I have face the problem of emotion and feeling, which I can not control during my trading time. Also I have faced right entry and exit problem from the trade.
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The desire to make money NOW.
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Not setting stops I fully accepted losing.
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Chasing trades. Seeing a big move and jumping in. By the time you see it you are most likely too late.
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Lacking patience and believing I had to be doing something to be trading. Patience is the true work of trading.
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Analysing the risk right out of a trade. Gathering as much information as possible to prove THIS trade is a winner.
the problem that I often face is often sleepy when in front of the monitor.
1.Lack of discipline
2.Lack of confidence
3.Being greedy
4.Not paying enough attention sometimes
5.Getting easily distracted
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For folks who are struggling, there is one immediate fix ( if you have not ) , proper money management. When done correctly, it gives you the space to make and learn from mistakes without saying good bye to your entire account. . . all the best!
so many problems we have when trading in practical , but from all “making money very quickly” this mentality is the foremost reason for losing .
Just finished watching this very apt video (12min) from Youtube on the reason 76% of traders using ANY brokers lose money. The message in this vid covers both copy and manual trading issues.
No… Don’t open an account with Etoro, Not trying to advocate for the Broker at all…
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- greed
- not following the tested strategies strictly
- overshadowing my daily set budget
i think these three are the one’s i need to work on most
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Not taking profits early enough
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Not adequately back-testing new or revised strategies
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Determining when market conditions have changed and being able to bring in an alternative strategy at the right time
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(soon) Parking my Ferrari - the rearward vision is so restricted…
Just remember to get the 488 convertible… your partner wants the extra leg room…
Great advice. I will bear it in mind of course…
We are as forex traders can face many dilemma in decision making. Even many traders can face problems due to lack of education. An adequate level of knowledge regarding this financial market can facilitate a trader a secured trading voyage here. Even beginners also face insecurity due to wrong choice of broker. A trader needs to select regulated broker here.
Greed - the source of why I never know when to take profit or why I don’t follow my plan. Being emotional is also rooted in this greediness.
I think that there are some general issues that every new trader will face. It comes to lack of disciplined approach to trading, wrong entry/ early exit , and getting emotional with lose trades. Luckily there is a heal for each of these problems, it just takes some time
The five major problems which I have faced at the beginning of trade life.
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Can not able to control my trading emotions
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Least interested to read trading articles and trading news
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Not disciplined
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Want to exit quickly
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Last but not the least that I often got emotional while trading with a demo account
we always fail to control our emotions when trading in practical , its the foremost problem from all.
Hi there.
1- failing to prepare my cessions properly (whether it is morning rituals or checking for news)
2 - trailing too aggressively or taking too much profits too fast
3- impulse FOMO trade (jumping in something that looks good because it is about to trigger without weighting the negatives properly
4 - “experimenting” with a trade management
less these days:
5 - rejecting a trade I should take because I am gunshy
6 - getting angry because I made a mistake
There is a great quote in ‘Trading for a living by Dr. Alexander Elder’ “The public wants gurus, and new gurus will come. As an intelligent trader, you must realize that in the long run, no guru is going to make you rich. You have to work on that yourself.” Explanation: "They walk with their umbilical cords in hand, looking for a place to plug them in."
I took this to mean, continue to read and study and watch anything you can. Then compare each piece of information to the other until you find sequences of information that line up. The pieces that line up, are the ones that you implement into your trading strategy, be it stocks, Forex or any other thing you choose to work on in life. But waiting for the guru, mentor to show up could leave you waiting for a wizard to appear and ultimately at the end of your life, you can look around and think, the magic was really in me but I never had the courage to act. So, learn, act and correct, but never risk your capital. If it’s not working, walk away and then approach it again from a completely new angle.
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I think the main newbie problem is a desire to turn $100 into a fortune within a month or so. The forex is not a magic stick. You will have to work hard days and nights to make some good profits. If you can’t accept that, simply choose anything else.
My 4 kids and my wife………………
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