Indeed. That's why they stay newbies and never get to be pros
I always telling my newbies to stay out from their greed, encourage them to learn more before stepping ahead to earning.
Willing to risk?
- Thread starter koyl
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I always telling my newbies to stay out from their greed, encourage them to learn more before stepping ahead to earning.
So in the future, they (advanced newbies) are able to make some profits without any greed...
Greed is something that is built in us, something not rational. The way to deal with it is to define your success in trading by trading by the rules and with discipline.
I become profitable in a consistent way only after i stopped being happy after winning trades that weren't according my strategy rules. I prefer to lose a trade but to stick to my plan, than to win a big trade which is based on greed and irrational decision. Over the long run, it pays
I become profitable in a consistent way only after i stopped being happy after winning trades that weren't according my strategy rules. I prefer to lose a trade but to stick to my plan, than to win a big trade which is based on greed and irrational decision. Over the long run, it pays
Greed is something that is built in us, something not rational. The way to deal with it is to define your success in trading by trading by the rules and with discipline.
I become profitable in a consistent way only after i stopped being happy after winning trades that weren't according my strategy rules. I prefer to lose a trade but to stick to my plan, than to win a big trade which is based on greed and irrational decision. Over the long run, it pays
In fact, still lots of traders who were hyped too much when they were winning some trades that weren't according to their strategy (just luck).
So true! one of the worse thing that can happen to a new trader is to win. It makes him thinks he actually did something amazing and instead of keep learning and improving he continue his way and eventually, usually pretty fast lose it all..
Yeah, beginner's luck could be very dangerous if they couldn't handle it well. Just less of them who ignore their beginner's luck and still keep learning and practicing.
Some may experienced their beginner's luck while still learning deeper about forex trading. But that was 100% luck because they were still lack of any analysis...
yes , you are right and i am looking to develop a "Robot" that can to what i wanted it to do and loss the "Paper Money" or "demo Money" I think we should use really money only when the robot is making money. The train this robot is not easy and we need to know what we are feeding it with. I am looking to design on automatic filter which can filter the noise give us the primary signal at the same time part of the current market signal is feed to this filter to change it basic parameter such as time frame to capture the primary wave. Is there any one is also having similar thought?
Federick
hi , we definitely need some kind of luck but we cannot depend on it. My plan is to follow trend and if trend go against me i have to cut and try another day. before that i am training my robot to take all the hits and grow from all the mistake, when it survive all those then i will go in with real cash...
Risk management is a must to prevent bigger losses in trading, you may want to put SL in every order you put or you take an action to cut your losses. Personally, I always wait for several hours if I got some losses to prevent some revenge orders.
This is wrong mindset if newbie they thinking forex is easy money maker, in fact so many trader beginner get fail and might some of them quit already, better built up good mindset about forex which this is risky business and as trader they need carefully if they not yet good experience better practice in demo account.
That's why they need to gather another knowledge and experiences in demo trading, improving their trading system and building up their trading mindset.
Yes although demo account can't giving psychological lesson, but this useful to learn any system trading and also indicator as help tool, but not all trader miht they prefer practice with demo account because they have reason although they can making huge profit, but these profit unwithdrawable.
