There are two constant challenges for me which I can never get rid of from my trading. I don’t know if that’s even possible.
The first is the stream of losses that come from using any strategy consistently. I am accepting of these, I don’t find a rational way round them, but it’s a weight on my back every day.
Then there is the converse of the same problem - it is when to get out of a winning trade - without giving away either too much unrealised profit or missing more profit from price continuation. Maybe there is no way around this either.
Same challenges I face in my trading. There is no way around them, sadly. Losses are inescapable. Consistent and focused application of a particular trading method balances out wins with losses…and causes an imbalance in the favour of the trader in the long run. The only true edge is sticking to a method whether in losing or winning streaks.
You can see how it can improve trading stats, Profit Factor 4.38. Win rate is more than 70%.
The same method can’t be applied to all instruments. Every instrument has its own characteristic. One of patterns that is useful for AUDUSD’s Price Action is engulfing candle. You have to find under what circumstances this engulfing will give high probability win rate.
There are many others unique patterns too, we needs a lot of patients to find them one by one. I found this patterns after months of back testing. The reward is totally super super worthy
I usually scale out of trades so I can get some profit out of the move…If the price is going up, it has to respect the 14EMA. Once it breakout of the trend and closes below the 14EMA on the 5-minute timeframe, I’m out of the trade.
I often have scaled in / pyramided trend-following positions in consistent and continuing trends. Pyramiding is what makes the difference between winning traders.
Scaling out is something I have only done through scaling out of the pyramid trades. I’m still not convinced this is the best way to protect unrealised profits - I would love to see some statistical evidence on this - but it seems to work alright.
The biggest challenge that I face is keeping my cool when the market gets crazy volatile. Also, Sticking to my trading plan can be tough. Plus, there’s always new economic news to keep up with
So far I discovered that emotions can really mess with your trading! I find it so hard to keep my feelings in check, especially when greed kicks in. It’s like, every time I see profits, I think, “Maybe just a bit more,” and I end up not booking them. And losses? Oh, those are the worst. I keep holding on, convinced I’ll recover somehow, but it usually just gets worse. These two things - getting greedy with profits and not cutting my losses - are my biggest struggles.
Interesting! But I do understand and can relate to being overwhelmed by market movements and all the analysis you have to do. But I’m curious, how do you come up with your “imagination levels”? If you don’t mind!
I’m using few brokers. Reasons, brokers is also fragile. I split my risk by differentiate between them.
My primary brokers are:
IC Markets
Pepperstone
Go Markets
FP Markets
Exness +
Vantage Markets +
XM
Saxobank
Dukascopy
Multibank
CMC Markets
( I’m not advertising them and have no relation by any chance. But if they give me commission I will be happy to get some for a cup of coffee )
I have also been using others broker for experimental, meaning I am not convinced yet to run a real account with them. The above, I had personally visited their office or good contact / process with them. I have been monitoring their price quality for years.
Hi @menaagina, medal means broker quality. very good experience, price good, low spread, price good, execution good, regulation good, staff serve you like a king. Your bad day will turn to a happy day
means the broker good, but their price, leverage, spread are quite “fat”, slippage is happened occasionally but normal . Since they are well regulation, the weaknesses can be ignored. Their staffs are also professional.
Two means the broker almost can be considered a . But their price can’t compete yet. Some of them lack of 1st tier regulator. But their staffs are superb, never let me down. Met some of them, and yes … friendly, handsome and beautiful
As a forex trader, there are several common challenges that many of us face. One of the biggest is managing emotions, especially during periods of volatility or when trades aren’t going as planned. Emotionally driven decisions can lead to impulsive trading, which can be detrimental.
Another challenge is staying disciplined with our trading strategies and risk management rules. It’s easy to get caught up in the excitement of potential gains or losses, but sticking to a well-defined plan is crucial for long-term success.
Market analysis and staying updated with economic indicators and geopolitical events also pose challenges. The forex market is influenced by a wide range of factors, and interpreting their impact on currency pairs requires continuous learning and adaptation.
Lastly, overcoming losses and maintaining a positive mindset can be tough. Every trader faces setbacks, but learning from mistakes and staying resilient is key to improving and growing as a trader.
What challenges have you found most significant in your forex trading journey?
But I do understand and can relate to being overwhelmed by market movements and all the analysis you have to do. 
But I’m curious, how do you come up with your “imagination levels”? 
If you don’t mind! 
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