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If you look at most people's questions on different forex channels, they are the same questions. Most are looking for a quick buck, The winning indicator or Holy Grail. This desire for skipping the trading game, making mistakes, not reflecting and making adjustments leads to negative mindsets. This take practice, mistakes, testing, and an increase emotional intelligence. I had a rare loss one day of 110 pips on a trade. A near perfect loss entry and exit, it couldn't have been less well executed. Yet this was a perfect learning opportunity on many levels. I sat there thinking, "this is great. Imagine if I did that but it was profit" From there it empowered my trading in ways I could not imagine! If a trader is not willing to make mistakes and learn, they are in the wrong game. OPPORTUNITIES ARE EVERYWHERE IN THE MARKET. There is never a time when you cannot make or lose money. The trick is to eliminate your mistakes as quickly as possible, cease them altogether, and increase you probability of success.
I failed miserably as a day trader. I stepped back and focused on higher time frame as swing trading and became much more profitable consistently. Found my edge in trading up channels patterns only.
My loses are mostly from not taking profits and hoping to earn bigger pips. It already happened countless times where I was earning 20 pips or 30 pips and I want to ride it until it reaches 100 pips. Guess what, the direction always changed and I got stopped out in the process. It happened all the time. I could have earned a lot if I took those 20 pips or 30 pips instead of holding on to them hoping to earn bigger pips.
One of the hardest things is getting started. Once you know you can make the money - and have it - you can relax. I'm not there yet, but I'd like to think I'm on my way.
What do you guys consider success? I consider success in trading as supporting myself and my family comfortably (by middle class North American standards).
Great breakdown on this concept! I agree with you completely. I know within minutes of speaking to a trader whether they have it in them to make it or not based on what questions they ask or how they react to certain answers. It all comes down to what attitude you are bringing to the markets and how open you are to change and adaptation. If you're cocky, stubborn and lazy, then it's pretty obvious you don't stand a chance. If you're humble, determined, patient and open-minded, then it's only a matter of time.
👉 It seems a lot of our viewers are non-subscribers. Make sure to subscribe to our youtube channel as we upload regular videos! If you hit the “Bell” icon (🔔) you will receive a notification on youtube every time that we upload a video on our channel. Bell icon hitters are super fans of our channel 🥰
kkkk that is were iam i make money consistantly for 6 months then i lose my profits go back to square one and now its been 18 months and am still there currently am at 38% acc growth, but i know i will get there guess the most important thing is i haven't wiped my acc in 18 months and am learning daily
I think most traders fail due to psychological reasons, taking lots of small profits and letting losers run longer than they should due to fear and greed.
Because no one will tell you, as Bollinger said. If you find something that makes sens, then you will succeed, he added. Have a look at other market segments... also.
I had a strategy that worked. Trend following. Now in the forex market (September/October 2020) I dare say it does not work anymore. Also the indicators give a lot fewer indications of a trend. So I feel forced to switch to reversal trading. Testing for something that works there takes forever. Bollinger bands in range market seems to work, but the journalling and forward testing takes forever. I will get there though. Failure is not an option. I knew there would be no short cuts. Now I have done this for a year. Wish it would be a little bit quicker to get where I want to be.
I'm in this phase currently, I'm what Mark Douglas would call a boom and buster, possibly even shifting into a consistent loser I don't know what to do and right now as I type this I am very discouraged from the market
SIR my strategy has 40 to 50% success rate and 1:2 RR A loss of 3 months in a year but will recover it in 2 or 3 months I only trade in one script and get 5 to 8 trades per month Is this common for everyone or should I change my strategy? pls tell me SIR?
👉 Trade with our Sponsor Broker: Trade Nation www.financial-spread-betting.com/ccount/click.php?id=95 Trade sensibly! 81.7% of retail investors lose money.
👉 We are seeking more contributors who can produce great video educational content about trading for our channel. If you think you have what it takes please get in touch by sending a message to traderATfinancial-spread-betting.com (remove the AT and substitute by @).
👉 It seems a lot of our viewers are non-subscribers. Make sure to subscribe to our youtube channel as we upload regular videos! If you hit the “Bell” icon (🔔) you will receive a notification on youtube every time that we upload a video on our channel. Bell icon hitters are super fans of our channel 🥰
If you look at most people's questions on different forex channels, they are the same questions.
Most are looking for a quick buck, The winning indicator or Holy Grail. This desire for skipping the trading game, making mistakes, not reflecting and making adjustments leads to negative mindsets.
This take practice, mistakes, testing, and an increase emotional intelligence.
