The absolute worst for me is when I have to go somewhere instead of staying and trading. I usually get nervous and force a trade for fear of missing it when I m gone. I still did not manage to get rid of that bad habit, but I already learnt to trade light in such cases.
Even I trade mostly on daily time frame, still I keep looking at lower time frames several times a day and eventually jump on any trade that mostly lead me to loss.
What bothers me the most is the people outside who never did right click and open an order, telling me or advising me what to do.
Are they the same people selling āget rich quick with our great forex systemā?
No. Just people who never traded, ordinary people who thinks this is a much easier endeavour. It this was too dam easy why they donāt trade by themselves?
The single thing I hate the most in forex is when my perfectly thought out trades turn out to be losers
technical analysis torn to shreds by economic news - not good
thatās why i donāt set stop losses. i sit and watch the trade and using technical analysis, i try to get the best bet where the direction will take a u-turn, once itās abotu 10 pips or so close, i take the money i have won already. so i donāt have to deal with this kind of pain.
The simple fact that there is no right and no wrong.
Sit and watch the trade? you must have no hair left haha
haha, yes this is also very annoying for a technical trader especially if he is trading on a higher time frame and a good trader of a day or two is wipped of by a bad news report.
My biggest challenge is not taking trades that turn out to be winners. Lots of times I hold back because thereās a big event ahead or because I already have a similar position with another pair.
Right now Iām working on being more confident in my trade ideas and stepping up my trade management skills. Hopefully Iāll get less should-have-been trades over the next few months.
Thought of a couple moreā¦
Gurus trying to flog their amazing system - if its as good as they say, why arenāt they drinking champagne on their yacht in the Caribbean instead of trying to hook noobies for $20 a month?
Noobies whoās first post is asking others to tell them how to make money because their too lazy to be a###d to learn it themselves
Waitingā¦
I used to trade like a hamster on speedā¦
Now I target one or two pairs, always the same ones,
with a clear bias, and wait, and wait, and wait for the
right entry after pullbacks in a trendā¦
Plenty of false starts, so you can get caught outā¦
Better to lose 70 pips out of a possible 200-300 pip
move, say, than jumping in too early on a false move
because of impatience.
But the waiting will be worth itā¦
It is true that patience is a virtue. That is why in Forex we must be patient, wait for the right momment, but dont freeze either.
Really loss annoys me most. We all have good expectations of earning from this market but when it didnāt work out for us, we seem not to be happy. All I am doing now is trying my best to limit losses while I increase my chances of gaining from this market.
I think that being patience and keeping calm is the hardest, specially when numbers are moving against you.
I hate it when a āredā announcement comes out such as the GDP and it is negative however, the currency rallies out of control. Iām beginning to think that I should stay away from important announcements.
One of the things you will notice is that ānews eventsā arenāt meant to move the currency in the direction of what the new event suggest the price should go. The reality is news events are events which can push a currency 2x to 50x in 1 hour more then what the currency had traded over the past 24 hours. One of the things which you will see many people do is take positions right before news events only hoping to make a quick buck off of the shift in the price which will occur. The reality is trading in such a matter is at best gambling, and takes away from the essence of trading.
Actually that doesnāt bother me. As long as I followed my rules I can accept that sometimes things just turn against you. Not sticking to my rules bugs me, even if it worked in my favour.