Why do traders fail?

Karin42 said:
Traders fail because they are not patient enough to learn what it succeeds to pass. You can never win if your greed and ego overcome your desire to learn and study the market movements.
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yes i have studied market since 1994.....i wanted to be the best trader in the world.....i do not focus on money....market movements do not seem to have any sense-my sisters and friends all have asked me what i can understand by the manic movements of the markets..
they cannot understand these movements because they believe it is impossible to understand.
i have always believed markets have sense...but even then it took me 20 years to have a clue
 
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padutrader said:
yes that is critical......but you have to make 'good' high probability trades and not rely upon your stop to compensate you for sloppy trade craft

also you have to be well capitalized....i have come to realise that....in my 10 years of trading forex the average capital i have used is around 200 usd.

i have now decided to deposit 7000 usd trade one standard lot and scalp eurusd using 5 min.

20-30 pips a day means 200-300 usd: good money where i come from enough to have a comfortable life style

It is also important to trade high probability setups.and trades have to be technically logical:entering in a bull move when a good bull bar is formed,with stop below the low ,adding/entering long when the high of a down bar is taken out...with the stop being below the down bar low...are two examples of simple set ups which are logical and offer logically placed stops
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Wow Padu that's pretty awesome, that you were able to make a go of it, trading with $200. Seems like commissions would have crippled you at that level. Good luck with the $7k account!
 
i hope i dont jinx it, for the past few days i am going green almost to the tune of 70 % win rate. Almost 20-40 contracts a day with average hold of less than 2-5 minutes. Average trade in terms of dollar value around $65. Today i tried a different strategy and held for longer gains and came out good almost 69 % win rate and only traded 15 contracts in total. I also tried what others suggested, putting in a trade with just 1 contract with stoploss and take profit defined and went out to finish some chores. i shorted the es @ 2817 and left it there to either hit the stop loss 1.25 points or take profit at 2810.5 with a trailing stop of 3.5 points. Was pleasantly surprised when i came back. that trade netted $225. my trailing stop got hit at 2812.50. i initially wanted to set TP @ 2807.5 but changed it to 2810.50 since i would not be watching the trade. it was no stress and i think it suits betters than staying glued to the screen, cos i always tend to jump ship at first sign of small reversal or pull back.

still a rookie with a lot more to learn and also not going astray but staying disciplined and sticking to trade and position management. phew long way to go but looks like i finally found the path.
 

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volpri said:
Ok what does your calculations say about the ES on that chart? Short or long? Or is it not enough info in the chart for whatever calculations you use?

What would your brain say if the chart looked like this?

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volpri,

I will answer for schweiz,

It is satisifying to stare at chart and having a decision to make.

My brain would say, go short market order fast as you can, join the party.
 
I saw a technical analysis of the trader, which says that the price has broken through the important support of resistance, and the trend turned down. Do I understand correctly that by the end of the week (month) the price could be below 4000, perhaps 3500?
 
What makes short term trading so difficult? because it needs to be precise.

and you do not have time to think much.

what makes it easy? because you do not need to think.....if you know what you are looking for
 
GrowleyMonster said:
Wow Padu that's pretty awesome, that you were able to make a go of it, trading with $200. Seems like commissions would have crippled you at that level. Good luck with the $7k account!
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that is true if i was trading stocks...i dont
i trade forex eurusd usdjpy....and i have traded with,as low as, 5 usd!
 
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There is only one reason why traders fail. They want it easy, and it's never easy in forex. Many come to forex thinking that it is a bed of roses, only to find it's a tough bone to be chewed by the stongest of teeth. If you lack interest, you'll quit at your first loss
 
IamaMars said:
There is only one reason why traders fail. They want it easy, and it's never easy in forex. Many come to forex thinking that it is a bed of roses, only to find it's a tough bone to be chewed by the stongest of teeth. If you lack interest, you'll quit at your first loss
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many do not realise that forex market is not regulated while some forex brokers are regulated.

you seem to have a great sense of imagination and command of english language.Forex is a bed of roses if you can survive and bear the thorns

the forex inter bank market cannot be regulated-there is no central exchange- and so the big boys can do many things that in other exchanges-stock commodities and futures like cme-would put them behind bars before you can say forex.

however and since you can trade with 5 usd anyone can and does trade you do have to be rich to trade.
that said you do have to understand market forces to make a profit and be extremely street smart.this is important in forex since it is unregulated.
it is however the most liquid market in the world
 
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