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Author Topic: What are your bad habits while trading forex?  (Read 31418 times)

Online outsidetheboxhk

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Re: What are your bad habits while trading forex?
« Reply #135 on: July 09, 2018, 11:56:09 PM »
This brings to mind "defects of character" that beset most of us.
I am entirely willing and ready for God to remove these from me right now.
After 14 years trading the forex markets, now having a consistently profitable strategy and track record, I still struggle with the tendencies below:

  • Not taking time to lead a balanced life -- this is big because no matter how little or how much success I have in a given week or day, I normally want to "get back up" or "keeping adding to my good flow of successes".  But time and time again I have to force myself to go out and enjoy the funds that I have earned in FX with friends and family and recuperate my humanity after so many hours alone in front of the screens and trading charts.


  • Allocating the wrong volume/lot size to a trade that does not warrant it.  I always try to allocate one of two different types of risk to my trades depending on what probability of success and time horizon I have assessed with each entry level and setup.  Due to many psychological and human factors, I allocate the wrong risk to a trade and then I have to suffer tough money management while the trade develops over a longer time horizon, adding stress to an already imbalanced life.

That's the cost of manual trading. Why not to make your system automated and shift part of your stress to the soulless EA?


This discretionary strategy does not "work" on EA.  I have had quants approach me to attempt to code it, but I think not.  It is far too complex, like 4 or 5 confirmations that I am aligning and looking for in different market environments.  You can't tell a computer or ask it to decipher what kind of market you are in.  These are the intangibles that computers will never be good at.  They also can't manage risk on the fly dependent upon other variables that are constantly shifting in the fast moving markets.

Perfect example was today's price action when Foreign Minister of UK resigned, and I pounced on a higher volume short GBPUSD trades.  Un-programmable.

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Offline Trunk

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Re: What are your bad habits while trading forex?
« Reply #136 on: July 11, 2018, 07:58:34 PM »
Smoking weed is a bad habit?

Offline TraderAMG

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Re: What are your bad habits while trading forex?
« Reply #137 on: July 12, 2018, 02:47:57 AM »
When I was trading manually, excessive emotionality and panic prevent me. And also excitement! Earlier I could trade all night, and then sleepy made the wrong decisions.

Offline Paul.Trafford

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Re: What are your bad habits while trading forex?
« Reply #138 on: July 12, 2018, 01:47:30 PM »
Smoking weed is a bad habit?

In some countries is even illegal :D :D :D smoking at all could be classified as a bad habit, but we are all having some small disadvantages no ones perfect

Offline Eliza Abrams

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Re: What are your bad habits while trading forex?
« Reply #139 on: July 12, 2018, 02:33:37 PM »
I wouldn't know, I don't even drink because I can't hold my liquour at all.

Offline iMusingKiMi

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Re: What are your bad habits while trading forex?
« Reply #140 on: July 15, 2018, 05:37:29 PM »
Smoking weed is a bad habit?

How to trade after smoking weed when your reaction already much slower. LoL

Offline Eliza Abrams

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Re: What are your bad habits while trading forex?
« Reply #141 on: July 16, 2018, 03:03:34 PM »
Personally, I think it's a good idea to trade completely sober.

Offline Benjamin7

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Re: What are your bad habits while trading forex?
« Reply #142 on: July 23, 2018, 11:37:44 AM »
Many traders do a lot of mistakes while trading on the forex market. Because of these mistakes they lose their money. You must have full knowledge about the forex market. Because without knowledge about the forex market you can't do anything on the forex market. Thanks

Offline Eliza Abrams

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Re: What are your bad habits while trading forex?
« Reply #143 on: August 03, 2018, 02:42:19 PM »
Many traders do a lot of mistakes while trading on the forex market. Because of these mistakes they lose their money. You must have full knowledge about the forex market. Because without knowledge about the forex market you can't do anything on the forex market. Thanks

What mistakes do you usually make?

Offline Benjamin7

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Re: What are your bad habits while trading forex?
« Reply #144 on: August 18, 2018, 08:19:02 AM »
Many peoples come here with a lot of bad habits. They came here without the knowledge, technique, strategy and experience about the forex market. They also don't have the ability to control their emotions. These bad habits becomes the cause of their defeat.

Offline Eliza Abrams

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Re: What are your bad habits while trading forex?
« Reply #145 on: August 23, 2018, 03:27:23 PM »
What are your bad habits, Benjamin?

Offline norman

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Re: What are your bad habits while trading forex?
« Reply #146 on: September 21, 2018, 03:28:57 PM »
I have noticed that I always enter into a trade too early which makes me quite double minded. I cannot stay well patient for a long time which is my worst habit while trading. I do not know how to get rid of it although I try my best always. I need your suggestions!

Offline Eliza Abrams

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Re: What are your bad habits while trading forex?
« Reply #147 on: October 12, 2018, 02:08:35 PM »
I have noticed that I always enter into a trade too early which makes me quite double minded. I cannot stay well patient for a long time which is my worst habit while trading. I do not know how to get rid of it although I try my best always. I need your suggestions!

Figure out a strategy and a trading plan based on that strategy. Have conditions under which you are to open trades and don't deviate from them.

Offline Loperte

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Re: What are your bad habits while trading forex?
« Reply #148 on: October 26, 2018, 10:42:08 AM »
One of the bad habits that I had when I first started in forex was that i got bored with my progress. I tried to over-trade which always hurt me. With experience i have learned to control it. I will advise young traders to trade within a limit and don't over-trade.

Offline Eliza Abrams

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Re: What are your bad habits while trading forex?
« Reply #149 on: November 04, 2018, 11:43:30 AM »
One of the bad habits that I had when I first started in forex was that i got bored with my progress. I tried to over-trade which always hurt me. With experience i have learned to control it. I will advise young traders to trade within a limit and don't over-trade.

How long did it take to overcome this problem?

 

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