Proper questions for trader. Part 2
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  1. #1
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    Proper questions for trader. Part 2

    Hi traders.

    Let’s continue talking about «proper» and «inproper» questions for trader. This article is to continue first article on this topic.

    Bad question: How to force myself to be disciplined?

    Such question is being asked by those who already are trading more than 1 year :)

    Well, when trader asks question about discipline, it’s a good sign because it’s our actions what we can be responsible for, we can’t influence the market. So, at the first sight it’s a good question. But too often traders blame discipline in all situations.

    Once I’ve hear from one trader: «I would easily make 100% a month if not my discipline.»

    Our brain plays games with us. In behavioral finance it is called «narrative bias», Nassim Taleb calls it «postdiction». We think that we knew right decision when we look at the situation afterwards. So, it’s natural for us to think that we have made wrong decision because of self-sabotage, not because of lack of information. Traders say – «how could I do this? What an idiot I was!»

    You see – that’s typical. Every trader makes a decision due to some observations, conclusions, some analysis. But after uncertainty is eliminated, trader says: «It’s obvious! I harm myself, I lack discipline»

    Or another example: trader says that he is uncomfortable with putting 10% of his account at risk, thinking that reason for his failures is just emotional. But 10% risk in a single trade is a very big risk, that will easily lead to failure not only novice trader but experienced trader as well. You do the math. Remember money management – enormous risks will lead to failure even if you trade well.

    «Narrative bias» can be cured if you remember that you don’t know where the price will go, in trading you are simply manage your risks. And before you ever consider working on your discipline, you have to know – what works and what doesn’t work in trading. In other words, you have to know how to trade profitably. If you have profitable trading and know how to first survive then earn money, then you can talk about self-sabotage and other things.
    I’m not to say that trader should not work on self-awareness and emotional intelligence. I’m great believer of improving those skills. Trader who has greater self-awareness, has much greater odds of being successful than trader who is unaware of his own hidden emotional triggers.

    And proper question will sound like this: «How could I develop self-awareness that would allow me to execute upon my trading plan»?

    Bad question: What broker to choose?

    Many beginner traders ask this question as if choosing right broker automatically guarantees income for them. Well, in some cases – for example, when traders wants to scalp or to be a very active daytrader, this question is quite fair. In this case you have to be sure that your broker allows to execute your trades without significant delays or requites. For example, technology of Roboforex allows to trade in a very fast mode, you can even use high frequency robot in your trading.
    But very few traders ask: how to trade profitably?
    If you can trade, choosing a broker is a step number two. You can use demo account or small real account before you switch to real money.

    But learning to trade has to come first.

    I understand this question of beginner traders. They are too excited with the perspective, they are so unfamiliar with the process of getting money «out of nothing» (some of them treat trading like this) that they have doubts - is it really possible to withdraw money from Forex trading? Is it not a fraud?
    It’s not a fraud. Many traders make a living or at least generate additional income for their living, trading Forex and other markets.

    But first you have to learn and to understand what strategy you want to employ.
    So, the better question will sound like this: «What broker is best for my strategy, for my individual trading style?». You should know your trading style before you choose a broker, how do you think?

    Good luck!

    Sincerely,
    Value trader

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    You are right.. We don't need to forcing our self to being disciplined because it must come naturally. The first thing we must know is about how this business work first. It means we must follow the rules of this business if we want to make profit in forex. We don't need to blame our self when we loss, we only need to learn something from this bad experience so it will not happen easily in the future.

    In forex, we only know about forex risk. If we already understand about that then we can use money management to control the lot size, total of open position, etc.. If we really can apply it while trading then it means we already being discipline automatically without forcing our self that bad.

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    As always value trader is adding in more values in roboforex forum and helping in educating the struggling traders like us. These seems very simple aspects, but sometimes we are so much blindfolded that realizing these simple aspects also becomes difficult for the traders. Determination and action should work in synchronization.

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    Thats an excellent topic of execution and spread can be a question too but if You use ECN account that it should not be a matter and execution is at the Highest level In ECN accounts. But I am trading since last 3 to 4 years but I confess that I am not disciplined and I am forced to stay away from Market with the mistakes I made in rangebound markets and when market gives signal too move and I should have been in then I can't just trade as It is not in my plan to risk more than 10% in a complete week for a Intraday traders and I have recover well but still overtrading is a big issue for me and I am trying to sort out and that topic will work as a tonic

    regards

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    proper questions for trader is very much essential as because the questions can totally change the mind of a trader and a bad question will give a very negative view of trading and trader may quit trading where as a good question will encourage and motivate the trader for trading so proper question are very much important.

