How do people fail at this?

BaconSandwich said:
It's a tough one, perhaps the most crucial question of them all?

My own personal route was to self-learn by trial and error, learning what did and didn't work. I come from a data analyst background so I was comfortably able to record all variables from a quantified point of view, thus being able to drill down into what does work whilst finding out why...and also being able to drill down into what doesn't work whilst also finding out why. Long story short; you find a middle ground and explore potential edges.

I do often wonder what attributes or background a potential trader needs to come from in order to make a fluent transition - there's certainly some industries that lend themselves to being advantageous.

Again cutting a long story short, to become correctly educated IMHO you need to go it alone. If you don't hit the mark then you don't hit the mark. I'd ignore all online resources. You have a chart in front you, that's all that matters - nothing else. Keep it really simple. Voilà! (after a good few years)
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BaconSandwich,

Thanks for your response. It's always good to read other thougts on day trading.
 
Greed can be big reason for many one, because when I have started as a demo account, I have face this everyday but then learned to control it.
 
ktmtrader said:
And talking about psychology - the first real trade you put on you will discover what trading psychology is all about. This will take you years to master. Eventually you will read books on it. These are the ones you should read: Trading in the Zone and The Disciplined Trader by Mark Douglas.
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Seems like I've seen this book recommended a number of times over the years, so when I ran across the audio book on YouTube yesterday, I decided to listen to it after I went to bed last night. (I sometimes get bored while waiting to fall asleep and find the "waste of time" more tolerable if I'm listening to something of interest.)

Based on what I heard when nodding off or half awake, the book seems great for what it does, but I felt like Douglas kept saying the same thing over and over again, like a hundred different ways. It's part of the problem I have with reading books, yet a lot of people must certainly benefit from this kind of repetition. But in my case, I found that having a winning strategy to practice the implementation of took care of a lot of the psychological aspects of trading, so for me, I think this book would have had to have been just one facet on my studies had reading books been a significant part of my "training" for dabbling in the financial markets (which it was not).

But no doubt, this is probably exactly what the author had in mind, that his book would be just one facet of its readers' preparation to trade financial assets.
 
Like everybody else already said you need to play with your hard earned money to feel all that desperate feelings many come trough. I wouldn't even start with something like Forex on training money or so. It's like playing PC games with cheats. You need to start from tutorials on that forum.
 
Almost every forum that talks about forex has a thread on something like "why most traders fail" or thereabouts. You should consider checking out these. Demo accounts are good for getting familiar with trading, but if you need the real experience, trade on a mini account before going live.
 
Wait until you get into live trading and tell us how well you are doing with that smooth trading strategy you've discovered. Believe you me you'll wonder if you won't believe you are still trading with your own account or not. There are some things are different between demo and live accounts
 
BaconSandwich said:
I do often wonder what attributes or background a potential trader needs to come from in order to make a fluent transition - there's certainly some industries that lend themselves to being advantageous.
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I’m a strong supporter of educating one’s self (though of course, one must get the requisite information/knowledge from somewhere).

What helped me was basing my journey on biblical principles (1 Thessalonians 5:21; Matthew 16:1-3; Luke 12:54-56; and Mark 13:28 or Luke 21:29-30). A lot of people think disciples of Yehsua make their decisions based on blind faith, and perhaps many do, but I think it wiser to model one’s self after the Bereans, who were open minded, yet examined all the information at their disposal every day to see if the things they were being told were in fact true (Acts 17:11).

Also, my background in psychology—knowing that the effectiveness of an intervention has less to do with its components and more to do with whether its practitioners are the same people who developed the program, so that they fully believe in it; have total buy in; and are the leading experts in, with complete understanding of, every facet of its delivery (because they are the ones that came up with it)—very much predisposed me to coming up with my own trading system.

And finally, my experience as a career educator only added to the cynicism with which I instinctively evaluated all the advice I heard being offered by so-called experts, who I believe, more often than not, are simply parroting something they read in a book somewhere or what they were told by one of their superiors during their own training—something I found to be the norm all too often among the education establishment (sorry to say).
 
Oh my! This post just made me laugh. I have a piece of advice of advice for you. Stop trading on a demo account and start using real money. With that mentality, a live account can give you a shock and since we still need you to get answers to your questions, a cent or mini account would do you good
 
It is not the fault of Demo account. We fail because we do not take demo as a serious learning tool. So after demo, we can not able to manage real money.
 
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