My pro trader friend tells me that he uses 5 different strategies depending on market conditions. So it’s understandable that just having one strategy won’t be a one cap fits all solution.
He stresses it’s important to be able to learn and recognise differing chart patterns that are regularly repeated so as to align your strategy in accordance to the market movement.
Recurring losses bring about frustration in traders. So traders should go to every possible lengths to prepare themselves in a way that frustration doesn’t come to them. Traders should not stick to mistaking because it is not auspicious for traders and it carries no result ultimately.
Traders should come out of their frustration because it impedes traders in trading. So don’t let your frustration raid into trading because it is always negative for you. You have to face challenges in trading and turn them into opportunities.
The hardest for me was to continue trading after going through a string of losses and blowing my account several times. Still I kept going, moved back to demo a lot of times but it all helped me hone my skills better.
The patience to grow a small account, the time when the edge doesn’t show up… Could be weeks to months ( just dull markets), if it becomes +ve or -ve just show up! Lastly the fact that humans behave like the charts ( repeated patterns) and they don’t know it. Why do people not see that they behave like other people?
That fact you have the patience to wait weeks possibly.months for what you call your edge, I say you have a better chance of success than the majority on here
Consistent losses are a big challenge in Forex and traders try hard and soul to come out of this issue. But, due to the lack of proper trading strategy, traders can hardly come out of this issue. So, it’s a bar to the way of earning profits.
The biggest frustrations I’m encountering is , sometimes, the structure of the market will be confusing, and I noticed that market those not obey technical analysis all the time, and all the traders will be trading in a confuse manner,
My biggest frustration is when I make losses on a continuous basis because of fluctuations in forex even after taking intervals, sometimes the market doesn’t always make sense. And one has to accept the losses and move on!
Whenever you think that you have opted for an amazing strategy and are making good profits in trading, and you actually figure out what to do next, the market does exactly the opposite of what you were going to do. So, this is one of the biggest frustrating moments in forex trading.
Knowing when to exit a trade is huge for me. Getting in is easy enough. But once I have money on the table it is hard to not hold out for more, or quit while ahead. Too often I stay in and then the trade goes against me. Recently, I have been taking half or more of my position off in profit, moving my Stop Loss just past break-even, and letting the rest run until it closes. Sometimes that last position wins, but more typically, it loses. But that loss is less frustrating. At least I took something in my favor.
Staying consistent when there are a lot of other things going on. Being your own boss is a blessing but not good if you tend to procrastinate or have a busy schedule where you can put off working. I’ve been dealing with this lately because my kids have had a lot of stuff going on with sports and I find myself trading less often.