How to succeed when so many fail. The root cause

The biggest reason some traders fail when others succeed, is because they don’t put in the effort that others do.

Trading can be super time consuming, but as a 5+ year trader I’ve learnt a strategy that helps make trading a part of your daily ritual, without having to spend hours in front of the charts.

So what can new traders to make trading a part of their day?

Try my new trading plan - ‘toilet trading’!

Every morning after a few sips of coffee, I go running to the bathroom with my earphones on and coffee in hand. I spend 5-10 mins watching or reading a market wrap and focus on markets showing compelling value (good reasons for me to trade).

All trades are placed on the toilet and if I see compelling value, I spend 5 more mins placing a few orders.

Nobody is more comfortable then on the toilet, and just like on the toilet, we know pressuring yourself is unhealthy and counter productive.

So don’t rush into trades at market - market order. Just place a few orders around key levels and see if things unfold as you expect. If they don’t trigger, close them or review them by the time nature calls for a second time.

The toilet trading way, is all about a productive start to you’re day and is a great way to make trading, a part of your day :smiley:

Warning: With prolonged exposure to this strategy, side effects included increase likelihood to sit down when peeing when you find yourself entering trade and wanting to see how they are going. But don’t worry, if you’re making cash, this makes you no less of a man!

There are many reasons that traders fail in the trading market. One of the top reasons is that trader rush things in the market. They get carried away in the market. I hope that you will not be one of those people. How many people think that emotions is the biggest reason for failure in forex trading.

Great stuff! Thanks for sharing. I hope all our hard work pays off.

Do you also make foreign exchange yourself?

Thank you for all the insightful sharings! I came acrossed this article which personally I quite agreed on with that it says. Hope it does for you all too.

I agree it took me 3 years to get the right mindset to trade Forex. I had a bad experience my first 2 years.

Proper Money Management

I agree with most of the comments in this thread and especially nangking about proper money management.

Also as was said above the 95% thing is not correct and the facts are improperly interpreted. It is true that there is a good deal more losers than winners it’s because of the way accounts are counted open or closed. One trader may have several accounts for various reasons, say testing different strategies. well, maybe one account out of his five was a winner thus he closes the other four losers, moving on.

Let’s look at the reasons for improper money management. Let’s assume a trader know and understands proper money management, why would that trader deliberately sabotage themselves?

Kiss, its called gambling, not closing losers because you know more than the market, not allowing winners to run because of fear that you will lose what you have, your placing to large a lot size for your equity because your impatient to allow your equity to grow, using too much leverage to overcome these seemingly small losses and when the market pulls back you have no equity left to manage the trade again gambling you know more than the market, you believe in working harder to achieve superior results and not smarter. I do need to keep statistics or a log I know how to correct my mistake downright arrogance and so on, call it what you like its pure and simple gambling.

Ok after 18 months of solid screen time, videos, class and over 50K trades, I have said enough. I am tired of the dumb jokes and walking into the 2 x 4 with my forehead.

So how do you fix it and become consistently profitable every single day?

As Mark Douglas has said any monkey can be trained to trade what they see. Green candle hit buy enter, red candle hit sell enter. So what’s the matter with me.

As has been proven most any trading system can be profitable, ture some more than others but profitable. So what the matter with your system? or So what’s the matter with me.

So here is the deal, almost all traders put the cart before the horse.
Step One.
if you have 1K of equity trade a .01 Lot.
If you have 2.5K of equity maybe.02 Lot
If 5K thru 10 K .03 Lot size and so one.
Remember the number one rule protect your capital and remember the number two rule, don’t forget the number one rule.

Step two.
Depending on your platform, make sure you can close part of the trade, if not place two trades up to 1% of your account
So if your account is 1K how much is 1%? yep $10.00 bucks.
Why two trades, so when your trade gets into profit you can close half allowing the other half to run and moving your SL to Break even on the running half. Guess what, no matter what this trade can no longer lose one thin dime.

Step three;
Keep a journal of your trades and basic stats.
How else will you know exactly what went good or bad and by how much?
Even if your a scalper and say I can’t write all that down, NP just keep track of the group or level.
If you can take a snap of your entry and exit or simply record the trade.

Then you do not advance to more aggressive trading until you are consistently profitable with the lest, ,01 and one trade or a two trade position at a time, let them close before placing the next trade.

This is what cured me of gambling and turned the corner to every day of consistent profitability.

Its no more BS its called taking responsibility.

Suppose your buddy came to you and said I need 10K for a trading account. What do you want to see before giving that buddy the money? Then and only then would you start trading real cash.

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@Godspeed108 God bless you my brother…wise insights. I noticed that too but you put it perfectly.
:thinking:

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@midwest…I love you man…stay blessed! Thank you soooo much. Hope we could talk and you could guide me. I love ur mind. שלום :v:t5:

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SrLi9, thank you.

The strategy of success: focus on the learning process instead of result! In addition, keep practicing until you get a decent result.

Thta’s the best way to move forward in the market, learning from our mistakes because we would have plenty of them along the way. We should expect moments when things don’t go right.

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The fundamental premise of any merger is that the merging entities will be more valuable together then they are separately. I spoke with wol folin’s strategy director nick flaherty about applying the findings from their recent leadership study to merger and acquisition. The many causes of failure are self inflicted and can be easily avoided.

i agree with you entirely here. people are too impatient to get started without realising how detrimental it can be to go in head first, with no or little experience in a downfall. Ya win some, ya lose some!

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Agree completely. All part of the process.

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Couldn’t agree more. I learned such an ugly side of me when I started trading. It took me years to only “START” putting a lot of my bad habits under control and finally making profits consistently. This is one massive “MIND GAME” more than anything else in my opinion

You must to be goal-oriented and never give up!

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I also find that Forex trading really is sort of mind game. Psychological aspects are here very strong. There is market psychology on one side, and there is traders psychology on the other. You need to spend a lot of energy to learn how to keep your emotions under control

If I had to narrow down what piece of advice I would give a beginner to just one, I would say:

Don’t put all your eggs in one basket.

Not in the sense that you need to spread your investment among several uncorrelated currencies.

That goes without saying :wink:

I mean these words in the sense that, just like you wouldn’t put all your eggs in the same basket in trading, don’t do it in life either.

Don’t rely solely on forex trading to make a living.

If you do, you’ll be subject to the effect so well described in the first post of this thread.

If you do, you will not have the cool-mindedness that is crucial to become successful in forex trading.

I would like to share an article called 7 Surprising Things I Wish I Knew Before I Started Trading Forex, and, to me, this is the most crucial point. Feel free to have a read if you are curious about the others :slight_smile:

Best of luck :wink: :sunny: