These are questions that you ask yourself especially when things are going wrong for a long time. These are really painful questions especially when you think of how much things you could have accomplished with the money you have just lost in the market. But the worst case is when you find out you where really not trading and you have just wasted your worthy time and money. Some people take 2 years to find out, some take 3 and even some take 5 years just to realize they are in the wrong track. They say life is unfair and i agree with that statement because if life was fair to everybody perhaps you could not be reading this article right now.
The trading industry is very complicated in terms of operations and becomes even more complicated due to the fact that valuable information is very expensive and an average Instagram trader can not provide you with the real classic information. When i talk of information i mean the real methods of broker bypassing, what is happening behind the candlesticks, how the market is manipulated by big players who allow themselves to get hit on couple of positions but later fill the market with liquidity and smash retail traders, liquidity providers used to hedge positions but that no longer happen anymore, they know you going to opt the opposite direction. Retail traders are very powerful but the issue is they are the last in the chain to receive information and they become easy prey. Retail traders feed the banks and large corporations every single day without knowing and perhaps you can be one of them.
I can recall when i was typical new trader, one of the trainers back then used to shout at us that Fundamental trading is bad and i believed that, but whenever i took the positions the only time the market was moving exponentially was during the economic releases. So i could take a swing position and hold, then some important data was released maybe CAD retail sales and the market exploded to take profits, Surprisingly i would stay in a trade for weeks after a setup is formed and the only market mover was fundamentals. So i became more curious why is this happening? I decided to reshape my trading style over time and i started to pay more attention to the news events and use the charts to focus on entries, stops and forecast the Targets. This made a significant 30% increase on my trading edge and started uncovering more returns.
SO WHY TRADERS WASTE TIME AND MONEY?
There is no such thing as self taught in the Forex market, you can look through the history of successful traders in the world they all come from a mentored background, this can be working on a trading firm, bank or learning from retired hedge fund traders who are now giving back, or experienced traders in the game. Learning from these guys actually cut so much problems in the learning curve that probably would be impossible to figure out yourself. Don’t get me wrong that self taught is not possible but think of it as building a pyramid from scratch without an architect and a contractor.
Risk management and greed is a traders stupidity
No matter how much you preach about risk management, 90% of the traders are going to ignore it because they are under capitalized and they are greedy to make more from nothing. If you can not use risk management then your days are numbered in terms of survival. You will waste both valuable time and money, The 1% rule is always is a crucial aspect to consider before pursuing your trading journey, accept it and carry it long the way.
Multiple Trading Communities at Once
Since trading is very challenging in the beginning many new traders seek help all over the internet. So they find themselves on multiple trading communities, remember each community has different way of trading and approach so the trader is soaked into these communities and some of the communities are nothing but a pool fish ready to captured by the fisherman(Leaders). The truth is no any free community will ever provide you valuable content that you need for success. Even you tube and and other social media sites are just used to lure you. Find one community that strives to deliver valuable and extensive knowledge and enroll into its premium services and focus of the knowledge provided.
Other are psychological failures that are easily treated, easier than you think. Check out this lesson about Bulletproofing your mind for better trader performance
Also check out this lesson Zero Skills Zero Capital, How can Pips Pay My Bills?
There is so much information to tip you guys but this article would be long so i will be writing as many times often to assist you in your journey. Don’t forget to subscribe to this website and never miss any piece of information.
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Raymond is a professional currency trader with experience of 4 years trading the financial markets. Certified Risk Manager and Contributor at profxtigers.com
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