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The reason that new traders fail that doesn't involve psychology

FxMasterGuru (FxMasterGuru)
Jun 03 2015 at 22:05
1607 posts
CrazyTrader posted:
FxMasterGuru posted:
Unlless one wants to be another 'B-booking' Retail Casino...



No way, I'll never be scammer


Then the only alternatives are the CENTRALIZED Currency Futures markets...

Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
goyankees85
Jun 04 2015 at 07:48
118 posts
CrazyTrader posted:
FxMasterGuru posted:
Unlless one wants to be another 'B-booking' Retail Casino...



No way, I'll never be scammer


 Hello sir. I do see you have a ton of vouches. I'd like to know if you have/are managing any accounts? If so, I have a 5k account which I would like to be managed, if you can demonstrate your ability to profit in a live account. I'll be awaiting your response.

My avatar explains "social trading" perfectly.
james2015 (james2015)
Jun 07 2015 at 16:02
46 posts
forex trading is not so easy it's need years to practice & how to manage your risk mostly traders make little profit & big losses then wiped accounts in few days

“The past can't hurt you anymore, not unless you let it.”
sizhouren
Jun 10 2015 at 06:41
59 posts
Guys do you think it's possible to earn 8 figure income from forex trading??? or it's simply not possible i have never seen such an account before.

sizhouren
Jun 11 2015 at 06:53
59 posts
Guys i have changed my strategy from taking profit of risk reward of 1:3 to only 1:1.5. Do you guys think it will be more profitable in the long run as i have noticed a lot of trades which should have taken profit at 1:1.5 but beacause i let it run till 1:3, ,most of them have reversed resulting in only small profit. What do you think guys? please let me know, thank you.

ChvPt (ChvPt)
Jun 23 2015 at 06:51
5 posts
I still belief psychology have a main roll in trading failure, sure fundamentals are important too (to a point in which many traders close all or most trades when huge news are on the way) however I've seen a lot more accounts been blown up due to lack of emotional control than to fundamentals.

@sizhouren I don't know if you could get that as income, but sure there must be trading accounts of that size (mostly institutional probably). Trading can provide you income for sure, well-earned income and even high income, but surely if you started to increase your revenues you should invest in other assets as well.

If you see your system works better with 1.5 then is good, maybe the system you were using didn't worked well with a risk-reward 1:3. What is important is that you minimize your losses and expand your winnings in order to get a good balance in your account. I have only 55% of winnings in my real account but I have a profit of 233%. Focus on that.

Best regards,

Trade Responsible
snapdragon1970 (snapdragon1970)
Oct 22 2015 at 12:29
1944 posts
Forexmanager9 posted:
CrazyTrader posted:
Forexmanager9 posted:
Well, could be one of the reason but certainily not the Major reason why traders fail.


Right!

Here is the only reason:
https://chatwithtraders.com/ep-015-joel-kruger/



'Trades based on Technical analysis = Gambling, Trades based on Fundamental Analysis = Investing!'

Scalping: minutes to hours
Day trading: hours to days
Swing: days to weeks
Investing: months to years

each trading style will be suitable depending on personnalities. I know traders that scalp the trends (fundamental outlook) based on Technical Analysis, why would they be gamblers?


There can NEVER be JUST ONE REASON why '90%' traders fail bcoz those 90% includes thousands or possibly few million traders around the world. Everyone has different mindset and so does different trading style. A losing factor for few traders may not necessarily be the same losing factor for other traders.

Some lose bcoz of high leverage and at the same time there are traders who win using high leverage bcoz they know how to CORRECTLY and EFFECTIVELY use it. Losing Factorsssss purely differs from trader to trader.

So just wake to the fact that THERE CAN NEVER BE ONE LOSING FACTOR though there can be one major factor.


There are lots of reasons why 90% of traders fail,mostly because they have no formal training ,when your up against the brightest in the industry ,the latests news ,insider knowledge,you can't expect to jump into the ring with mike tyson and not get whacked,unless you know his weakness ,learn his moves inside out,plus someone has to pay for wall street
Fundamentals are skewed and bad news is only released after top managers have sold their own stock,companies lie all the time.
I have a whole list of the things you need to look at first even before fundamentals,examine the board of directors,is there any conflicts of interest,what kind of shares do they have,any more than 9 people on a board is too many,look at SEC filings,court cases,if all that is fine then look at the numbers.
I scalp the eur/usd and I trade stocks.

Be lucky!

"They mistook leverage with genius".
snapdragon1970 (snapdragon1970)
Oct 22 2015 at 13:52
1944 posts
sizhouren posted:
Guys i have changed my strategy from taking profit of risk reward of 1:3 to only 1:1.5. Do you guys think it will be more profitable in the long run as i have noticed a lot of trades which should have taken profit at 1:1.5 but beacause i let it run till 1:3, ,most of them have reversed resulting in only small profit. What do you think guys? please let me know, thank you.



To answer your question,most likely not,your gonna miss out on bigger profits.
What time frame are you working on?look at the bigger time frames to get direction,plus any news out.whats correlated with what you trading eg: eur/usd ~ dax.whats it doing?If I open up the hour chart or 4 hour chart and spot a trend forming or a range trade,I set up support and resistance on the range trade,click on the 15 min chart,wait for the trade to spike through to knock out the retail stop losses,wait for its reversal then put a trade on,set my stoploss 2% below ,wait for my trade to play out until it gets to the midpoint of the range ,close out ,unless its a strong trend,repeat process,wait for extremes,sometimes it will bounce off the line other times it will spike through.if your working on smaller time frames you have to be nimble or you're gona get chopped up.1:1 .If your scalping you really need to practice in demo and have a winning strategy and stick to it .

Be lucky!

"They mistook leverage with genius".
snapdragon1970 (snapdragon1970)
Oct 22 2015 at 13:52
1944 posts
ChvPt posted:
I still belief psychology have a main roll in trading failure, sure fundamentals are important too (to a point in which many traders close all or most trades when huge news are on the way) however I've seen a lot more accounts been blown up due to lack of emotional control than to fundamentals.

@sizhouren I don't know if you could get that as income, but sure there must be trading accounts of that size (mostly institutional probably). Trading can provide you income for sure, well-earned income and even high income, but surely if you started to increase your revenues you should invest in other assets as well.

If you see your system works better with 1.5 then is good, maybe the system you were using didn't worked well with a risk-reward 1:3. What is important is that you minimize your losses and expand your winnings in order to get a good balance in your account. I have only 55% of winnings in my real account but I have a profit of 233%. Focus on that.

Best regards,


Psychology has a major part to play in Trading!!!to be a professional trader you have to mind read !


Be lucky!

"They mistook leverage with genius".
snapdragon1970 (snapdragon1970)
Oct 22 2015 at 13:52
1944 posts
sizhouren posted:
Guys do you think it's possible to earn 8 figure income from forex trading??? or it's simply not possible i have never seen such an account before.


Depends on your account size starting off,if your consistent and compounding each year,it's possible.


Be lucky!

"They mistook leverage with genius".
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