Knowledge and Success

NVP

Well-known member
Jun 21, 2004
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west sussex, UK
fxcorrelator.com
#46
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 :smart:

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:
Nov 29, 2010
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#47
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.
 

Peter Borren

Active member
Apr 8, 2017
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#49
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.
 
Aug 20, 2018
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#50
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.
 

NVP

Well-known member
Jun 21, 2004
36,090
1,753
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west sussex, UK
fxcorrelator.com
#51
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 ....
 
Jul 11, 2018
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#54
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.
 

Pat494

Well-known member
Mar 27, 2004
13,189
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#55
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.
 
Jan 12, 2018
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#56
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 :smart:

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?
 
Aug 19, 2018
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#57
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.
 
Sep 15, 2018
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#60
Knowledge is power. And if a beginner thinks that forex is a trial and error process he won’t 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 trader’s success in combination with right trading attitude and mentality to handle pressure with patience and perseverance. A forex trader can’t ensure success in one day.