A Tale Of Two Traders, Which One Are You?
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Thread: A Tale Of Two Traders, Which One Are You?

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    Registered user techboy's Avatar
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    A Tale Of Two Traders, Which One Are You?

    In this thread I just want to show a scenario of two traders with different mindset to give emphasis how important to have the right mindset in trading! So I hope fellow members can identify themselves which type of trader they are at these stage of their trading.

    Trader No. 1

    Mindset: He knows that the market can give him a loss anytime
    He accept that losing trades is just part of trading
    He accept that the market is always right and nothing he can do about it
    He accept a lose with ease and never complain or blame his mistakes

    Trading Performance:

    He open a trade, when the market move against his trade
    he accept his loses and just wait for the next trading opportunity
    He is calm in conducting his trading

    Trader No. 2

    Mindset: He is too focus on making profitable trades
    Never give emphasis on risk management
    Believe a perfect analysis of the market
    Never fully understand the character of the market
    Refuse to accept a lose

    Trading Performance:

    Open a trade, when market moves against his trade getting frustrated
    either he hedge or adjust his stop or remove his stop, then the market
    went up again he open another trade to counter the other losing trade
    and now his trading is a mess, he did not know what to.

    Which type of trader you belong?

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

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    You explained very well about two differ types of trader's in your thread. I think the first one point is very good because in this point trader following all trading rules and doing trading with a good trading psychology but on the other hand the other trader is doing regular mistakes and not trying to understand the model of this business

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    Registered user techboy's Avatar
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    Quote Originally Posted by forexlearner View Post
    You explained very well about two differ types of trader's in your thread. I think the first one point is very good because in this point trader following all trading rules and doing trading with a good trading psychology but on the other hand the other trader is doing regular mistakes and not trying to understand the model of this business
    Thanks my friend, I think that its important for a trader that he will be able to know the current state of his trading so that he can re-think of his actions and make the necessary adjustments in his trading and prosper in a the right direction, there are a lot of traders now that maybe confused and out of focus of what they are doing in their trading and so these thread can somehow give them a new perspective.

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

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    [lang=id]
    Quote Originally Posted by techboy View Post
    He accept a lose with ease and never complain or blame his mistakes
    these words at trader no 1, this is a good thing if trader can do it, so they will not blame to the others as the key to be a mature trader, and they will control the emotion with well, and step by step traders will grow to be a mature trader with much knowledge in mind to control the business and also keep stable the emotion,[/lang]

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    Rookie nsawork's Avatar
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    Quote Originally Posted by techboy View Post
    In this thread I just want to show a scenario of two traders with different mindset to give emphasis how important to have the right mindset in trading! So I hope fellow members can identify themselves which type of trader they are at these stage of their trading.

    Trader No. 1

    Mindset: He knows that the market can give him a loss anytime
    He accept that losing trades is just part of trading
    He accept that the market is always right and nothing he can do about it
    He accept a lose with ease and never complain or blame his mistakes

    Trading Performance:

    He open a trade, when the market move against his trade
    he accept his loses and just wait for the next trading opportunity
    He is calm in conducting his trading

    Trader No. 2

    Mindset: He is too focus on making profitable trades
    Never give emphasis on risk management
    Believe a perfect analysis of the market
    Never fully understand the character of the market
    Refuse to accept a lose

    Trading Performance:

    Open a trade, when market moves against his trade getting frustrated
    either he hedge or adjust his stop or remove his stop, then the market
    went up again he open another trade to counter the other losing trade
    and now his trading is a mess, he did not know what to.

    Which type of trader you belong?
    Yes as we all know that trading in the Forex markets is being considered as a risky business by us all. So we have to counter and balance the risks in our trading and this will become possible after we are having a cool and composed mindsets so that we are not at all worried about the losses we face in our trades. This also means that on the trading day we need to remain careful about which trade is better and which one is not according to our expectations.

    So we need to see and then decide that we belong to which trading category and this will be known to us easily. I can say for sure that at t he start of my trading career i belonged to the Trader 2 mindset but then as the time passed and i became more aware of the markets i changed my approach and tracks and now i am a Trader with mindset of Trader 1

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    Registered user techboy's Avatar
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    Quote Originally Posted by nsawork View Post
    Yes as we all know that trading in the Forex markets is being considered as a risky business by us all. So we have to counter and balance the risks in our trading and this will become possible after we are having a cool and composed mindsets so that we are not at all worried about the losses we face in our trades. This also means that on the trading day we need to remain careful about which trade is better and which one is not according to our expectations.

    So we need to see and then decide that we belong to which trading category and this will be known to us easily. I can say for sure that at t he start of my trading career i belonged to the Trader 2 mindset but then as the time passed and i became more aware of the markets i changed my approach and tracks and now i am a Trader with mindset of Trader 1
    Achieving the mindset of trader No.1 can take years to achieve and it requires patience and consistency, some may be successful in a few weeks or months but when frustrations comes in a trader may start to be indiscipline, experience will really play an important part in order to achieve such level. I know that you have been in this business for quite sometime so good luck my friend.

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

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    Really , this is a good tale in the market, I love that. I will always choose the first one. There is never a good thing with anxiety in the market, if the trader is not careful, the anxiety would ruin the account of the trader. Patience is the key here, we all need this, if you have patience, you might still see a better trading opportunity.

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    I would like to be like trader 1. Because he knows that market is risky and it can give losses. He knows well that we cannot be right always and so there is every reason for a trader to do follow the risk management when ever he is trading. On the other hand trader 2 is usually the trader who is a big loser.

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    i think we should always accept the loss because forex is the game of earning and losing money i it have a lot of profit but its also have a loss loss is the part of forex trading always we have that loss is also the part of forex trading i know that its difficult to accept the loss but it is important in forex trading.

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    Quote Originally Posted by cozard007 View Post
    Really , this is a good tale in the market, I love that. I will always choose the first one. There is never a good thing with anxiety in the market, if the trader is not careful, the anxiety would ruin the account of the trader. Patience is the key here, we all need this, if you have patience, you might still see a better trading opportunity.
    What a post sir great, Yes I think so we need a good level of patience to enter in the market on a right time. There is no need to trade every minute, hour or day, We can wait for good market entry point and can make consistent long term income by this method. And sure in this thread everyone will go with "Trader Number 1"

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