Changing the subject slightly,much of the success in trading depends on the traders self discipline and patience.,the teachers / gurus can pick and choose their set ups in their demonstration s.A trader has to learn when do nothing in reality
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I am not trying to convice anyone. Just want others to make money in this business as well. Forex can be VERY frustrating. Especially with the fear of never making money in this business, which is time thrown away. I gain nothing by advicing you to watch ICT on Youtube. It is true that he did things, which make him less believable and his own ego is big…which does not help as well. However what he teaches is the real deal. It is free on Youtube and you will lose nothing by giving it a try. He even has a free 2022 mentorship and posted his private 2016/17 mentorship too.
If anyone wants to study, I can recommend you stuff for free…All the best.
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Its an unanswered question why most traders lose, when trading is so simple. I believe we have to look at trader mentality to find clues as to what goes wrong for most of them.
A clue is that most traders want to take the opposite direction to what the market has been doing. Look at the sentiment indicators from brokers and you will find that throughout any uptrend, most of their clients with positions on that pair are short.
Why? This is a reflection of the ambition of most traders to “beat the market”. They assume or have been fed a misunderstanding of this term and conclude it means to do the opposite of what the market has been doing. This tendency is reinforced by the widespread belief that the market is deliberately manipulated with the aim of robbing the private retail trader. This leads the new trader to conclude that if the market is rising, this is a deliberate trap and the way to avoid this is therefore to be short. The greatest fear of new traders - sudden unexpected price reversal - drives them to anticipate the reversal - which never happens. Its like jumping off a ship before it has hit an iceberg.
This mind-set is further reflected in the fractal trading strategy. This was developed by Bill Williams. His strategy involved buying when price breached the high of a 5-candle formation in which the middle candle has a higher high than the two preceding and the two succeeding candles. So you would be buying as price breached a local swing high. Yet search Youtube and websites and you will find most commentators misinterpret the Bill Williams fractal swing high pattern as a sell signal. They still call it the Bill Williams fractal strategy and they still credit Bill Williams, yet they are recommending traders do the exact opposite of what he taught and what he himself did. This is absolute dishonesty and deserves shooting down.
New traders should question everything they are taught and everything they believe to be true and obvious.
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Some good points ,this also explains some who are letting their losers run ,not just the people who want to buy the peaks
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Traders fail because of been STUBBORN,not “wanting” to change their mindet.Or change their style of trading under different market conditions like the people who have disappeared since the trends of the indices have “deflated”
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Unfortunately, traders make fairly typical mistakes - they simply do not pay enough attention to training. Well, as a result, they have losses, unfortunately.
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