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    It is a good point here in the trading of the forex market, many beginner traders do not know what to do next, they will only be making bad search on many things they want in the market. What I know now is really on how to trade with good trading system, it is better than saying that you want the best broker, also , the discipline of the trader is a must before success.

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    Yes there are these type of questions but you also need to realized the fact that disciple comes with practice. some traders don't realize this but the amount of losses you make is directly proportional to your discipline level. Losses help you to learn and they make you better as trader because you know that emotional feel which is associated with losses and so you try to avoid it in the future.

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    Quote Originally Posted by Value trader View Post
    Proper questions for trader. Part 2
    Hi traders.

    Let’s continue talking about «proper» and «inproper» questions for trader. This article is to continue first article on this topic.

    Bad question: How to force myself to be disciplined?

    Such question is being asked by those who already are trading more than 1 year :)

    Well, when trader asks question about discipline, it’s a good sign because it’s our actions what we can be responsible for, we can’t influence the market. So, at the first sight it’s a good question. But too often traders blame discipline in all situations.

    Once I’ve hear from one trader: «I would easily make 100% a month if not my discipline.»

    Our brain plays games with us. In behavioral finance it is called «narrative bias», Nassim Taleb calls it «postdiction». We think that we knew right decision when we look at the situation afterwards. So, it’s natural for us to think that we have made wrong decision because of self-sabotage, not because of lack of information. Traders say – «how could I do this? What an idiot I was!»

    You see – that’s typical. Every trader makes a decision due to some observations, conclusions, some analysis. But after uncertainty is eliminated, trader says: «It’s obvious! I harm myself, I lack discipline»

    Or another example: trader says that he is uncomfortable with putting 10% of his account at risk, thinking that reason for his failures is just emotional. But 10% risk in a single trade is a very big risk, that will easily lead to failure not only novice trader but experienced trader as well. You do the math. Remember money management – enormous risks will lead to failure even if you trade well.

    «Narrative bias» can be cured if you remember that you don’t know where the price will go, in trading you are simply manage your risks. And before you ever consider working on your discipline, you have to know – what works and what doesn’t work in trading. In other words, you have to know how to trade profitably. If you have profitable trading and know how to first survive then earn money, then you can talk about self-sabotage and other things.
    I’m not to say that trader should not work on self-awareness and emotional intelligence. I’m great believer of improving those skills. Trader who has greater self-awareness, has much greater odds of being successful than trader who is unaware of his own hidden emotional triggers.

    And proper question will sound like this: «How could I develop self-awareness that would allow me to execute upon my trading plan»?

    Bad question: What broker to choose?

    Many beginner traders ask this question as if choosing right broker automatically guarantees income for them. Well, in some cases – for example, when traders wants to scalp or to be a very active daytrader, this question is quite fair. In this case you have to be sure that your broker allows to execute your trades without significant delays or requites. For example, technology of Roboforex allows to trade in a very fast mode, you can even use high frequency robot in your trading.
    But very few traders ask: how to trade profitably?
    If you can trade, choosing a broker is a step number two. You can use demo account or small real account before you switch to real money.

    But learning to trade has to come first.

    I understand this question of beginner traders. They are too excited with the perspective, they are so unfamiliar with the process of getting money «out of nothing» (some of them treat trading like this) that they have doubts - is it really possible to withdraw money from Forex trading? Is it not a fraud?
    It’s not a fraud. Many traders make a living or at least generate additional income for their living, trading Forex and other markets.

    But first you have to learn and to understand what strategy you want to employ.
    So, the better question will sound like this: «What broker is best for my strategy, for my individual trading style?». You should know your trading style before you choose a broker, how do you think?

    Good luck!

    Sincerely,
    Value trader
    You should ask question why there is not impact on your xxx trading forbidden activity for so long,from you are young ya you do that,then now already too long still nothing hapen,why like that,because it destructs yourself in the way you don't realize,finally you will lose everything,look now proper question like that can be known easily.

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  9. #9
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    It is natural that, a new trader have a lot of question. But we cannot say that, we all are good in forex business. Newbie have a lot of questions and so they ask like that. But I think a new trader should learn well at first. Then what he learn , this question should be asked. Otherwise proper earning is not possible at all.

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  10. #10
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    I can see the first question is more. important than the second because there is a very big problem for all the traders to get ,control on their themselves and thier trading .the matter is how to prevent your self of the rashness while trading and get wise decessions . all this comes first then we can think of the conditions of the good broker
    and it is very known that the broker must be regulated by a very good institution and be under the authority of high regarded money monitoring aspect

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