What was / is your biggest challenge with trading forex?

[TC_Holland]

Do you do backtesting, TC?

It has its difficulties and its limitations, of course, but not many things give quite as much confidence as having a series of 1,000 backtested trades (even with all their difficulties and reservations) showing a net positive expectation, a decent profit factor and a maximum drawdown under 5%.

Even that doesn’t tell you that your next two weeks will definitely be profitable, of course, but it can easily tell you that (for example) “there’s a 97% chance that your next two [I]months[/I] will be profitable”. And that really does make a [I]huge[/I] confidence-level difference …

I recommend “Forex Tester 2”, if that helps. It’s a big learning-curve but very worthwhile, and not at all expensive. As they say in their advertising: one evening on a simulator produces results (almost) equal to those from six months on a demo account.

Yes I do backtesting. I write also EA’s to test different methods or money management. But that huge confidence level is missing. Also I should be more consistent in my own behaviour and not start gambling
Trading is like a big puzzle without pieces First you have to make the pieces and then you have to make them fit together before you even can start making the puzzle
Managing my trades is also something I have to look at. Opening more positions like you and Sharbazar do or scaling in like Turbonero is a good option.
This morning I opened 3 trades and it looks good
buy GBPAUD now +150 pip TS 30 pip
buy GBPJPY +97 pip SL on +40 pip
buy USD JPY +10 pip
Why not close all and take 1.2% profit? or let them run for a little bit more? (Greedy??)

[TC_Holland]

TC Holland i base my trades on the month to month bases, It’s a mine thing. In a month if you have one bad week , you can always recover on the following weeks also the markets are strong one week and weak another which gives you a chance to re adjust your trading. I believe in going with the flow of the markets and to do that one needs to always take to pulse of it.

Every time I have the good Ah-Ha feeling like today and last week it turns against me Then the bad week is bringing me back to BE or even a small loss But I am more and more convinced that I am close to success.

[Pabebeboy]

For me, one of the biggest challenge is when i encounter loss. but i told myself that i don’t have quit. so what i did is pause for a while, refresh my mind and then think of new plans that would help me bounce back from what i’ve loss.

[SammyLinh]

I think the most challenging is you have to react as fast as possible ahead of the continuously news. I usually use the TA to get my direction, but sometimes a big information from the market is the key to price movement, so staying updated most of the time is my concern. So I have to use some indicators and software that helps me up-to-date all the time while I’m still trading. This helps to solve my problem

[Jessica_Brown]

You should think about your life…How much time can you dedicate to trading? If you work full-time and trade in the morning before work, or in the evening after work, you may find less opportunities to day trade or scalp…Perhaps you may want to trend-trade and open longer positions… This is just an example where you must think about the viability of a trading approach: enthusiasm carries you only so far, and after a while you will be quite tired and frustrated when you will want to trade during the day but you will be stuck at work…

Newbie traders (including me) overestimate their stamina and think they can sustain a scalping or day-trading strategy in the long-term, but when tiredeness, fatigue, mounting losses, and confusion sink in, they will soon have to reassess their approach…

It takes time to know what approach is right for you.

Yeah! That’s exactly what’s happening. I mean, somebody is saying there is a perfect time for trading, but i guess it just depends on how you live and how much time you are willing to dedicate for trading.
Anyway, thanks for a great insight!:10:

[forexcrisp]

Every time I have the good Ah-Ha feeling like today and last week it turns against me Then the bad week is bringing me back to BE or even a small loss But I am more and more convinced that I am close to success.

Exactly my feelings (high five)

[service]

According to me the biggest challenge in trading is how to use the stop loss and prediction of the market becomes tough some time, but we have to face that challenges and then we will be able to earn in trading.

[John_Sanders]

According to me the biggest challenge in trading is how to use the stop loss and prediction of the market becomes tough some time, but we have to face that challenges and then we will be able to earn in trading.

The biggest challenge that newbie traders are facing is that they cannot sustain their trading income. This is usually because they are not having enough trading expertise backing their trades.

[Evans7]

Hi everyone as new new baby my bigest challenge is that i’m not farmiliar with the chart i’m trading on mt4 meta trader and as a learner i fill pressure sometimes when i get stuck and not knowing what to do on the chart
i’m aware that i still have to learn more important things before i can be where others are and i’ll appreciate every help i can get in this forum

thanks

Evans

[Evans7]

and to add on this i have opened the live account just few day ago, do you think I made the right move or should i pause it and open the demo account?