrong price level for limit or stoporders, even i traded the wrong currency (depends on trading station and comes often when they had same price numbers in the last digits), changed SL price for wrong orders (also sometime when price in last digits...
Dukas_Trader,

Thanks for sharing your experience...
Quoting techboy46
{quote} I got your point, but it is very important for traders to realize that trading is all about commitment and dedication, one miss or mistake can bring huge impact in one's account and perhaps in the psychological aspect, that is why it is important to have a good trading plan that will not put us in a disadvantage situation, it is for traders to find the best time frame where he can monitor the market all the time and never miss a single trade setup based on a chosen strategy. If you wish to scalp or day trade find a specific time slot that...
yes correct. but i prefer the strategies that dont need to trade all trades to have a higher statistical benefit in the expectancy value . so missing trades is unimportant and dont effects the result so much (less wins of course) and i dont have to trade all the time to get the same risk/win ratio and dont miss the one big win. even when i trade automatic i only use systems from this style, so that many losses are coming (of course much more winners all together) to calculate all parameters in perfect condition with the most possible smallest deviation from reality and future.

so this situation is different from strategies that have some big winners to compensate many small losses and you need to trade all trade setups because 1 missed trade could be this winner needed to compensate the rest. i tested this too, but i like no pressure and less stress, thatswhy i dont feel comfortable with this. for only automatic traders maybe more easy.

for doing mistakes: i did test both, trying to look longer to be sure not to do a mistake and trade then slower or doing mistakes and trade very fast and need to live with it and close trade fast after mistakes and do it new correct. i could live better with second type, even when more expansive, but the more wins compensate for this. but anyone needs to test this for himself whats better for own person. but always and ever. if you do a mistake, close this trade or trade it with same max risk like your normal trades, always check after each trade or each minzte after trades, what is in the market and did i do a mistake. thats most important in trading, always know whats in your open risk and portfolio, not know what you clicked, always take a look that its exactly this in.
Absolutely, thread is rightly defined. Trading and discipline moves hand in hand. There is no use even if you trade successfully unless you can trade your winning strategy with proper discipline and consistency. Finding a strategy is a big task but implementing that strategy is even a bigger task. Always cross check your actions with your trading plan and don’t take any action beyond that, continuously try to improve your performance in discipline with your trading plan.
For forum members that are interested on my trading activities, strategy on demo account is now implemented side by side in my live account, let see in the coming months if it will still produce consistent results.....happy trading to all!
In order to me , I think only 70-80% are failing in this business , loss is an inevitable part in Fx but loss only comes when we trade blindly and without having proper knowledge , experience and lack of discipline , otherwise Forex is a lucrative business if we will do it with proper discipline and accurate strategy.
Quoting techboy46
For forum members that are interested on my trading activities, strategy on demo account is now implemented side by side in my live account, let see in the coming months if it will still produce consistent results.....happy trading to all!
Hi tech - Looks impressive - what is your trading style strategy
Nothing strengthens authority so much as silence
Quoting Magog
{quote} Hi tech - Looks impressive - what is your trading style strategy
It is actually a very simple swing strategy using 4hr chart, no fancy indicators, just having a very specific set of rules on entry and exit. I even wonder how the heck such a simple strategy make consistent gain for the last 5 months, I have tried almost all system before but nothing works, yes trading is indeed simple if you are able to realize the missing piece, when I started in trading 8 years ago and until late last year I still cannot solve the puzzle of how to finally create a system that will work for me and I realize that having a system that will work for you is not about having a complicated or sophisticated indicators or system, any particular indicators will actually work to anybody, even a simple MA or RSI will make a difference, it is about how the trader create those set of rules to a specific indicators that will make the difference and most of all try to find a time frame that will work for you, be in harmony with the market, if things dont work out in intraday trading then try to work out on higher time frames, find a time frame that you are comfortable of working, having more trades does not mean that you will have more profits, quality of trades is much better than having quantity of trades. And most of all when you set those rules make sure to follow it religiously this is where discipline being so valuable in trading, otherwise it will be just a waste of time and money, so again whatever strategy you are using just make sure that you stay discipline in implementing your rules, journal or monitored your trading for at least 3 months and make the necessary adjustments when needed along the way, if everything is being followed and still you are a loser then re-evaluate your approach to the market, be as logical as possible. I just hope that this strategy continue to perform well in months and years to come! Happy trading!
Here is another good video that can improve the psychological aspect of your trading, good luck to all!

Inserted Video
No way to avoid this issue! If a trader don’t maintain trading discipline then obviously he might be lose his profit very soon! For me, discipline means, trading with specific trading target with fixed trading lot size! In addition, I don’t trade anymore when get my daily target!
This is not in direct relation to discipline but somehow discipline will be associated to it, my current test strategy is under heavy draw down it performs good in the last 4 months but slide down in the later part of May and this June my strategy still struggle, lesson learn here is that never use bigger higher risk(currently @ 4%) to minimize draw down, I know the strategy will recover soon, I just need to hold on and make a few adjustments in the stop loss and take profit rules and change other pair which is not closely correlated for diversification of risk.
Quoting BenDunk
In order to me , I think only 70-80% are failing in this business , loss is an inevitable part in Fx but loss only comes when we trade blindly and without having proper knowledge , experience and lack of discipline , otherwise Forex is a lucrative business if we will do it with proper discipline and accurate strategy.
unfortunatly wrong. loss will not only come when we trade blindly and without having proper knowledge , experience and lack of discipline. thats true as long there are enough bad traders. so this difference is important, if all use what you say is important then this rules are nearly unimportant.
when some trades 1 year with breakeven, one other has to lose already 30% of this breakeven traders balance to compensate this. if some do wins its much more other need to lose. thats the fact in a a market, where you win what one other is losing always same time. money is not printed, its changing from one hand to an other. so 80-98% need to lose is the correct answer, rest is to compensate the winner and the breakeven people. even if someone has 25% loss in 1 year you need someone else who lost 5 % because of his trading. this numbers are average numbers, so not for all individuel same. but thats the basic math of the market, nothing can change this.

thats important to understand.
Does anyone try meditation as part of a way to maintain discipline?
Quoting mikforfac
Does anyone try meditation as part of a way to maintain discipline?
to diszipline exactly what part of trading? meditation gets you brain cool down, but in this situations you should not trade anyway.
but its no good chance that it will discipline to follow your rules and trading plan, than often its better you calculate all by math and see by the results that you can trust it. and start with not to much trading amount and increase it over the time, so a good discipline will be established.
Quoting dukas_trader
{quote} to diszipline exactly what part of trading? meditation gets you brain cool down, but in this situations you should not trade anyway. but its no good chance that it will discipline to follow your rules and trading plan, than often its better you calculate all by math and see by the results that you can trust it. and start with not to much trading amount and increase it over the time, so a good discipline will be established.
Meditation is not a tool, like something you use to stop thinking.
That is just a temporary expression.
One day I was on a train and I was feeling very bad, why? because I was tensed.

Then a hadicapped guy appeared, he was walking vey slowly and there was a message on his t-shirt: "stand up and face the beast". that is mediation. it is not the search for peace, rather the search for our "inner demons".
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