Traders Failure In Forex.

Hi everyone, how’s our trading career going?

I am really bothered seeing so many traders fail at trading the forex market despite having a strategy that has a proven edge. What’s really the issue?

I would love to hear the experiences of amazing traders we have here on this platform. Thank you

H
@headies25284 - 4 months ago

I really want to know cos I have a lot of traders who have proven strategies and not still profitable. Capital isn’t even the issue for them. Can it be psychology?

Y
@yokoyi - 4 months ago

If you read the Turtle Traders story, one of the founders (I think it was Richard Dennis) said even if he posts his profitable strategy on the pages of the newspapers for everyone to see, many will still fail because they will not have the discipline to stick to the strategy through good and bad market days.

Y
@yokoyi - 4 months ago

I discovered that trading forex is like a mind game, that tests your greed. It is like you are a cat and someone puts fish in front of you and says do not eat it, many cats cannot resist the temptation of tasting the fish.

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@yokoyi - 4 months ago

Even the best strategies fail some times, and the temptation is always to abandon your strategy, switch bias and trade what seems like the winning outcome and that is how failure starts. That is a bad habit and although it may reward you sometimes, in the long run it will do you more harm than good when you get used to it.

Y
@yokoyi - 4 months ago

So, I think discipline is the reason why so many traders with good strategies still struggle.

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@liam_calgary - 4 months ago

It will surprise many to know that even the best traders struggle with this issue of discipline, thats why automated trading and bots were brought into trading.

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@amosglad01 - 4 months ago

It is hard to maintain discipline when you are trading with funds you cannot afford to lose. You may have a good strategy but biting off more than you can chew with big lot sizes will make you fumble the strategy.

H
@headies25284 - 4 months ago
Quoted - yokoyi

So, I think discipline is the reason why so many traders with good strategies still struggle.

Discipline, i think that’s a missing piece actually.

Last week I had back to back losses with my strategy but I stucked to it and took one more trade and that cleared my losses. I also

Saw some setups that alligned with my strategy that same week, I ignored cos of the losses. I regret not taking those setups actually.

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@liam_calgary - 4 months ago

Automated trading & bots remove emotion from trading and I strongly beleive they were brought into trading to manage this issue of discipline. I think hedge funds and prop firms use these bots for some form of High Frequency Trading (HFT) and this has been known to cause stock market crashes in the past. Read more here https://en.wikipedia.org/wiki/2010_flash_crash

The forex market is moved by more than just technical analysis. Its deeper than most traders think. Most traders dont even access to data on hedging activities by big-fish market players so they are just trading blindly and they lie that they are profitable. Only those who work with the brokerage industry know the truly profitable traders and they are less than 3%. If you ask most traders to show you their trading account statement you will see they are not profitable (I am not talking about prop firmers I am talking about those of us trading real money). What I am trying to say is that refusal to search for data or a total lack of awareness that market data exists is a main reason for the high failure rate.

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