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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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  2. #21
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    Dear forex is a world's strict teacher . No matter how much stubborn and ill mannered are you, it ll punish you first then will teach you a lesson. It is not like ordinary teacher who gives you lesson first then takes your exam . On contrary, forex takes your exam first then gives you a lesson so in this respect you would automatically be disciplined.

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  3. #22
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    Quote Originally Posted by saminachy View Post
    Equally always program code trader can be adding inside further values with roboforex forum AS WELL AS helping throughout educating your own struggling traders including us. these types of seems very easy aspects, but sometimes my partner and i are consequently much blindfolded It realizing these kind of quick aspects furthermore becomes challenging for its traders. Determination IN ADDITION TO action In case function in synchronization.
    It is very much important for the trader that they always try to check the important price levels, such that taking up the best and high probability trade becomes easy and possible for the traders. We need to question ourselves if we want the best trading process to be carried out for long period of time.

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  4. #23
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    Quote Originally Posted by Value trader View Post
    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!»
    Our brain is playing trciks with me. That is very good question and statement. If trader not discipline, trader can easily make 100% profit in a month. It is very implicative and have double negation to always set the mind keep on discipline. This stament can counter our mind to keep high dsicipline.

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  5. #24
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    I think it's none other than you and yourself who can make you disciplined and successful. In this manner, even if you find your self unable to control your tendencies, losses do the same job and then you come out to be steady in trading

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  6. #25
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    Quote Originally Posted by ravian View Post
    I think it's none other than you and yourself who can make you disciplined and successful. In this manner, even if you find your self unable to control your tendencies, losses do the same job and then you come out to be steady in trading
    Yes, it has to be the great realization from the traders end that they should be able to realize their own mistakes while trading in this highly risky forex market such that they do not repeat the same old mistakes which results in repeated losses. We need to prepare ourselves for combating the losses and reaching the profit zone.

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  7. #26
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    Forex is that teacher who takes your exam first then give you a lesson apart from ordinary teacher who gives you lesson first and then take your test. So i think you din't need to be worried about being disciplined . You will automatically turned into a disciplined trader.

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  8. #27
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    discipline is most needed for every trader, whatever he is beginner or intermediate trader, it can control trader's emotions and also greed, If a trader can bring a perfect trading plan in his trading system, and maintain it with discipline, he can be a good trader, This is very important for newbie trader that they should not trade with their simple trading system for always, because they can make a big loss at any time, this kind of post is very important thanks value trader.

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  9. #28
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    Quote Originally Posted by parveen akhter View Post
    discipline is most needed for every trader, whatever he is beginner or intermediate trader, it can control trader's emotions and also greed, If a trader can bring a perfect trading plan in his trading system, and maintain it with discipline, he can be a good trader, This is very important for newbie trader that they should not trade with their simple trading system for always, because they can make a big loss at any time, this kind of post is very important thanks value trader.
    Discipline is the one and only good and constructive emotion which would take up the trader to the next level of seriousness. Only if the trader can take this initiative and a big realization to achieve what they desire only then they can sustain in the forex market for longer period of time, this has to be the first question asked ourselves.

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  10. #29
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    Yeah you are right and I also think that in this forum all of the traders should ask very good and proper question to know more and better knowledge. In fact this is very good and useful way to all of the Forex traders to learn about this business specially that who is very hard to understand to them. And if we ask silly question then we can't learn it properly.

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  11. #30
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    but i see that if the traders have enough knowledge and ability for trading forex, they need to choose a right broker, because we can see that right now, there are many brokers who grow is like the mushroom,and not all of them are good, and even fake and just trick the clients, we have to be careful for some of them who as market maker or bookies,
    and of course, this is the step after the traders know how to make it profitable

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