The trend is your friend, what is the enemy in fx trading?

They say the trend is your friend in fx, have anyone thought of the enemy of his or her trading experience? I think if you discover the enemy to your trading and deal with it, the errors to your trading will be minimal. So what do you think is the enemy in trading fx in general not just yours.

The individual trader is the mightiest enemy he/she will ever face. Trying to externalize that some foreign entity is working against your efforts, is a defense mechanism for putting off the fact that the individual is to blame for bad decision-making.

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Bravoooo! Applause

Good post there FOREXunlimited, but everybody has his/her trading strategy, but me I prefer trading the direction of the trend, from experience I think retracement is the worst enemy, but if you can understand the both of them, the trend and its retracement, then FX will be your best friend.

Ranged trading, trade ideas from others and no dough in ya pocket.

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Yup … we are our own greatest competition in … everything. Goes well beyond trading. I think to elaborate on that it is often the UNCONSCIOUS elements that work most against efforts to be consistently successful … conscious mind says “Sure! I’ll follow the rules and wanna do everything right to win.” Trading happens to reveal character deeply because there is no one who can come save you from yourself – it is you and you on the deepest level.

That being stated … perhaps I should make a topic where traders share their favorite techniques for becoming aware of the “unconscious” and connecting to it deeply. Although it’s common observation that stuff like this is “boring” for many and is skipped by most, who are just thinking money money money.

There is way more value to learning the essence of trading than money.

You and your human emotions are the biggest enemy.

And the trend will also stab you in the back haha.

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Agree! emotions are one of the biggest enemies of traders.

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Your biggest enemy is you and your inability to control your emotions. It sounds simple but in my experience it is one of the most common factors that affects your ability to keep your profitability up. There are things that are not in your control like the trend. But at least you can train yourself to be mentally stronger and more logical/practical.

Out-of-control emotions and blind ignorance of risk management :sweat_smile:

I can list several - letting emotions get the better of you, over-trading, poorly chosen stop loss, etc. etc.

Impulsive trading, revenge trading, bad stop loss, choosing a poor moment to close a position - those are the ones I can list off the top of my head, but there are more.