Knowledge and Success

This is a discussion on Knowledge and Success within the Forex forums, part of the Markets category; Originally Posted by june_girl7 Forex trading helped me a lot to grow as a person. When you desperately want to ...

Reply
 
LinkBack Thread Tools Search this Thread
Old May 14, 2018, 4:29pm   #46
NVP
 
NVP's Avatar
Joined Jun 2004
Quote:
Originally Posted by june_girl7 View Post
Forex trading helped me a lot to grow as a person. When you desperately want to succeed in Forex trading, you learn discipline, that is almost the only necessary skill you need.
based on my experience i have coached many people from highly disciplined and respected backgrounds .......it helps but is certainly not the full picture as many never made the cut over time .....although the discipline certainly delayed the inevitable losses and big drawdowns suffered by less disciplined newbies

the discipline buys you time in your learning curve....but also there are many other qualities as well needed in the mix

N

generally the disciplined ones take a long time (if ever) to come to grips with the wicked and brutal reality of trading regarding taking losses and the sometimes randomness of win / loss trade patterns ....from experience and rewards in their own professions they are almost guaranteed success as a result of their training ......but trading can be a long and deep learning curve before the net gains appear ....far too long for many traders i have coached to wait for .........

Last edited by NVP; May 14, 2018 at 4:36pm.
NVP is offline Coach/Trainer   Reply With Quote
Old May 18, 2018, 7:30am   #47
Joined Nov 2010
What you should know about trading is forex like a big and deep ocean. You can't sail with recklessness. There is so many waves and lots of danger.
riki143 is offline   Reply With Quote
Old May 20, 2018, 1:10pm   #48
 
anismata's Avatar
Joined May 2018
More knowledge of forex you know, more chance of success you will get later.
anismata is offline   Reply With Quote
Old Aug 24, 2018, 11:40am   #49
Joined Apr 2017
Peter Borren started this thread Sometimes I feel consistent success is not possible at all in this trading place particularly when my order become loser in spite of having great analysis.
Peter Borren is offline   Reply With Quote
Old Aug 24, 2018, 3:55pm   #50
Joined Aug 2018
Quote:
Originally Posted by Peter Borren View Post
Sometimes I feel consistent success is not possible at all in this trading place particularly when my order become loser in spite of having great analysis.
I agree with the last part, in this field you can perform an outstanding analysis and still be wrong.
Josh7 is offline   Reply With Quote
Old Aug 25, 2018, 11:34am   #51
NVP
 
NVP's Avatar
Joined Jun 2004
Quote:
Originally Posted by Peter Borren View Post
Sometimes I feel consistent success is not possible at all in this trading place particularly when my order become loser in spite of having great analysis.
the main reason most traders eventually quit (even ones with great potential and promise)...is that they just cannot handle the uncertainty of the game

you have to subconsciously and Emotionally be able to accept losses and uncertainty and losing trades ......

remember if you have a decent robust system and you are executing it consistently and accurately ...then EVERY EVERY trade that fails was based on the same crieria of those that were profitable ....

this is very very confusing and frustrating for our human minds ......it literally does not compute !!!

hence most people eventually crack and walk away .....it just does not appeal to their logical and rational mindsets .....we humans must try to achieve as much control as possible in our life.....despite the clear lack of it ....thats why so many people have mental health issues and depression.....

I have trained & Mentored people from very controlled and logical background (pilots , doctors , scientists , lawyers , accountants) ...I can literally watch them meltdown as these things happen ....they just cant accept it based on some 30+ years of training and experience where they have generally been able to avoid such behaviour and outcomes....

welcome to trading ....
NVP is offline Coach/Trainer   Reply With Quote
Old Aug 25, 2018, 1:01pm   #52
Joined Jan 2018
Discipline
Knowledge
Experience.
ForexinDevon is offline Coach/Trainer   Reply With Quote
Old Aug 27, 2018, 3:14am   #53
Joined Apr 2016
It depends on person to person that how he learns in the Forex market. Few people may need a mentor and few do not.
june_girl7 is offline   Reply With Quote
Old Sep 3, 2018, 7:27am   #54
Joined Jul 2018
Seems that everybody knows that emotions can hurt the trades. Knowledge gives confident to get rid of gambling. But it is worthless when done with reckless behavior. I think most successful ones come from humility, discipline people who are matured enough to trade.
Trade2Million is offline   Reply With Quote
Old Sep 3, 2018, 12:19pm   #55
 
Pat494's Avatar
Joined Mar 2004
Quote:
Originally Posted by Trade2Million View Post
Seems that everybody knows that emotions can hurt the trades. Knowledge gives confident to get rid of gambling. But it is worthless when done with reckless behavior. I think most successful ones come from humility, discipline people who are matured enough to trade.
I find the same in online poker. Don't be too aggressive or impatient. Just play the good hands. Ditto with trading.
__________________
Love your own area.
Long live NIMBYISM

for quality of life.

The Westcountry is being overrun with
grotty new estates
Pat494 is offline   Reply With Quote
Old Sep 5, 2018, 10:06am   #56
Joined Jan 2018
Quote:
Originally Posted by NVP View Post
based on my experience i have coached many people from highly disciplined and respected backgrounds .......it helps but is certainly not the full picture as many never made the cut over time .....although the discipline certainly delayed the inevitable losses and big drawdowns suffered by less disciplined newbies

the discipline buys you time in your learning curve....but also there are many other qualities as well needed in the mix

N

generally the disciplined ones take a long time (if ever) to come to grips with the wicked and brutal reality of trading regarding taking losses and the sometimes randomness of win / loss trade patterns ....from experience and rewards in their own professions they are almost guaranteed success as a result of their training ......but trading can be a long and deep learning curve before the net gains appear ....far too long for many traders i have coached to wait for .........
Big drawdowns....did you not teach stop losses?
ForexinDevon is offline Coach/Trainer   Reply With Quote
Old Sep 6, 2018, 5:29pm   #57
Joined Aug 2018
People say that a person should learn something every day, I'd add that applies to Forex traders too. Learn something new about trading every day and you'll notice how you improve.
markallen is offline   Reply With Quote
Old Sep 6, 2018, 5:45pm   #58
NVP
 
NVP's Avatar
Joined Jun 2004
Quote:
Originally Posted by Peter Borren View Post
Sometimes I feel consistent success is not possible at all in this trading place particularly when my order become loser in spite of having great analysis.
just focus on the process ....the outcome will take care of itself over time and sample size
NVP is offline Coach/Trainer   Reply With Quote
Old Sep 6, 2018, 5:46pm   #59
NVP
 
NVP's Avatar
Joined Jun 2004
Quote:
Originally Posted by ForexinDevon View Post
Big drawdowns....did you not teach stop losses?
read my post again please carefully ...thanks
NVP is offline Coach/Trainer   Reply With Quote
Old Sep 20, 2018, 7:14am   #60
Joined Sep 2018
Knowledge is power. And if a beginner thinks that forex is a trial and error process he wonít be able to survive here. A foreign currency exchange trader will need adequate trading skills and knowledge to become successful. And knowledge is the central point of a traderís success in combination with right trading attitude and mentality to handle pressure with patience and perseverance. A forex trader canít ensure success in one day.
Merk Porter is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Knowledge niiokai First Steps 2 Oct 25, 2008 8:49pm
Knowledge cotton First Steps 5 Oct 1, 2003 3:06pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)