Traders don’t talk much about the escape plans when market is unfavorable!
Interesting. Haha. It got me thinking if I do have an escape plan. And I guess my escape plan is to just stop trading altogether (during the volatile and unpredictable markets).
Teaching beginner traders about transaction costs especially on lower timeframes. I don’t think enough beginners traders are informed that they might put their stop loss 5 pips away on a lower timeframe and that loss could be 1% of their account but i feel like most beginners don’t realize that say the account size was 5000 USD and if their SL was triggered at 5 pips they are actually probably out at 3.6 pips of actual price movement but because of spread but they still took a 1% loss and the trade still could be valid because price might never actually reached that 5 pip level. If they manually got out at 5 pips of actual price movement regardless of spread then they wouldn’t be taking a 50 dollar loss because if they manually sold at 5 pips they would have the spread both ways which on most majors would be on average 1.5 pips each way which would be 3 pips of unrealized movement with 1 lot of size that would be 30 dollars extra on top of the 1 percent loss. So you’re actually taking a 1.6 percent loss, which dose not seem like a huge difference put can completely altar your performance and how you should think about you SL, size, and TF.
In my opinion, traders don’t talk about their failures but they should. Talking about their failures might be beneficial as they might learn something from it. Also, when you discuss your losses with other people, they might point out things that you weren’t able to see on your own. For beginners it might be a great help so that they don’t repeat those mistakes and fall into losses.
Imo, traders do not talk about their-
- failures
- “go-to strategy”
- Exhaustion
Strongly agree with you on all this pointers.
Well I believe that the problem most traders don’t talk about is the struggle in managing time. As a trader who has been in the forex market for quite some time now, I find myself and my trader friends struggling so much to manage time and divide it into our normal schedule just to fit in the time-investment factor of trading.
Personally, as my situation, I have struggled a lot in balancing work-life with personal-life, alongside trading. It took many months of hard work, very little sleep, dark circles, depression, frustration, and loneliness, before I finally figured out the balance. In fact one of my friends who decided to be a full-time trader because he was so much into it, later started hating it because he invested so much time into trading, he almost lost his friends and social life. He is still trying to manage his ways.
I think that there are no such aspects. The fact that traders are always speaking about every aspect of their job every time they meed is great
I believe traders don’t talk much about their losses, and it is important to discuss losses so that others can learn and avoid making the same mistakes.
In my point of view, traders don’t talk about their losses and often feel reluctant to ask questions as well.
In my point of view, traders don’t talk about their failures and how mentally and psychologically they are disturbed by those losses.
They don’t post charts of their losing trades ,even if you discount their amazing knowledge and skill the charts can go only 2 ways.
I think it rather depends on the trader himself. For example, many do not want to talk about their successes …
I think forex traders don’t talk about the emotional aspects of trading. As traders we all talk about the importance of good trading psychology, but not discuss how to develop it.
Imo, traders don’t talk enough about losing trades. Making mistakes is very common in trading but you must always learn from them. Also, telling other traders about your mistakes could help you see things you wouldn’t have noticed otherwise.
Many do not openly talk about their successes. I think that this is even a very correct decision.
I know this is a really old thread, but someone just posted, so I may as well also. Out of all the YouTube vids I’ve watched about FOREX, I have NEVER heard anyone discuss two essential pre-breakout concepts:
Unfortunately, these two links I’ve provided are not the best examples. However, I plan to write a post explaining these concepts in detail.
Ooooh. I’m sorry about your friend and I hope he eventually becomes able to find the right balance. I think this is a very interesting answer! A lot of people wanna learn forex because of the time flexibility it offers, but being in control of all your time makes it more challenging to manage. Do you have any tips for anyone who may also be struggling with this (aka maybe me )?
That’s great for you! I’m glad you’re able to talk to your trader friends about the stuff that are important to you!