I keep seeing this thread so I might as well put another post in.
I don’t miss trades. That is, I don’t miss them by mistake.
I watch the 28 important charts and I know what I’m looking for and if I see it I’m in the trade at the first sensible entry price. Of course it happens now and then that some market I didn’t want to be in goes ballistic and I could have made a year’s salary in a week if I’d got in - but getting in would have been in contradiction of the TA, so a win just on dumb good luck. Now THAT’S a mistake.
Sometimes even when your Analysis is on point a news event could cause a spike and hit your SL .Often your trade would have successful if this didn’t happen so you did nothing wrong
To control our emotions is easy by saying, but not so in reality. Forex trading is an EQ game, not an IQ game, therefore first thing to learn for newbie is either to get some books on trading psychology or to identify some good mentors to guide you, saving you years of trials & errors and tons of unnecessary losses.
No right or wrong. My personal opinion is to find a good mentor to guide you, so that you don’t have to be like me, while I was young, I spent a lot of money on unnecessary losses and wasted a lot of years trying to learn by my mistakes. In retrospect, if I would have found a good mentor, I would have shortened my years of groping in the dark and saved my USD1 million losses.
I agree. Our trades are not just affected by technical analysis, but a whole lot of other factors as well. It may happen that the strategy one has deployed is cent percent correct according to a particular situation, but the markets can take a turn at anytime and cause that strategy to be a failure. Nobody is wrong in that, its just that one should be patient during such circumstances.
overtrading is when your stock broker makes a whole bunch of extra trades to generate commissions.
Overtrading is not trading too much (in forex). Think about it! the more you trade the more chances you have to win!
What wrong with risking more than 2 per cent be yourself ,just be very selective only hold one or two at the most at a time forget about two per cent rule
Right, I never regretted on missing trade we can avail so many chances in forex trading.Any move is not last for a trader . A business where market works 24 hours why we should be tense if any trade is missing . Be positive to work next time certainly you will get more good trading opportunities.
This is a real classic! If the deal you missed wasn’t profitable, you feel like the real master of the galaxy, but if you realize you missed a good opportunity, it always makes you feel disappointed and lost. You can just ignore it!
@Pip-Skywalker Trading is a minus sum game, the more you trade, the more you lose. Warren Buffett said, “Wall Street makes its money out of activities, you make your money out of inactivity.” It’s a good move to look for a more conservative strategy and trade less!
