We should not think

MadBadDangerous posted:
Starting small is what so important but so many just rush in and lose their savings in a week.

I also agree with you completely. Don’t rush to go live account.

marioharmon posted:
Yes, setting some unrealistic goals is not a good sign for trading forex. Starting small will be helpful.

I agree with you. Setting a good goal is very much needed.

@marioharmon Setting unrealistic profit goal in trading is a common phenomenon. It seems people lost their common sense when they come to forex trading.

Unrealistic profit target is one of reasons people blow out their account. In no other business, people expect to make 100$ into 200$ or 300$ in 2 days.

Incorrectly exposed I aim does not give, then definitely a good result.

Aim for small goals, and TP on it, after all absolute returns will make you satisfied rather than actual returns on each trade.

If TP is too small the spread will take all profit from you. Better to have large TP then spread does not matter so much

I guess we should tihnk, but we shouldn't believe that everything in trading activity is easy and we shouldn't set unproper goals, unrealistic ones as you said. In my opinion, we have to look at things in trading wisely. We should understand that there is nothing easy in it and we can't get anything we want right away. We have to dedicate lots of time and make plenty of efforts in order to reach success. It relates to any other activities actually. Any activity requires efforts and wished to reach something in it. However, we have to think all the time we sit down in front of the laptops or pcs.

It is essential to have realistic goals. Instead of gaining 200% profit during first week, you should think about preserving your initial budget. Otherwise, you'll take too much risks and fail.

RobSchiz posted:

Garrian posted:
I guess we should tihnk, but we shouldn't believe that everything in trading activity is easy and we shouldn't set unproper goals, unrealistic ones as you said. In my opinion, we have to look at things in trading wisely. We should understand that there is nothing easy in it and we can't get anything we want right away. We have to dedicate lots of time and make plenty of efforts in order to reach success. It relates to any other activities actually. Any activity requires efforts and wished to reach something in it. However, we have to think all the time we sit down in front of the laptops or pcs.

Trading is not so easy. You need proper knowledge to make money from this market.

I agree with you, the forex market keeps changing, it is only the knowledge which you have will help you in every situation.

skihav posted:
I believe that trading is, on the contrary, a place where thinking is simply necessary. When I started working in this industry with a broker, I devoted a lot of time to the learning process.

Yes exactly!
Forex learning is an extremely important part of trading because your financial security is dependent on it.

skihav posted:
In trading, this will not work. Only thoughts, only sound and balanced decisions for work.

I agree with you.

I would say that thinking is essential to successful trading however you do raise a very valid point on the subject of setting realisitic expecations. If you are a break even trader, what evidence do you have that you should be aiming for say 5% a month for example? Aim to make any profit (with the same level of rsk).

sebking1986 posted:
I would say that thinking is essential to successful trading however you do raise a very valid point on the subject of setting realisitic expecations. If you are a break even trader, what evidence do you have that you should be aiming for say 5% a month for example? Aim to make any profit (with the same level of rsk).

I would say that is very high and quite risky. I haven't gone more than 2% rrr and there was the time where I did go above 3% but it was just purely based on luck. However, if you are very confident enough, then I guess it is okay.

I used 5% as an abritrary number. This is based on 1% risk per trade. But yes if you are break even consistently then making a few tweaks to try and get to 0.5% profit at the end of the month is progress and not to be sniffed at. My point is don't expect to be a losing trader and then be breezing through an FTMO challange a month later. Social media has created false expectations for people coming into trading.

A top hedge fund manager will make 10-20%. And that is PER YEAR!!! Just think about that when you want to make 5% per week. Keep your targets realistic

I originally thought you meant that we shouldn't think while trading based on the title, lol. Having unrealistic goals just sets you up for disappointment when you don't meet them. Instead, I think it's important to celebrate the small victories and to start by patting yourself on the back for *not* losing money.

Learning constantly about forex can give an edge to a trader in the market.

Yes, it's very true that one should keep their targets realistic as you cannot aim for such high returns as this would be similar to gambling and wouldn't make sense.