POLL: What is the single biggest thing that's holding you back from trading success? 👀

As new traders, it’s easy to get lost in the whirlwind of daily trading-related activities. From reading the news (Coronavirus! Trump! ECB!) to looking at charts and maybe even spending time here on the forums, who has the time to stop and think about their trading goals and if they’re meeting them?

Today, we will make time because we’re doing a 10-second version of a trading retrospective of sorts by asking you…

What is the single biggest thing that’s holding you back from your version of trading success?


We’ve put together a poll below that covers some of the most common answers to this question. If you have answer/s that aren’t part of the poll, just respond to this thread - we’d love to read about it!

  • I’m a total newbie.
  • Risk Management
  • Trade Entry and Exit
  • Trade Monitoring and Management

0 voters

9 Likes

I voted Trade Entry and Exit. I have been trading live for about six months, and my equity curve reached +14% in October, and is now -5%. I don’t feel like I have an entry system that I truly trust, and I lack rules for exiting trades before they reach a target. I sometimes wonder if it is even possible to be a successful trader in the long term, but that’s another story.

3 Likes

Risk management…

For me, the bigger the account the easier it is to be conservative in position sizing…the smaller the account the more one tries to leverage up and quickly amplify the account size…

8 Likes

This is very true.

But it is hard to know this at the start of trading life.

2 Likes

For traders who are not yet profitable, but have gained valuable experience, the biggest hurdle you face is non of these.

it’s actually your own history as a bad trader.

What do i mean?

Your psychology is filtering all your new trades through all your past negative trading experiences or to put it another way like a general who is always fighting his last war.

It’s like revenge trading but not just over one past trade, but your whole trading career so far.

With these mental hangups success will be hard.

For many losing traders, the best thing to do is take a long vacation from trading so all those negative events are forgotten.

With fresh eyes, and all the acrued experience the break you take will be the best thing you have done.

9 Likes

interesting you feel that i think the negative experiences are very beneficial

2 Likes

@greenscorpio

Of course all negative experiences are learnings. Fully agree, I just think that before taking a trading break were often still too close to the action to fully assimilate what we’ve learned.

In any discipline coming back to it with fresh eyes can do the world of good.

6 Likes

@greenscorpio

Shouldn’t you be in bed yet anyway, so your fresh for UK open? Lol

2 Likes

lol had to close the dax did 514 pips in about 14 hours , not good on the back of people s terrible ordeals

1 Like

mmm maybe after a break your not wearing your "caveman hat " no insult intended of course

Trade entry and exit for me which is usually because I doubt myself and sometimes unsure of trades I should take. I’d see a setup and not take it but then watch it actually move according to plan. So basically, profits in my imagination. :joy:

5 Likes

Definitely trade monitoring and management. I feel like I have been lacking most on this aspect. But also the “Trade Entry and Exit” option as I do not have this strategy figured out yet.

1 Like

Totally agree to this one. I’ve been trading for about 2 and a half years, I lost what seemed a lot to me in 2018 (by trying out 1:500 leverage) and I’ve been slowly making that money back ever since, but I still have many doubts about myself and sometimes I get a bit too emotional and lose more than I usually allow myself, but the fact that I haven’t blown another account in 2 years calms me a bit.

2 Likes

@nkatad

You might not want to do this but taking a trading hiatus for a few months would be a great idea.

Trade on demo, follow the markets, backtest.

Taking a break you will come to terms with what was lost, and you’ll come back with a clean slate.

With all the experience that you’ve had you’ll be a much better trader with fresh eyes

Of course no one wants to do this, my hiatus was forced on me, but it was actually the best thing that ever happened.

2 Likes

Thanks, I think I’ll take your advice and not trade for a month.

Kinda feels like I’m chasing the market, but after a break it would be like starting fresh and seeing new opportunities, not feeling like I’ve missed everything.

1 Like

@Johnscott31 so how many months do you think one should break and come back to viewing charts again

@Ayaaba123

I can only give you my personal experience. When I was forced to quit because I blew up my account it took me over a year to get the funds to refund it.

I continued on demo in all that time - and actually got good at trading! Lol

In fact that year I actually started enjoying trading again.

So when I did come back to it with real money it’s like my brain had been reset.

I was no longer revenge trading, but now had a database of experiences from my many bad years of trading.

I have not looked back ever since, being forced onto the sidelines worked.

I have no idea how long it would take for anyone else to eradicate all the negative feelings associated with bad trading.

I guess it depends on how long you have been struggling.

For me I was a bad trader for seven years, so the accumulation of poor experiences was large.

But I have now been consistently profitable for over 10 yrs.

2 Likes

was it mainly hanging on to losers too long, ie a few really big losers or just steady downward curve

@greenscorpio

Overtrading was my big one. Holding losers I stopped pretty quick. Mine was a death of a thousand cuts rather than a spectacular blow up.

Also I was totally indecisive as to who I was as a trader. One day I was a weekly chart trader, but if I saw a set up on a lower timeframe suddenly I tricked myself into thinking I was now a ‘day trader’.

My lack of consistency was Herculean.

I even went over 50 losing trades in a row. But I was always good at letting profits run and cutting losses, which just goes to prove how important money management is to staying in the game.

3 Likes