A Tale Of Two Traders, Which One Are You?

[techboy]

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?

[PROPENSITY100]

You are correct sir, consistent profits is better for trader, but how many traders would do what will give them the consistent profits. Traders always want the best, they know the best too. But the way to do it is their problem. The best of traders comes with dealings of the market, when the dealings is not accurate, no consistency in profits would come.

Consistency in earning is what we want. If we earn a big profit today and then lose it along with our capital tomorrow then ultimately we have lost. Todays profit will be meaningless. Basically the trading activity of a trader can be depicted in 3 simple points

1. Earn profits
2. Retain the profits
3. Repeat the above

[cozard007]

Consistency in earning is what we want. If we earn a big profit today and then lose it along with our capital tomorrow then ultimately we have lost. Todays profit will be meaningless. Basically the trading activity of a trader can be depicted in 3 simple points

1. Earn profits
2. Retain the profits
3. Repeat the above

You are very correct sir, but the choice of mots traders is to make money very fast, regardless of the risk they are taking to make the money, and this is not the good idea. I believe in consistent making of the money as you have said, and it might be a little money, I do not mind that. The main issue is the continuous flow of the money to me reliably.

[shivanandfx]

You are very correct sir, but the choice of mots traders is to make money very fast, regardless of the risk they are taking to make the money, and this is not the good idea. I believe in consistent making of the money as you have said, and it might be a little money, I do not mind that. The main issue is the continuous flow of the money to me reliably.

A prudent trader keeps an eye on the possibility of losses. 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.Anyone will be disappointed when he lose a big amount in trading

[lawners1791]

Trader No. 1

Mindset: He knows that the market can give him a loss anytime

yes that sometimes the decision on running of customs on arrange with the strategy those returns of the less wanted with the results as trader to work of the arrange on keeping with the manage to prepare of the better chance as having of the better system with the good possession.

[budado]

I'm neither trader one or trader two. Mine is this.

Mindset: I knows that the market can give me a loss anytime but I don't accept that losing trades is just part of trading. Because our profit and our lose will always depends on how accurate our analysis is. In short its in our hand if we end up in profit or not.
I do accept that the market is always right and But it does not mean theirs nothing he can do about it. This is the main reason why I studied fundamental and technical analysis to understand the market so that I can minimize my loses and maximize my profit.
I accept a lose with ease and never complain or blame my mistakes. But I do make sure that I don't make the same mistake again.

Trading Performance:

I open a trade, when the market moves as my analysis predicted.
I accept his loses and just wait for the next trading opportunity
He is calm in conducting his trading

[ngalapreceh]

Consistency in earning is what we want. If we earn a big profit today and then lose it along with our capital tomorrow then ultimately we have lost. Todays profit will be meaningless. Basically the trading activity of a trader can be depicted in 3 simple points

1. Earn profits
2. Retain the profits
3. Repeat the above

many left forex because they failed to get a consistent profit, even a loss. it's all because they've been wrong from the beginning. impetuosity they want to get rich in an instant, so that the trading was more than a strategy to follow the emotion applied. so actually that makes it difficult or easy trading, our own. as well as profit, which makes it easy to generate profits whether or difficult, is also our own.

[techboy]

I'm neither trader one or trader two. Mine is this.

Mindset: I knows that the market can give me a loss anytime but I don't accept that losing trades is just part of trading. Because our profit and our lose will always depends on how accurate our analysis is. In short its in our hand if we end up in profit or not.
I do accept that the market is always right and But it does not mean theirs nothing he can do about it. This is the main reason why I studied fundamental and technical analysis to understand the market so that I can minimize my loses and maximize my profit.
I accept a lose with ease and never complain or blame my mistakes. But I do make sure that I don't make the same mistake again.

Trading Performance:

I open a trade, when the market moves as my analysis predicted.
I accept his loses and just wait for the next trading opportunity
He is calm in conducting his trading

I dont know if this kind of thinking works, but it seems that you are just complicating things in your mind my friend, you are saying that it depends on our analysis at some point yes its true, but we all know that the market can shift direction any time because market movement is not governed by the technical aspect alone and market analysis is purely technical, and the market is also governed by a lot of external factors, so no way that a trader can be accurate in his analysis.But I respect your opinion, so good luck in your trading!

[cozard007]

I dont know if this kind of thinking works, but it seems that you are just complicating things in your mind my friend, you are saying that it depends on our analysis at some point yes its true, but we all know that the market can shift direction any time because market movement is not governed by the technical aspect alone and market analysis is purely technical, and the market is also governed by a lot of external factors, so no way that a trader can be accurate in his analysis.But I respect your opinion, so good luck in your trading!

Sir, it is not about analysis all the time, it is never like that. Forex traders can not say it is because of analysis he is prospering, there is more to that. Forex traders uses many things to get money in the market and the analysis is just a fraction of them. And at that point of earning, the management is what gives the true earning sir. Also, the mindset of trader matters.

[hosny55]

I think that it is not easy that the trader give a concluded report of his way of the tarding . as it is hard for us to trade using a certain type of the trading . and many of us will need to a some one to evaluate phis own trading and his style of the tarding . also it is some thing not easy to go on line a long time

[ngalapreceh]

Sir, it is not about analysis all the time, it is never like that. Forex traders can not say it is because of analysis he is prospering, there is more to that. Forex traders uses many things to get money in the market and the analysis is just a fraction of them. And at that point of earning, the management is what gives the true earning sir. Also, the mindset of trader matters.

Forex trading is not only buy and sell, for verily every buy and sell decisions that must have a clear reason that based on market conditions that occur along with the management of money management that aims to make money continues to grow