Following on from some posts I have seen and certainly from the amount of emails I receive regards the markets , I am curious as to what the expectation of the market is ?
The emails I get fall into 2 categories besides the general but both have a common theme of they want the markets to deliver more than the market can give or have an expectation bigger than the account can generate ie turn 1k account into a 100k salary within a few months.
Email categories
1 I want to be rich , show me a strategy
2 I have a strategy but its not working
The first is just lazy , with no thought or respect of the markets after watching the Land of Make Believe videos with flash cars etc so they have little to no chance of ever being a trader.
The second has the idea, is trying and not to far away but trying to swing for the fences to much and find risk reward is out of whack to the plan they have, making the losses blow away the reward.
My question I guess is, are failing traders losing because of a expectation that is to high
I thought my expectations were too high but it seems to me that no matter how much I adjust them I keep losing. I am one year in and no matter what I try it just leads to losses. I have been trying support and resistance trading, trend lines, fibonacci sequences and even the COT report to try and get a read on market sentiment but I just keep losing. I am literally setting a goal of 10 dollars a week but it just doesn’t seem to happen. When I trade support and resistance the price always moves away even when I have taken into consideration long term trend, short term trend, market sentiment, fundamentals, COT reports everything I can possibly consider yet still it just isn’t working for me
It is so hard for me to try and break the pattern of systematic thinking. I am a meticulous person. I want everything to go exactly the way I envisioned it going in my mind. The market is challenging because of that. I have progressed from losing frequently to breaking even more often than not. There is no upward momentum and I cannot explain how frustrating that is.
Quite likely. Certainly from various comments here from time to time, it would seem that traders often express disappointment at not getting a bigger share of a move. If people either cut profits short or hang on too long for the very last pip, then they are not likely to be very consistent.
I remember listening to one of your blogs, where you said: “All you need to make money is to repeat a profitable set-up” - it really actually is that simple, and like you also said: “Don’t look for the first third or the last third of a move, just look for the middle third.”
We need to be humble and satisfied with the highest probable part of a move and not jump in too quick, anticipate a move, or overstay our welcome in a move.
Yes, it is also with me when I do trading first day in real account I was 100% sure will win this trade but it was quite hard even to make some cents profits. Then I feel demo trading is easy and it make us dreaming we all expect more form forex trading. Only realistic expectations can come true with hard work. Dreams of millions are just dreams that will not come true without having professional skill and spending a lot of time in this business.
I always prepare for the worse. With all carefulness, sometimes you lose so badly, and if you don’t know how to take a loss, it can crush you. Be realistic enough to admit that you’ll lose money sometimes.
Today is a National Holiday here (May 1st) and I am just browsing through some of your vids again.
I just listened to you talking about a method for growing an account daily from as low as £250. At the end of the first week you had made £27.63. Now, I am sure most Newbies might just sneer at that. But you said:
“There is not a bank in the land that will pay you £27 on a balance of £250 within 5 days - you’ve made an excellent return on your money”
That is probably not what the expectant Newbie really wants to hear, but that is realistic expectation. If one can start by earning more from one’s own trading than any financial institution is going to pay you for the use of your money then that has to be something special.
And if it can start like that, then it is only going to get better with more and more experience.
