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Why Traders Fail (WTF) Series... My personal thoughts & experience!

Mar 08 2018 at 12:44
posts 1
Great thread! Keep updating if possible

Mar 08 2018 at 15:05
posts 1
haha iam guilty for most of them. now i just follow what the expert says and restrain myself from changing stoploss or take profit levels.

There is a reason why experts give such entry,tp,sl levels 😄

Mar 08 2018 at 15:54
posts 107
watchme posted:
Why Traders Fail (WTF) Series... My personal thoughts & experience!

You can never get any 'real' than this... 😈

1) We do not have discipline, we create a plan to trade, that's good. But:
1.1) Keeping to the plan after entering the trade is quite a challenge, the longer you are in the trade, the more prone you are changing your initial plan.
1.2) Keeping to the same plan over and over again is also difficult. If you have executed Plan A over and over again, closing trade after trade in profit or in loss, you will get tired of it over the long run. You will suddenly trade Plan X and Y and that is when you lose all your money.

2) Over-leveraging:
2.1) We might over-leverage because of mindset. We have a mindset of getting rich quick, we really want to turn $100 to $1000 overnight, we really believe we can do it so when trade turns against us, we quickly lose our money.
2.2) We might over-leverage because of revenge, we lost trades over and over again, so we need to re-gain all that losses, so we risk more to gain more, and again, when our trade goes against us, we lose our money faster than expected.

3) Instant gratification:
If we are always right in trading, we might not have this problem, but the thing about trading, you can never be 100% correct, so you are bound to have losing trades. When you have too much of losses, you want to just be right at least once or a bit. So when our trades gets a little bit into profit, we will close it. As such, the profit will be a little bit. We do not do the same with losing trades, we try to wait it out, hoping that price will come back, or giving the trade 'some room' before it will move in your direction. Over time, the losses will overcome the tiny profits and we will again lose our money.

4) Impatient:
It is good to trade according to what we see but we need to have a confirmation. Sometimes we see a seemingly obvious and outrageously big down candle and we jump in a SELL trade, we did not wait for any sort of confirmation like candle close. As such when we enter we are caught at the extreme low point and before the candle closes, it reverse and creates a obvious and outrageously big UP candle. We know we are doomed. We never expected nor could imagine it can ever be a UP candle, our eyes and impatience deceived us.

... more to come ...

In the meantime, LIKE, share and subscribe.

Because trading is like any other career, law, medicine, etc, and any of those careers has at least 5 years of university, another 5 years of practice, in trading anyone does from one day to the next, imagine that someone do a heart operation, after reading two manuals on google ....

Risk comes from not knowing what you're doing.
Mar 09 2018 at 09:06
posts 1
this is the most accurate description of a trader's life I could find so far 😂

Mar 09 2018 at 09:23
posts 947
LMealing posted:
Great thread! Keep updating if possible

There is no new point! By the way, I think low trading skill is the main reason of losing money in Forex.

Mar 09 2018 at 11:33
posts 10
me too. a lot of people say risk management is the reason but even wit the best risk management in the world you will still lose if you are taking the wrong trades

Apr 01 2018 at 06:18
posts 886
I think for avoiding risk and unfortunate losses we newcomers always have to avoid news trading , because without most powerful analyzing fundamental knowledge news trading just useless and during news market moves at random. Any signal or copy trading works not at all in news. It’s much complicated issue in Forex.

Apr 02 2018 at 11:36
posts 12
News is great to observe and analyse but never trade

Apr 04 2018 at 14:40
posts 1487
salza posted:
this is the most accurate description of a trader's life I could find so far 😂

Me too. The only thing he forgot to mention was revenge trading.😁

Apr 10 2018 at 11:19
posts 9
There are also lots of bad information out there. it is difficult for new traders to know what to use and what to disregard

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