Why do you trade?

Sep 12, 2018
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#31
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
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:
Aug 17, 2018
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#32
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.
 
Sep 15, 2018
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#33
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.
 

chrischu

New member
Dec 10, 2018
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#35
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?
Hey you can read this book called "Trading in the Zone", which I think is a compulsary book for every trader to read. Besides, I think this website also share some interesting insights on trading psychology.
https://www.tradingminds.net/blog/why-are-you-not-successful-in-trading-yet

All the best!
 
Jul 15, 2017
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#36
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.
 

Queen

New member
Mar 21, 2018
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#37
I do trading for fun and not to the detriment of the main work. I get extra income from trading and so I'm happy.
 

Jungshin

New member
Nov 2, 2018
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#38
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 .
 

ffsear

Well-known member
Oct 10, 2006
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#40
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.
 
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slvrrisc

New member
Jan 16, 2019
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#41
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.
 

NVP

Well-known member
Jun 21, 2004
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fxcorrelator.com
#42
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.

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
 

NVP

Well-known member
Jun 21, 2004
36,085
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west sussex, UK
fxcorrelator.com
#43
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.

agreed ...........the main issue with trading is the ease of access to setting up an account and depositing money ......then all they have to say is that trading is achievable and you can work from home ...and become a millionaire ......the gullability of the person in the street does the rest ......

I was watching a tv channel (ITV 2 or 3 or whatever) last night and 3 out of every 5 adverts were for online gambling ..............jesus its frightening ............cant wait for them to ban them like they did for alcohol and cigarettes

N