FAQ How Difficult is it to Trade?

Jun 11, 2010
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#46
Re: How difficult is it to trade?

I am quite new to this arena of trading but from what I have observed so far, Shakespear has summed it up quite nicely. From those mentors I have been following to help me acquire the skills and knowledge I need to succeed, I also notice that the greater the humility of the trader, the greater the appreciation they have to continue to learn and expand themselves from others rather than suffer from an overinflated ego and stop learning altogether.

Good solid info in your reply Shakespear; thankyou!



The difficulty depends on the trader. Everyone has strengths and weaknesses. you never know what yours are until you try. Most people can understand the setups, it's the discipline that gets most people. And you cant tell who will have good discipline from the beginning. I have seen people I would have never guessed would be good traders, and they turn out to be fantastic. It has nothing to do with intelligence. More to do with humility.

But with a good mentor. It gets a LOT EASIER!

...good trades,

Sam
 

fayalac

Active member
May 3, 2008
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#48
I understand the joke, but that is preciselly the fear...., its not difficult what is really dificult is to beat your mind...., the rest is easy
 
Likes: glyder
Jan 9, 2011
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#50
Trading is extremely difficult. My approach is also extremely simple, despite the fact that it's entirely discretionary.

The main difficulty is maintaining the patience to only take good trades. This is easier than it used to be but can still be extremely hard at times. This week was a good example.

I got about 0.5R from a trade that (had I simply followed my exit strategy) would have yielded over 4R. 4R is plenty for an entire month.

To make matters worse, there was no good excuse for not following my strategy, I simply became distracted, moved my stop, and the rest is a painful history.

Since then I have had 3 trades all of which ended up at break even because I followed my strategy.

I now have two devils. The first is the temptation to abandon my exit strategy, and the second is the desire to trade to make up for the money I did not make.

Patience and discipline is what it really comes down to.

Trading is simple. The best way to make it easy, or at least easier, would be to not need to trade.
 
Likes: glyder

tim3

Active member
Apr 7, 2010
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#51
Bottom line when trading (how many times have you heard that) is you are betting on a number (the index /share price ect)

You are betting that number A (your target/limit order) will be reached before number B (your stop)

Next find good probability trades and employee good money management.

Sounds easy but it is not. phychology plays a massive part in trading anyone who does not believe that should read the disciplined trader by mark douglas.

I believe the human mind is actually set up to fail at trading (letting losses run in the hope they will come back ect)

Just my (very) humble opinion.
 

Chartsy

Well-known member
May 12, 2010
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#53
The key is;focus. Most on this forum are failures because they flit around and arrrrrrrround , one minute with pin bars, once they haven't even broke even with that, not to worry as there's a nice little quick 5 pips per day system you think you saw last week while googling.

GET A FOCUS! whether it's discretionary S/R, a mechanical strat, pin bars, stick with one thing dammit. I can't believe how much focusing on a handful of setups, documenting results , and not giving up after 5 losses, has improved my trading.
 
Likes: LoveToTrade

Jason101

Well-known member
Oct 9, 2008
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#54
It’s very easy and its boring and time consuming.

The trouble is that to do it right you risk 1-2% of your account, to get the same sort of return. So your return is relative to the money you already have.

If you do not have much money (account size) then it is hard to bother with for the time spent. Money is relative so I would imagine the same is true for a very wealthy person.

A lot of people are attracted to trading with ideas of excitement and making big money fast.

When the realities of a marathon and the non-existence of the quick sprint kick in, people find it hard to accept. So they either risk to much size or go on a continual search for new methods known as the holy grail, or find some other way to blow up, or they never really fully commit to the account size and time needed.
 
Likes: tim3

robster970

Well-known member
Dec 26, 2008
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#55
Trading is like making love to a beautiful woman.

Let the lady in question come to you. Then time your entry to perfection using a decisive move that demostrates commitment and conviction. Stay in for as long as you can using a great degree of skill and self-control. Finally take an exit and well earned reward.

This is why scalpers make terrible lovers.
 
Feb 22, 2011
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#56
I’ve actually adjusted my work schedule to leave earlier JUST to avoid “the crazies” on the road. You know, the drivers that make the evening commute feel more like an episode of The Dukes of Hazzard?!? I was able to access the best mix of streets and freeways and rode the crest of the traffic wave instead of being stuck in the middle of it.

This strategy worked because I had total situational awareness of the risk involved with traveling and made the necessary adjustments down to the time and route to take. So much so, that I knew if I was 10 minutes late getting out the door I was in for a white-knuckled thrill ride.

Properly trading futures is not far from this seemingly dissimilar analogy. Futures in my opinion have received its “boogey-man” reputation out of a natural fear of losing your money, but that happens largely in part to not properly assessing risk. Plus there’s such a total lack of understanding in the trading community as to why markets move in the first place. Once this instrument is put in the proper perspective and executed appropriately, it becomes more attractive than just about anything else out there. It has a much lower barrier to entry than whole shares and the fact that it’s leveraged is a plus, but only when that’s properly applied.

This approach has been working for me like clock-work regardless of market condition.
 
May 15, 2013
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#57
It’s very easy and its boring and time consuming.

The trouble is that to do it right you risk 1-2% of your account, to get the same sort of return. So your return is relative to the money you already have.

If you do not have much money (account size) then it is hard to bother with for the time spent. Money is relative so I would imagine the same is true for a very wealthy person.

A lot of people are attracted to trading with ideas of excitement and making big money fast.

When the realities of a marathon and the non-existence of the quick sprint kick in, people find it hard to accept. So they either risk to much size or go on a continual search for new methods known as the holy grail, or find some other way to blow up, or they never really fully commit to the account size and time needed.
Riding a bicycle very easy, too -- after one has the right equipment, time to practice and learns how to do it. :idea:
 
Jan 30, 2015
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#59
: In essence, Learning forex its easy, but mastering its the Hard Part. You can learn the basic rules, technical analysis, fundamental analysis, candlestick, pivot points, time frame, trend lines, Fibonacci, support & resistance, price action, leverage, money management and position sizing, you can even Learn a hole system and methodology to trade mechanically and even with that you can lose money.
 
Mar 17, 2015
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#60
Trading Forex is not an easy task if your aim is making a consistent profit over time. And it takes quite a long to achieve this goal.