Why do you trade?

I have been consistently profitable overall for 4 years now, but in particular the last 2 years i have been in profit month in month out with equity gains no losses!!!... Reason i believe i became better since a string of blowing my account is

1...Master your emotions and physcology
2...Find a system that suits you(I am a swing trader) with proper risk management
3...Dont think about money, just become better at trading
4...Dont aim for monthly % or return...trade your setup % gain comes naturally
5...Understand that money is just a number, don't get emotional when you win or loose
6...Be patient,

I know all sound vague, but when the penny drop...all will seem clearer

All the best
 
SmTrader86 said:
I have been consistently profitable overall for 4 years now, but in particular the last 2 years i have been in profit month in month out with equity gains no losses!!!... Reason i believe i became better since a string of blowing my account is

1...Master your emotions and physcology
2...Find a system that suits you(I am a swing trader) with proper risk management
3...Dont think about money, just become better at trading
4...Dont aim for monthly % or return...trade your setup % gain comes naturally
5...Understand that money is just a number, don't get emotional when you win or loose
6...Be patient,

I know all sound vague, but when the penny drop...all will seem clearer

All the best
Click to expand...

For how long have you been trading in general?
 
SmTrader86 said:
I have been consistently profitable overall for 4 years now, but in particular the last 2 years i have been in profit month in month out with equity gains no losses!!!... Reason i believe i became better since a string of blowing my account is

1...Master your emotions and physcology
2...Find a system that suits you(I am a swing trader) with proper risk management
3...Dont think about money, just become better at trading
4...Dont aim for monthly % or return...trade your setup % gain comes naturally
5...Understand that money is just a number, don't get emotional when you win or loose
6...Be patient,

I know all sound vague, but when the penny drop...all will seem clearer

All the best
Click to expand...

Could you share with us some tips on how to build trading strategy? Any books you used in you study to build the successful system?
 
The books that has an effect on me was the following

Trading in zones also disciplined trader by mark douglas. I also read articles on google anything relation to emotion, psychology, human behavior etc..

As with strategy, you have to see what suits you're personality....i feel comfortable as a swing trader 1-7 days. Also i don't heavily rely on indicators, sometimes i use Ishimoku system or usually i read price actions with no indicators, also i don't use stop losses. I hedge.....

but it is really 90% emotions and psychology...
 
I have joined the forex trading to get the financial independence. As each trader is not comparable, a foreign currency exchange trader must decide how he can use trading strategies to achieve his trading objectives. And first a trader must decide how to start his trading: with smaller or larger amount. And as forex is an over the counter market a trader has full freedom to work with full independence which attracts me most.
 
Sounds like you are near to the end of your tether.
My advice is to take some time off trading and come back if you want another go later. Take a holiday if you can still afford one.
Get refreshed and optimistic or call it a day. Be proud that you gave it your best shot and there are lots of other things to do.

Driving yourself into the ground with worry is not a good idea.
 
That is good advice. If there's a problem with one's trading it's better, I think, to pause for a little while so you don't get stuck into making the same mistake over and over again. Rest, analyse your trades and try to correct what went wrong.
 
SmTrader86 said:
I have been consistently profitable overall for 4 years now, but in particular the last 2 years i have been in profit month in month out with equity gains no losses!!!... Reason i believe i became better since a string of blowing my online trading account is

1...Master your emotions and physcology
2...Find a system that suits you(I am a swing trader) with proper risk management
3...Dont think about money, just become better at trading
4...Dont aim for monthly % or return...trade your setup % gain comes naturally
5...Understand that money is just a number, don't get emotional when you win or loose
6...Be patient,

I know all sound vague, but when the penny drop...all will seem clearer

All the best
Click to expand...

Based on my experience in trading in the stock market, these points are all true. There is a high chance you could lose it all if you are hasty. These are mind games and the most successful ones end up on top. Money is an outcome of your prowess in trading. Learn the nitty-gritty of trading and allow yourself to reach your potential. Trading is an art. You need to feel at home when trading.

Peer pressure is one of the biggest factors in the trading world. If everyone else is doing it, there is no pressure to follow the flock.
 
Last edited by a moderator:
I agree with everything you say, especially the part about peer pressure. As a newbie I made a lot of mistakes because I listened to various opinions, not all of which were competent, about how to trade. Now I've learned to first and foremost listen to myself and I've learned how to discern the competent from the incompetent opinions.
 
Forex being a decentralized market is offering good platform to millions of people. Many infrastructural benefits of forex are making it as one of the best virtual earning stages. I am here to add some extra income to my existing wealth position. But as a trader I must say that each trader must continue his learning as forex is a changing market and a trader may need to adapt his trading method as per the changes in the market.
 
To be honest, I think you should stop trading for a while, or at very least switch to demo. I’d be very concerned if I found that losing in trading was, as you say taking all my focus and causing me stress and general negativity. Life is too short for this.

If your emotions are running high then you won’t have a hope of trading calmly and objectively, and that’s essential.

Also, you talk about trading be the only way you’ll be rich etc, I think your expectations are out of line with what’s possible.

Yes it is possible to make big money, but only if you either take crazy risks (whereupon you will certainly blow your account in no time) or have a large amount of capital to start with.

To give an example, a disciplined trader with an excellent system could consistently make approximately 5% per month. That would be considered very good. If you had a £10,000 account, that would be £500 per month. That’s not going to make anyone rich, and you certainly couldn’t live on it.

Good money management principles require that you don’t risk more than 2% of your account at a given time, which protects you from large losses but also limits the amount of profit you can make.
 
I think many are interested in forex trading because there is a bonus no deposit promo, so there is no need to deposit but it can get the profit .
 
The apple never falls far from the Tree! My dad was an FX trader for Bankers Trust, Midland Bank and later HSBC before he retired. I guess my experiences of being taken onto the trading floor many times by my dad as a kid had a profound effect on me.
 
  • Like
Reactions: NVP
Same reason we all heard. Some schmuck advertising extra money could be made from trading. Then hearing stories about how a special few made millions while in reality 98% bust out. Cramer also said most people trade or invest because one's current job situation is often limited in income. Then you realize 99.98% of trading education advertizers are all cons and scams to varying degrees. And then you count yourself lucky if you were able to learn to breakeven in time, at least hoping someday it'll be more consistent and finally worth it.
 
ffsear said:
The apple never falls far from the Tree! My dad was an FX trader for Bankers Trust, Midland Bank and later HSBC before he retired. I guess my experiences of being taken onto the trading floor many times by my dad as a kid had a profound effect on me.
Click to expand...


agreed FF....my dad and grandad were bookies .....so i was always going to be in the gambling business one way or the other ..........I was a serious gambler by the age of 15 and making a lot of money .....I was told by my family to back off and become an accountant and get a proper job ......luckily i side tracked them by later working on the Shell oil trading floor which they saw as better than a common gambler ....so everyone was happy !

N
 
You must log in or register to reply here.

Similar threads

P
Why do you trade lower time frames?
2
Replies
23
Views
9K
alan5616
alan5616
Joe Ross
How much time do you devote to chart study each day?
Replies
3
Views
2K
arabianights
arabianights
0007
Why do they do it?
19 20 21
Replies
406
Views
47K
R1zbear
R
N Rothschild
Why do you trade?
2
Replies
29
Views
4K
Black Swan
B
B
Trades going against you: what do you do?
2
Replies
33
Views
8K
bedsit
B
Top