What are your top 5 problems as a forex trader?

Beginner Questions
43

I hear ya man

1 Like
44

Iā€™m in the same boat! I donā€™t understand why itā€™s taking them so long!:rofl::rofl:

45

This is very true, it has been a long time since i have learned anything new from forums or the internet regarding trading, its just the same things repeated over and over again. And when i gained some experience in trading i realized that most of the people that i used to follow and read their posts when i was a rookie, well they where full of bsā€¦

46

I am trading for them but at the same time they are distracting lol

2 Likes
47

haha i can imagine

48

like right now lol./ā€¦.

2 Likes
49

Forex trading has put me in a fix many times. The major problem I face is to understand the market and strategize accordingly. Forex market is so volatile that I often end up failing to get its movements accurately. The second problem is capital inadequacy. The market is so so large that you can never have enough capital to take a full trading advantage here. Another issue I face is tackling my emotions, which always makes me take wrong decisions during trading. Being disciplined and not over-excited during trading is another stepping stone for me, which I still have to work on.

50

Enter trades long-term, through pre-set orders only?

51

If I should reduce to only 5 problems, here what they will look like:

  1. Lack of self control of taking decissions
  2. Inappropriate Trade Size
  3. Overtrading
  4. Risk/Reward Ratio not properly set (bigger SL with smaller TP)
  5. For me, the most important issue - Not identifying the good trade setups on time.
52
  1. Too much time spent on Babypips?
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53

I normally have pending orders setā€¦but still need to concentrate to do the analysis

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54

List the 3 features or parameters you MUST see before taking a trade, plus the 3 parameters which you LIKE to see. If one or some are more significant than others, give then a bonus point. If you donā€™t see your must-have features or donā€™t get sufficient points, no trade. No emotion, no guesswork.

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55

You nailed it smartly; these are the top 5 problems of new Forex traders!

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56
  1. Being over confident
  2. Greed
  3. Anxiety
  4. No proper use of stop loss
  5. constant fear for losing an opportunity.
57

Iā€™m working on it :slight_smile:

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58

5 good ones but are they yours or in general?

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59

Mine, iā€™ve only been live trading for a year or so.
but i am working hard on my issues.

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60

Well, when I started trading, which was before I took the School of Pipsology Course, it was more like shooting in the dark, hoping I would hit a few good olā€™ Pips

And i made the following mistakes:

  1. Thinking that Forex trading is get Rich Quick undertaking. I was like thinking that since ocean water is just water, you can just take a cup and take a gulp. Well you have to do some hard work to make it drinkable
  2. Not having a plan whatsoever (Trading plan/System).
  3. Closing potentially profitable trades too early, pocketing a few pips which will ultimately be wiped by 1 big loss
  4. Having no stop loss in the hope that the tides will turn in my favor. Nine $1 profits/trades were being wiped out by one $10 loss.
  5. Lack of proper knowledge. I started trading before I even knew what a pip was.
  6. Using the maximum available leverage.
2 Likes
61

how long did you demo for?

1 Like
62

For me, managing myself during the market movement is really difficult but anyhow I have learnt how to control yourself while you are trading.