I had a rare loss one day of 110 pips on a trade. A near perfect loss entry and exit, it couldn't have been less well executed. Yet this was a perfect learning opportunity on many levels. I sat there thinking, "this is great. Imagine if I did that but it was profit"
From there it empowered my trading in ways I could not imagine!
If a trader is not willing to make mistakes and learn, they are in the wrong game. OPPORTUNITIES ARE EVERYWHERE IN THE MARKET. There is never a time when you cannot make or lose money. The trick is to eliminate your mistakes as quickly as possible, cease them altogether, and increase you probability of success.
I failed miserably as a day trader. I stepped back and focused on higher time frame as swing trading and became much more profitable consistently. Found my edge in trading up channels patterns only.
My loses are mostly from not taking profits and hoping to earn bigger pips. It already happened countless times where I was earning 20 pips or 30 pips and I want to ride it until it reaches 100 pips. Guess what, the direction always changed and I got stopped out in the process. It happened all the time. I could have earned a lot if I took those 20 pips or 30 pips instead of holding on to them hoping to earn bigger pips.
This channel is Bible for traders....u can find any answer of ur querry...thanks Mark
One of the hardest things is getting started. Once you know you can make the money - and have it - you can relax. I'm not there yet, but I'd like to think I'm on my way.
Because too many gurus who claim to be great traders teaching what is right and what is wrong.
This day trader “decided” no matter what it takes I would succeed. I did. There was no Plan B.
How long did it take you?
Me too, there is no plan B, but to succeed in trading, and I succeed
What do you guys consider success? I consider success in trading as supporting myself and my family comfortably (by middle class North American standards).
how long did it take you ? how are you doing now ? How many accounts have you blown up before (if you went throught it like most traders)...
Great breakdown on this concept! I agree with you completely. I know within minutes of speaking to a trader whether they have it in them to make it or not based on what questions they ask or how they react to certain answers.
It all comes down to what attitude you are bringing to the markets and how open you are to change and adaptation. If you're cocky, stubborn and lazy, then it's pretty obvious you don't stand a chance. If you're humble, determined, patient and open-minded, then it's only a matter of time.
👉 It seems a lot of our viewers are non-subscribers. Make sure to subscribe to our youtube channel as we upload regular videos! If you hit the “Bell” icon (🔔) you will receive a notification on youtube every time that we upload a video on our channel. Bell icon hitters are super fans of our channel 🥰
kkkk that is were iam i make money consistantly for 6 months then i lose my profits go back to square one and now its been 18 months and am still there currently am at 38% acc growth, but i know i will get there guess the most important thing is i haven't wiped my acc in 18 months and am learning daily
I think most traders fail due to psychological reasons, taking lots of small profits and letting losers run longer than they should due to fear and greed.
There’s no problem with small profits after all the goal is to make money and stop trading!
Better small profit than consistently loosing.
Because trading goes against human survival.
I think this is very accurate and not enough people in the industry talk about it
Because no one will tell you, as Bollinger said. If you find something that makes sens, then you will succeed, he added. Have a look at other market segments... also.
Its the dopamine on the mind that does the difference.
so easy - to make it someone so hard.
Take care Bro.
I had a strategy that worked. Trend following. Now in the forex market (September/October 2020) I dare say it does not work anymore. Also the indicators give a lot fewer indications of a trend. So I feel forced to switch to reversal trading. Testing for something that works there takes forever. Bollinger bands in range market seems to work, but the journalling and forward testing takes forever. I will get there though. Failure is not an option.
I knew there would be no short cuts. Now I have done this for a year. Wish it would be a little bit quicker to get where I want to be.
I'm in this phase currently, I'm what Mark Douglas would call a boom and buster, possibly even shifting into a consistent loser
I don't know what to do and right now as I type this I am very discouraged from the market
Its true,, its happen to me... Thank you fot all over the time teaching ,,,, now am in the first stage to profit...
i trade because i hate working...i dont love or hate trading i trade because i need money
Very true!
Day Trading is like whole village fishing in small pond.
Go for longer time frame D1...less trade more profit.
Real talk!
Thanks for all the great videos. Mark quick question, why is it frowned upon to be a short seller?
See th-cam.com/users/ukspreadbettingsearch?query=short+selling+is+bad
Really good video Mark😁!!
Real talk
Good video
SIR my strategy has 40 to 50% success rate and 1:2 RR
A loss of 3 months in a year but will recover it in 2 or 3 months
I only trade in one script and get 5 to 8 trades per month
Is this common for everyone or should I change my strategy?
pls tell me SIR?
because they are chart traders and chart traders dont know shit and buy high and sell low