Proper questions for trader. Part 2 - Page 94
Page 94 of 94 FirstFirst ... 44849091929394
Results 931 to 935 of 935

Thread: Proper questions for trader. Part 2

  1. #1
    Educator
    Join Date
    Jun 2013
    Posts
    1,103
    Thumbs Up
    Received: 579
    Given: 189

    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

    Not allowed!

  2. #931
    Trader Yayami's Avatar
    Join Date
    May 2016
    Posts
    2,320
    Thumbs Up
    Received: 37
    Given: 26
    Quote Originally Posted by Bhave4U View Post
    Becoming a successful trader is not the only thing you also need to maintain your success and for that consistent work and efforts are needed. As humans in the Forex market there will always remain things that you dont know or make mistakes in certain areas. Mainly you have to learn to find a good strategy that works for you and use it according to the level of risks that suits you. Strategy should always be supported with risk management.
    success itself is a wide, relative word that has a lot of meaning to all people. for me, getting success is to be able to understand this business completely where i can trade it with joy and less stressful. i don't have to worry about losing because it's the risk i must accept in this business. as a striving trader, we better stop questioning things and ask anything back to ourself. success comes to those who's worth to get it and see ourself in front of mirror, are we worthy enough to get the success along with our current efforts?

    Not allowed!

  3. #932
    Trader
    Join Date
    Jul 2014
    Posts
    7,061
    Thumbs Up
    Received: 108
    Given: 70
    Quote Originally Posted by Yayami View Post
    success itself is a wide, relative word that has a lot of meaning to all people. for me, getting success is to be able to understand this business completely where i can trade it with joy and less stressful. i don't have to worry about losing because it's the risk i must accept in this business. as a striving trader, we better stop questioning things and ask anything back to ourself. success comes to those who's worth to get it and see ourself in front of mirror, are we worthy enough to get the success along with our current efforts?
    Success can have different meaning, to some it is about becoming a millionaire while to me it is about drawing a sizeable income every month from Forex. As humans we cannot be above mistakes but if we learn to be sensible in trading we can get rid of most mistakes. From one point of view taking high risk can give us big rewards, but then there is also another way. We can get big rewards with adequate risks too where we can consistently grow our capital over the long run.

    Not allowed!

  4. #933
    Trader Sascha's Avatar
    Join Date
    Dec 2013
    Location
    Racoon City
    Posts
    3,618
    Thumbs Up
    Received: 67
    Given: 58
    Quote Originally Posted by Abhishekwala View Post

    Success can have different meaning, to some it is about becoming a millionaire while to me it is about drawing a sizeable income every month from Forex. As humans we cannot be above mistakes but if we learn to be sensible in trading we can get rid of most mistakes. From one point of view taking high risk can give us big rewards, but then there is also another way. We can get big rewards with adequate risks too where we can consistently grow our capital over the long run.
    for me, as long as i can survive from my trade even with stop loss i will take it as success trading. i'm trading with news and i understand it's not suitable for most traders but not for me. i always grateful to survive from each trade i made with news and become even more grateful after i receive big profits from the news. what we must remember is to place stop loss for every trade we open.

    Not allowed!

  5. #934
    Trader layigold's Avatar
    Join Date
    Dec 2013
    Posts
    10,145
    Thumbs Up
    Received: 164
    Given: 90
    Quote Originally Posted by Value trader View Post
    Bad question: What broker to choose?
    I do not consider the question above as being bad because not all forex brokers mean well for the clients . I am saying this out of experience I have gone through since year 2006 I have been in forex trading industry . Some forex traders are after clients' fund to come in and never to find a route back to the clients and they have clever way by which they get this done . I wish somebody had introduced ROBOFOREX to me in my earlier years of trading , I would not have suffered as much as I did in the hand of fraudulent brokers . Though my lack of knowledge was also a factor

    Not allowed!

  6. #935
    Trader Sascha's Avatar
    Join Date
    Dec 2013
    Location
    Racoon City
    Posts
    3,618
    Thumbs Up
    Received: 67
    Given: 58
    Quote Originally Posted by layigold View Post
    I do not consider the question above as being bad because not all forex brokers mean well for the clients . I am saying this out of experience I have gone through since year 2006 I have been in forex trading industry . Some forex traders are after clients' fund to come in and never to find a route back to the clients and they have clever way by which they get this done . I wish somebody had introduced ROBOFOREX to me in my earlier years of trading , I would not have suffered as much as I did in the hand of fraudulent brokers . Though my lack of knowledge was also a factor
    obviously not need to be asked anymore because we are here trading with roboforex and members here to fully enjoy the advantages of this forum must have an account with them. you have more experience than i do sir because i started my career in late 2012 from a friend who taught me about this business. luckily for me i found this broker as my reference to learn and forum as the best place to communicate with others to share each other's experience and knowledge.

    Not allowed!

Page 94 of 94 FirstFirst ... 44849091929394

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •