Identifying your weakness

It is excellent that you understand this about yourself. Half your battle is done just by recognizing this fact. Best of luck with your journey!

I agree with you 100%. Trading forces us to confront ourselves. Once you stop sabotaging yourself, the 7 trillion dollar market can become your personal bank account :smiley:

I agree, knowing your weakness is very important start.

I don’t think so that its difficult if you have a trading journal you can identify your weakness. Simply go through it and check what habits of yours are making money and which are causing loss, then eliminate those bad habits.

Weakness is not only with trade, many trades has weakness that is not seen with trading journal like their greed and the trading done with anger.

Greed, anger and fear are always associated with emotions however anyone faces such issues should try to figure them our by trying to set them aside while trading. Trading journals can be helpful in evaluating where we had made mistakes and off course emotional issues are also the reasons which effect our trading.

It takes time to know your weaknesses, i found 2 of my bad habbits and they are greed and after a loss and being down about the loss, i change my setup.
After about 2 years of trading i found them…
Its like you guys say, keep a journal and you find your weakness faster.
I found mine after keeping a journal for about 6 months.
But the most difficult part is finding something to counter them. Everytime you trade you have to recognise them and counter them.
And in my experience (i can only speak for myself here) even after years they still are there and every trade you have to fight hem.
(sorry about my English, its not my native language)

Lack of emotion control is the biggest weakness for the traders in the Forex Market, if they can’t control then they will face losses.

Yes emotions are rarely controlled. people are not aware of these emotions until they face loss. The other weakness is inability in analysis making. Just less people are good analysis making most of the beginner traders do trading as they open trading terminal without market watch and using other analysis tools.

I think for most traders it is poor emotional management. Especially greed as many of them use high leverages when they don’t have enough experience to manage those leveraged positions.

One good way to analyze and critically identifying your weakness is by keeping a trading journal. This way you could look back at failed trades especially where you derailed and went wrong.

Well, my weakness is obssessive compulsive behaviour.

Thats not a bad thing at all. Get a working system and let your natural obsessive compulsive nature carry you forward :slight_smile:

My main weakness is my lack of patience. I either open positions too early or I close them too early.

Traders who identify their weaknesses in trading they try to improve their skill . They do not remain fix that they are right and market is doing bad if they aware of their mistakes either they are greedy or having less knowledge they realize the importance of practice and experience.

To know our weaknesses is very important with it we will be able to improve trading ,If we know which area of trading requires more practice we will certainly do efforts to get command over it. If we think our self perfect we can not identify the reasons of our loss.

It’s very hard to find your own weaknesses, we are blind to them.
It’s far easier for someone else to spot the weaknesses in our trading than for us to spot our own.
A journal helps give you the distance you need to see these weaknesses.
Working with other traders is very beneficial for discovering how to improve.

A lot of the top traders suffer from many of the same ‘weaknesses’ we do. Getting in too early. Getting out too early. Getting out too late. Fear Anger Greed.
It’s hard, the best of the best have just managed to mitigate the negative effects but not eliminate them.
The positive will outweigh the negative, staying solvent is a key ingredient of this.

I have a hard time managing my fear and anxiety when I trade, and that leads to mistakes.

Yeah, if we know our weaknesses, we can become successful in Forex Trading as either we will learn to avoid that weakness, or we will learn to harness it.

Knowing one’s weaknesses is only the first step. Once you know your weaknesses you need to be willing and able to work on them and better yourself.