I was wondering how many of you actually take the blame for a loss and how many blame other factors such as economic reports for your losses?
I have always taken responsibility for any loss I have faced and will face as nobody forced me take a position. It is up to the trader to conduct the proper analysis before taking a position.
What’s your guys takes on this?
Taking the blame for my losses is always productive because I can take a look at what I shouldn’t do in my next trades. There are times though, when the markets just won’t cooperate no matter how much preparation I make. Those times always sting :))
It’s NEVER me.
Agreed with Huck. Trading is like boxing. You can be the best boxer in the world and still take a punch no matter how good your defense is. Question is, did you prepare yourself enough to dish ‘em out more than you take’em in? If not, who’s fault is that? Me personally, I blame the internet because my ADD got me looking at Facebook all day rather than trading! Freakin’ Mark Zuckerberg!
No excuses, it is probability. You win and loose. My wins have to be bigger than my losses in that case I only really need to win 40% of the time losses don’t matter. I just need to minimize them. The market is largely about order flow and nothing else if there is one more seller than buyer the order flow changes at that point pray you are on the right side. Risk control and MM are key to shrugging losses off.
A forex trader does not win, a forex trader earns. Only gamblers win.
Not to open a can of worms or anything here guys, but trading is just a fancy name for speculating, which is a derivative of gambling! You will never be correct 100% of the time, so accepting a trade which is a loss and putting this down to your own mistakes in my view is wrong. Nobody really knows the appropriate ratio of “chance” vs “skill” in the markets - but we do know for sure that there is a level of unknown; perhaps we can call this randomness.
As long as you know you have your edge over time, take the loss and move on to the next day. Trying to evaluate each and every loss will inevitably lead to curve fitting, you will drive yourself crazy. Because you never know if you have reached your optimal edge it’s only natural to be annoyed with losses, but at some point in time your going to have to learn that they are all part of the bigger game!
The effect of news can be an excuse,if you don’t consider the effects of news on your trade you would be at disadvantage. Other than that ,our-self can be excuse too,such as over trading,greedy,too tired to trade but still trading etc… conclusion,losing in Forex is guaranteed.That’s why you need to have good money management (2% risk,fixed lot etc…)
Not anymore. When I los I just lose, period.
Whether profiting or loosing self attribution helps you either learn from the mistake or raise your trading esteem.
Opinions differ on this topic and everyone needs to define it for themselves. I think it has nothing to do with gambling. I am aware that there are many who gamble for a living, but the debate goes back and forth.
Even a trader is not 100 % sure what is actually going to happen but they assume for the best and invest for profit.
Note in the old days FX was considered betting (Speculating). With most traders loosing due to excessive betting, emotional highs and poor money management. It does seem like the horses however many make a nice income from betting, one of my very good friends had a gambling addiction but made close to 4k a month give or take on the horses. Well, he got wiped out one day and lost close to 100k, it was suppose to be the definite one to end his betting career. Much like wall street.
Don’t kid yourself…
For the purpose of this forum we will use the words speculating, earn, etc.