Never compare yourself with other trader's its your own journey
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Thread: Never compare yourself with other trader's its your own journey

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    Registered user Hukam's Avatar
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    Never compare yourself with other trader's its your own journey

    Forex trading is a very risky business. But many trader's don't try to go deeply in it and do mistakes again and again. Forex trading competitions is one of the worst problem for a trader in this business. Most of time we not able to do trade with proper risk management and money management because we all are also want to make big money like other's.

    Some time we able to see in many articles or on social sites that many trader's are making massive money within small amount of investment. And we also try to take high risk and try to make bigger money. But this type of risk and indiscipline can make us a failure trader in forex. Now I want to tell you about 4 reasons which will clear you that why you should not compare yourself with other trader's:

    1. It builds false hopes: This type of thinking build false hopes. Any type of high risk will not give you any success. One day it will come when you will not be able to do trade in forex due to lack of fund. So the best thing is to obey all forex rules in trading

    2. Overconfidence: This type of thinking will make your overconfident most of time and you will not be able to know the value of forex trading rules in your trading. Even you will break many rules during your trading too.

    3. Bad trading habits: It will birth to many bad habits like aggressive trading, no discipline in trading, big dreams, and you will never be happy with slow profit and will try to make bigger money all the time

    4. Give up: One day you will loose your all fund due to very high risky trading and will not be able to make even slow and consistent profit too

    Conclusion: In my opinion we should always be happy with slow and consistent profit and never try to compare ourself with other trader's because it can create the problem of greed, indiscipline some time in trading

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    i do agree with some points above, you have good points for it and very helpful for us,
    and also we need to realize that everyone will have different ability to absorb the lesson and understand it, and then some of us will take different ways to implement them or also to develop them, and so that's why we can see a different results between of them who use the same methods, some get good earning and the others need more time

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    This is looking a very good suggestion I think there is no need to compare yourself with anyone in this market. That's true that its our own journey nobody is making money for any other person here. The best thing is to focus on your trading goal and try to become a student rather than a guru here. I always try to learn form other trader's but never try to do any aggressive or high risky trading

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    Registered user Hukam's Avatar
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    Right dear its our journey most of time we able to see that people want to make money like other money maker trader's but forget to know about the real truth about that. Successful trader's do better trading because of better market trading experience a new trader should try to gain good trading experience and only then he should focus on generating profit. Its our own business

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    Registered user Hukam's Avatar
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    Quote Originally Posted by newentry View Post
    i do agree with some points above, you have good points for it and very helpful for us,
    and also we need to realize that everyone will have different ability to absorb the lesson and understand it, and then some of us will take different ways to implement them or also to develop them, and so that's why we can see a different results between of them who use the same methods, some get good earning and the others need more time
    Thanks mate yeah there are many trader's and we all have our own capabilities to learn any lesson, and most of us try to learn in wrong way it and try to do extraordinary things in trading. We want to make big money like other's but we don't have any big capital, good trading discipline, good experience, good trading psychology in forex

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    Registered user techboy's Avatar
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    At one point I agree that an aspiring trader should work at a pace that fits to his or her current standing, if we try to keep pace with other trader we may not get the same results because each one of us differs in mental and psychological capacity to learn and adjust.We have a lifetime to learn and trade the Forex market so we must move according to our pace so that we will absorbed the necessary knowledge about the market and possible become a profitable trader.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

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    This is a very good advice, you should not be comparing, but you can emulate what is good from other traders, this is not a bad thing. For example, if you do not know how to gain 100pips a week, and you know a trader that does this, it is a wise thing to meet the trader to put you through, this is never a bad thing for trading.

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    Registered user Hukam's Avatar
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    Quote Originally Posted by silverlady View Post
    This is a very good advice, you should not be comparing, but you can emulate what is good from other traders, this is not a bad thing. For example, if you do not know how to gain 100pips a week, and you know a trader that does this, it is a wise thing to meet the trader to put you through, this is never a bad thing for trading.
    Yeah we have to gain good habits in forex market and have to learn better things from other trader's we have to stay away from any careless trading and don't have do any aggressive trading. Many time we try to make money like other greedy trader's within less invested capital we should not do that in forex market

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  9. #9
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    I have seen many times in some real money contest some traders made enormous money in quick time. It is simply unbelievable. Recently I have seen one guy of Indonesia made over 27000$ in a week with his 100$. I have seen his trades too. It was great and not too much risk was there. But it is really hard for me to do it. May be I am lacking in strategy. Actually I don't follow anyone and don't want to follow in future. I know self help is best help and learning too.

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    The trader should know that not all traders have the same degree of experience, he should not listen to people that say he can make hug profits from small investment and in short period of time, i read many articles for professional traders and all of them advice all traders to trade with low risk and money management plan and avoid trading with high risk or greed to be in safe side.

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