What is your biggest forex trading weakness?

forexboy

Active Trader
Thats a good spirit and a healthy way to move on in your life. I understand the panic situation that comes in the mind when we loose some of the trades but you know thats a part of life and good says always return.

I always believe that there are good day and bad days, there are good weeks and bad weeks, there are good months and bad months. Don’t let a bad day, week, or month put you down. Learn not to measure results in the very short term. Many traders give up after having three or four bad days. Don’t! Know that its part of the business. Hang in there, manage your money well, be persistent and I promise you it will pay off!

Thanks for the encouragement it simply states that nobody is perfect. I guess my weakness here is on choosing the strategy. Most strategy that I came to study and learn doesn't work in a long run. The reason for me to learn another strategy. Please help, is it the strategy or simply me?
 

Sofia

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Jun 20, 2009
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Yea, I think its always getter to work with simple strategies for short duration and as the market conditions changes one should also change the his/her startegies. What do you think? I am just a newbie...
 

miskec

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Mar 16, 2009
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Yea, I think its always getter to work with simple strategies for short duration and as the market conditions changes one should also change the his/her startegies. What do you think? I am just a newbie...

Yea, its smart to start with some simple strategies that dont take too much of your time and little money so you cant lose too much. Later you will develop your own strategies and start earning big bucks.
 

Robert12

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Jul 24, 2009
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Hello all!

Yes, it is me again with monthly poll! The question this month is "What is your biggest forex trading weakness?"

Possible answers include:

a)I lose control over trades.
b)I struggle with emotions over losses and lost "potential profits".
c)Indecision is my greatest weakness. I hesitate too much.
d)I am not focused as much as I should be!
e)I do not stick to my trading rules and not always apply my trading plan.
f)I still haven't defined a good money management system.
g)I believe that I have magical powers and can predict the future.

If you feel that you have some other weakness (not mentioned above) please share Thank you for your votes.
According to me biggest weakness is not understanding how the foreign exchange market works is yet another costly mistake that new traders and investors make. Understanding the terminology and terms used in the Forex is very important to new traders. There are tutorials and free demos widely available on the Internet that allows traders and investors to learn how to use the Forex to their advantage. In addition, it is wise to choose an experienced broker that can help you trade and invest in the Forex. These brokers should know everything about the Forex and can help traders and investor make wise choices. Find a broker that is tied with a good financial institution and that has experience in the Forex...
 

Robert12

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Forex Community

Humans have plenty of psychological weaknesses, however not all of them are lethal when it comes to Forex trading. The basic trading weaknesses are:

1. Greed
2. Impatience
3. Pride
4. Fear
And most important weakness is "Expectations"
 

Sofia

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Jun 20, 2009
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Yea, its smart to start with some simple strategies that dont take too much of your time and little money so you cant lose too much. Later you will develop your own strategies and start earning big bucks.

Thanks so much for the advice. As you know i am an newbie in live forex market therefore i keep on making new test and work on simple strategies. Thanks for the encouragement.
 

Pinalli

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Jan 31, 2009
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Thanks for the encouragement it simply states that nobody is perfect. I guess my weakness here is on choosing the strategy. Most strategy that I came to study and learn doesn't work in a long run. The reason for me to learn another strategy. Please help, is it the strategy or simply me?

Hi Forex boy.

I really feel happy to help you are you look quite determined to learn forex trading. Well, I think you should work more on strategy building and test them before you use them live.

Cheers
 

forexexchangeguides

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Jul 8, 2009
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Hi friends,

Keep it up guys! Work hard and good in strategies you can make it! Be careful in your step. What ever you have learned, prove it with more profit. Make perfect with our mistake.

Cheers,
 

Sofia

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Jun 20, 2009
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Nobody have discussed about frightening traders. Sometime people become so frightened with the trades, thay they dont even trade. They become very possessive for their returns that after getting some good opportunities, they still dont trade.

In one word: Lack of confidence

What about them?? Any suggestion?
 

Pinalli

Master Trader
Jan 31, 2009
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Nobody have discussed about frightening traders. Sometime people become so frightened with the trades, thay they dont even trade. They become very possessive for their returns that after getting some good opportunities, they still dont trade.

In one word: Lack of confidence

What about them?? Any suggestion?

Lack of confidence is one of the big weakness that traders have.
 

FXexpert

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Dec 13, 2008
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I think many people struggle with emotions over losses, the key is to completely flatline your emotions regardless of profits or losses, it's tough but if you can do it you will be a much better trader :)
 

Sofia

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Jun 20, 2009
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Well stop loss actually into use when you are trading cleverly but when you do things over excitedly and in emotions you actually forget such tools.

Thanks my opinion, i maybe worng to others, but i feel the same.
 

fxp

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Oct 1, 2009
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I think the biggest would be to enter at only high-quality trades. This is sometimes helpful but mainly it reduces my trades to minimum so most of the time I am not at the market. Can be quite frustrating.