In pursuit of illusory success, many traders lost their earned money. After all, big profits breed greed that is difficult to deal with. Therefore, it is so important to have the right criteria for success.
Jan 29 at 05:02
Hrenz posted:
In pursuit of illusory success, many traders lost their earned money. After all, big profits breed greed that is difficult to deal with. Therefore, it is so important to have the right criteria for success.
A trader should define the KPI’s (key performance indicators) on which he can decide whether he should continue to trade or not because brazen trading would lead to the downfall of the trader. Every trader should ask themselves for what reason I am continuing to invest when I am losing my money. It is a very wrong notion that only one good trade can change your life because one bad trade will destroy your entire life in which all of your capital is at risk.
CuongVC posted:
So the question should be now... What are working plans? or, Does my plan/strategy work?
That needs to be figured out by you only.Its not mandatory that a plan/strategy that worked for me, would be profitable to you too, each trader is unique. You should back test your strategies before putting them to action on a live account. Also,
Jan 29 at 10:21
I agree people tend to do revenge trading because sometimes their self pride comes into the equation which is very wrong. People have to understand that trading is a very big gamble with calculated risks. We do not bring the emotions into trading because we will gain and lose from ourselves not anyone; all the losses which have been incurred is to be beared by us and no one else. Don’t ego trade because you can be destroyed in the process.
BrantleyC posted:CuongVC posted:
So the question should be now... What are working plans? or, Does my plan/strategy work?
That needs to be figured out by you only.Its not mandatory that a plan/strategy that worked for me, would be profitable to you too, each trader is unique. You should back test your strategies before putting them to action on a live account. Also,
Exactly! Each trader is unique. That was reason why I said 'Does my plan/strategy work?' is because there are so many 'answers' that do not in a complete solution. We should talk about total solutions, if we want to.
If you can prove that you can make money grows, tons of money will flow to you.
The first thing you need to look at is the market context. 4 types of context such as volatile / non volatile / impulsive / and corrective. Trading is done by combining support and resistance levels with these 4 things but the amount of loss will be reduced a lot.
That's right, following some information is essential for successful trading.
Feb 01 at 05:43
@Marshalsam877 Over trading can lead to serious consequences; if you do not realise this earlier and have opened many positions, close as many as can with profit or put the stop losses. I used trailing stop losses from my broker Fxview and earlier I used a fixed amount through Etoro. I have not done revenge trading ever :) nor I will ever but these are like the safeguards. Though you have opened many positions maybe you will not earn profit instantly but in future maybe you can get something and if not, at least not lose a substantial capital.
Feb 01 at 07:15
In everything, there must be a certain border also in trade and in the desire to make a profit.
