forexnewadvisor
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Well this has happened to all of us, having a day in which we win absolutely everything or that day is very positive to days that seems that our strategy or robot begins to lose everything, but in my opinion everything is based on averages, and if we manage to stay disciplined we already have 80% of the way done, trading is more psychological than technical.
We could avoid these situations mentalizing the loss as something natural, the first accounts are going to burn, it is a process that we all go through, the long term result is what matters, it is the wrong perception that leads many people to ruin, trading is not getting rich from one day to another with 150% profitability, it is a form of investment and like any other carries its risks as well as its benefits.
We could avoid these situations mentalizing the loss as something natural, the first accounts are going to burn, it is a process that we all go through, the long term result is what matters, it is the wrong perception that leads many people to ruin, trading is not getting rich from one day to another with 150% profitability, it is a form of investment and like any other carries its risks as well as its benefits.
Trading success is often a journey of ups and downs, and maintaining discipline through it all is key to achieving long-term profitability.
FranziskaSchulz
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I still suffer from not sticking to my plan and making trades without planning, but still I can remember times sticking to my plan rescued me from blowing my account!
MattK
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it's saved your account before, and it'll do it again. Keep at it!
MattK
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Agree that each mistake is a learning experience; the key is to comprehend and utilize this knowledge effectively
Discipline in trading is the steadfast adherence to a predetermined set of rules and strategies despite emotional impulses or market fluctuations. It involves maintaining control over emotions such as fear and greed, sticking to trading plans, and following risk management principles consistently. Disciplined traders refrain from impulsive decisions and avoid chasing losses or deviating from their strategies due to short-term market fluctuations. They prioritize patience, consistency, and rational decision-making, understanding that successful trading requires a long-term approach. Discipline in trading fosters resilience, adaptability, and the ability to learn from mistakes, ultimately leading to improved profitability and sustainable success in financial markets.
SteveGoodwill
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Discipline seemed like the biggest issue for me, staying consistent/not emotional was a huge issue for me to overcome, so I found a way around it, by using an EA. Not sure it helps if you want to learn how to trade though, however that's what worked for me.
MattK
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Using an EA for trading has its perks, like removing emotional decisions, but it's not foolproof. EAs can't always adapt to sudden market changes, and relying too much on them might stunt your growth as a trader. Balancing automated trading with your own insights
MattK
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Don’t forget to have a backup strategy for unexpected situations!
NeverStopLearning
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If you want to be profitable in the long term, you have to live trading. Your routines need to be consistent to make it as easy as possible for your mind to make good decisions.
SteveGoodwill
Newbie
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Honestly using an EA and seeing it work overtime even though at times it didn't look good made me trust my manual trading as well, as sticking toa certain strategies proved good in the long run.
MattK
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Could you share which specific strategies or indicators you have found most effective when trading manually or using an EA?
MattK
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And never stop learning )
Hello
My thread "Beyond Price Action" outlines a novel way of "framing" (any) market
I learned how to frame the market from a skilled gentleman who worked for a firm
that no longer exists (Bear Stearns)
As mentioned in my comments, my mentor died recently and to repay him, I have
begun to work (for a limited time) with struggling traders.
What I noticed over time, was that my system had a tradable edge, however in order
to realize that edge, one had to 1) Identify opportunity, 2) Enter at the right time
and 3) Stick to the rules when exiting. It took several years before I was able
to execute trades in a disciplined manner.
In retrospect the biggest difference occurred when I started to review the previous weeks
price action, comparing my entries and exits with my rules.
I discovered that I needed to learn how to evaluate the first bar AFTER my entry. In past
I displayed a tendency to exit right after the first bar. In contrast, now I watch the first
bar and if it is a "strong" bar, closing on or near its high or low, I will hold. In addition
my system uses an envelope generated by the VWAP. If the next bar closes above or
below the 1st standard deviation, I know that the odds favor continuation. and I will
hold as long as price stays within the range of the 1st & 2nd standard deviations.
For me, the difference has been dramatic
I hope this might help
My thread "Beyond Price Action" outlines a novel way of "framing" (any) market
I learned how to frame the market from a skilled gentleman who worked for a firm
that no longer exists (Bear Stearns)
As mentioned in my comments, my mentor died recently and to repay him, I have
begun to work (for a limited time) with struggling traders.
What I noticed over time, was that my system had a tradable edge, however in order
to realize that edge, one had to 1) Identify opportunity, 2) Enter at the right time
and 3) Stick to the rules when exiting. It took several years before I was able
to execute trades in a disciplined manner.
In retrospect the biggest difference occurred when I started to review the previous weeks
price action, comparing my entries and exits with my rules.
I discovered that I needed to learn how to evaluate the first bar AFTER my entry. In past
I displayed a tendency to exit right after the first bar. In contrast, now I watch the first
bar and if it is a "strong" bar, closing on or near its high or low, I will hold. In addition
my system uses an envelope generated by the VWAP. If the next bar closes above or
below the 1st standard deviation, I know that the odds favor continuation. and I will
hold as long as price stays within the range of the 1st & 2nd standard deviations.
For me, the difference has been dramatic
I hope this might help
Last edited:
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