Most people become unrealistic

Traders need to know that when they are starting to trade, they need to know that the goal has to be realistic and not to be mistaken with overachieveness. They tend to become unrealistic after making few profits, thinking if they can do it then they can create unrealistic goal.

Well, it's a really spread issue within trading community. Sometimes new traders believe in themselves more than professional traders. Everything because they heard that trading is something about easy money, while in fact it's not like that at all. Trading implies bunch of hard work and it means that there is no easy money at all.
Everything that new traders might earn is 20% plus to their deposit within a month and this result is amazing one. Mainly because new traders as a rule lose their money, because of this over-self-confidence. It's cool that people are confident, however it must have wise borders. Overconfidence eliminated plenty of traders from the market.

Absolutely, its feed by people trying to make money from affiliate links to all sorts. You need to treat this like any other business and expect to work hard for it. There are massive profits to be made if done correctly

Most traders think unrealistically so they cannot succeed in trading. To trade, I have to trade with a positive mindset according to discipline.

Whether it’s about setting goals or expecting results, always be realistic. Set modest goals because unrealistic goals are not only hard to achieve but they also create mental stress which itself can be detrimental for your psychology. In the same way if you expect huge results quickly, it can disappoint you to the extent where you feel like quitting.

What the business is possible to establish with $10,000? But maybe it depends on the country financial condition... anyway, forex is the most accessible type of business. Just see, if you have $100, you can only buy some food for nice dinner, this is investing in your health. But if you have the same $100 on forex, you can trade with any instrument and buy/sell almost everything because of leverage and lot size. So if forex accept only 1:1 leverage, this will be closer to real business project with real profit ability.

It is human nature to expect big things from something they see a lot of people are getting a lot. People talk about the huge profits a trader makes without knowing the efforts put in by them in the past. The new traders need to understand that they cannot expect huge profits right from the start. It will take a lot of dedication and consistency to reach that level.

whitneytyler posted:
It is human nature to expect big things from something they see a lot of people are getting a lot. People talk about the huge profits a trader makes without knowing the efforts put in by them in the past. The new traders need to understand that they cannot expect huge profits right from the start. It will take a lot of dedication and consistency to reach that level.

This is the problem, all those scammers claiming Forex is a get rich quick scheme. That is why so many trader have unrealistic expectations

People who are unrealistic in forex trading will lose their money. This is because they spend time following patterns, indicators and gurus. It's actually all pointless. One should develop a trading plan and stick to it. If they don't, they will most likely lose their money.

There is no advantage of expressing yourself what you are not in actual. This will slowly train your mind with dual personality which eventually leads to the stressed life.

Lethab_Mpho posted:
There is no advantage of expressing yourself what you are not in actual. This will slowly train your mind with dual personality which eventually leads to the stressed life.

Yes and it's not gonna help in any way.

I think it is the culture that we live in now where instant gratification is the norm or at least the pursuit of it is. I love crypto but think that stories of people 100xing their money in a week causes confirmation bias that it is normal in other areas like forex.

Any type of unrealistic approach in trading might lead to unexpected losses. Unfortunately many new and young traders have these unrealistic goals which are supported by misconceptions about trading being the easiest way of earning money.

Briosody posted:

Peirameter posted:
Any type of unrealistic approach in trading might lead to unexpected losses. Unfortunately many new and young traders have these unrealistic goals which are supported by misconceptions about trading being the easiest way of earning money.

You’re right, and it won’t take long before that bubble bursts and they get the reality check.

The problem many (and myself) have had is that even after the bubble bursts and the first account is blown, people keep coming back and trying to make money but end up losing. I am sceptical if it is even possible to make profit from forex trading

RobSchiz posted:

LeonRocky3 posted:
I agree no point thinking you will get rich straight away for ever. Just take your time and be realistic.

You need proper knowledge and patience to become successful in this market.

True, I know a trader who are expecting 100% return in every month, but his trading skill is too immature, less than 30% accuracy! On the other hand, his money management plan isn’t organized, but till now expecting 100% return! That’s the reality!

Tilokvarma posted:

RobSchiz posted:

LeonRocky3 posted:
I agree no point thinking you will get rich straight away for ever. Just take your time and be realistic.

You need proper knowledge and patience to become successful in this market.

True, I know a trader who are expecting 100% return in every month, but his trading skill is too immature, less than 30% accuracy! On the other hand, his money management plan isn’t organized, but till now expecting 100% return! That’s the reality!

Thats the issue it doesnt work having such high expectations. Its key to have working management patience and rules for entry and exit after that let the market do what it does

The don't become unrealistic, they are unrealistic from day one because of all the false promises out there

Traders should always stick to the trading process and refrain from having any unrealistic approach if they want to succeed consistently.

Traders who think that they will make money in the forex market immediately have unrealistic goals. Trading is not a gateway to overnight success. The risk associated with trading increases if you lack proper education. If you want to make money in forex, then educate yourself first and learn to control risk.