Topic: When Trading becomes Unfavourable - page 11. (Read 1648 times)

Becoming a successful trader is actually more of a process of forming a mental attitude that requires sufficient insight and knowledge (by intensely studying the techniques and fundamentals), sufficient practice and the application of self-discipline in shaping the mental attitude of a trader so that we can control emotions and greed. But don't just be mental too, but it must be accompanied by knowledge, therefore keep learning about traders who are diligent in analyzing and understanding so that the strategies we use are also not wrong so there is no need to change the initial plan to a new plan.

Indeed, changing the strategy mostly makes us lose, but not all of them. Sometimes changing strategies in the middle can also be profitable, so returning to the points above requires knowledge and keeping up to date with the latest news so that the decisions we make when trading are the right ones.

Actually you have made a point one of the major factors that affects trading, greediness is one of the major factors that a trader need to control its emotions and have a target during trading so that it can be able to make profit, the most thing makes traders to benefit from trading is that you have to learn trade and understand its protocols, so many people who venture into trading today do are into trading because they obtain the goods of trading by making profits, but it's not been done that way, in which I know quite well that trading is all about making money, you most have learn and understand the procedures of trading before you make money, but some traders doesn't acquire the full knowledge before trading and that is one of the things that contribute for losing in trade

I know people have those natural emotions like greed, as we are humans and we feel the need to want more, but it is only about how we control it. Greed is really not good in all aspects, and you should know it deeply because if not, you'll be eating by your greed and you'll be losing more in a trade. Also, if you have a trading strategy, I dont see why you keep changing it in the middle of a trade. I mean, what is the reason you have a written strategy and you just change it? For sure, it is about emotions, which is why you'll need to control them. Make a strategy on how to control them.

It's indeed good to stick to a trading plan and that should not just be any trading plan but a working trading plan which involves rules of entry and exiting plans, because you may be using the wrong trading plans which need adjustment or make changes to suit the market trading conditions. If you want to make change of plans it should be in accordance with the changing market  behavior .

The decision of whether to continue with your trade plan or whether to change plan at the face of adversity is not an easy one to make. I have seen a situation that people opt to sticking with their plan and the losses became too massive. I have also seen people changing plan and later their initial plan became a success. The best thing is not to fall into such a situation but it is not easy to avoid it totally in as much as you are in the market. Sometimes, exiting the market even at loss would be wise instead of taking some emergency and uncalculated risk.
Trading is not for everyone though, I have stopped day trading.

Totally agree, I've lost much money before understood that. Emotions, trends, "popular" opinions usually do not brings profit but total loss. Own experience and trading skills are the most important things in trading.

The factors that you mentioned are psychological problems, following the direction of trading comes from a feeling of fear and greed that makes the individual take incorrect decisions only because everyone does that. When the price drops, you find everyone selling, and when it rises, you find everyone buying. Psychological trading can be solved by automating trading, but developing a strategy that includes all scenarios and plans to deal with them will lead to better results, or at least when things go wrong, do not make any decisions because sometimes the cost of making a decision is good, and sometimes it is better not to take any reaction.

Trading is not for people who are controlled by their emotions.

There is no logic in sticking with the same trading strategy if you encounter losses, I won't hesitate to change the plans or at least stop the trades until I come up with better so this can reduce the chance of loss than doing nothing. So here it comes the Big role of Risk Management which means when the markets are dynamic so you should adapt to what is best according to the market condition.

It should be noted that the highest science that is most difficult to master is ourselves, our own emotions, remembering that sometimes we understand, for example, we shouldn't be greedy, and in the end we repeatedly make the same mistakes, trivial things but difficult to implement, and of course we itself is the cure for the disease. on the other hand trading is not just for us to trade and make a profit, but we can synergize with the market so that it becomes a law of reciprocity for our profits

This is a common mistake of new traders. They intend to lose money because they don't have 1 final decision everytime.
Best example is when they open their trade, they don't have a plan like how much is their willing lose on every trade, when is the stop loss, and what is target price.
Some don't have stop loss and they are hoping their entry will recover.

Actually its hard for someone to follow their plan especially when they enjoy their trades or they want to get more profits since for sure they will do a risky trades with that. But I think if you are a newbie its good that you experience those scenarios since you can experience the negative sides of the action you do and once you realize that mistake cost you some money then for sure you will never commit those again then you will be more careful on your trades decision and selections.

That is something usual to expect while doing trading. Not all the time that the wind is in our favor.

Well then, what matter here is, while having a tough road to getting a good run on trading, traders are building a good experience that can build a strong fundamental in their respective trading career. Just continue and someday, they should hit the goal.

However on the last statement, it might be true but sometimes we really need to shift gears providing how volatile the market is.

The main reason why someone's trading plan has changed because of emotion especially if he encounter losses. The doubt in your plan will start to come in if you lose in your last trade. Sometimes you didn't noticed that it is because of your emotion. That's why to backtest your trading plan to gain confident in trading, along with risk management. Also read books for trading psychology. Doing these will help you to overcome your challenges in trading.

Whether you do make out trades on middle way or path doesnt always end up on being a loss on which we know that the are really times that we did make a right call.This is why it would really vary considering that the

market is always been that unpredictable and there's no way on knowing on where it would be heading.This is why its really that hard to point out and as a trader then we would really be continuously be experiencing losses but eventually would be continuing on learning too which its the main benefit.This is why the more experienced you are, the more knowledgeable you would be on which it is really that totally in gap between those newbie or amateur gamblers who had just recently jumped in into this market. We are all gonna experience that unfavorable kind of condition and this is where your knowledge and skills would be applied in all the challenges that
you had faced in the past. You would be applying on what you do learn and would really be lessening up such risks.

You would be considered to be a good trader if you are that able to make yourself that sustain despite of the unpredictable market condition which had been always the main challenge on where
traders would be facing on. Just dont give up and try to learn up those errors or mistakes for you to become that efficient as the day or years passing by.

i hope there are many beginner traders and people who want to start trading reading this topic, how important it is to have a careful plan in trading activities so that the results can be in accordance with expectations, just imagine how wasted your time is if you are not able to make a profit in trading, a careful plan includes, good knowledge of trading, stable emotions and sufficient capital, if you prepare the three things above well then the final result of your trading will be satisfactory, slow down in learning to trade, nothing should be chased.

But sometimes it is good to change plan with market condition but only for those who are expert in market and do know when to time the market but still this is not some skill that will provide one the hundred percent results. So, efforts makes the man more successful so keep trying for best strategies which would increase more decision making.

Point is, we should be more dependent on ourself instead of other or others news because here we see a news from an unofficial platform there we try to exist from the entry or vice versa. Such acts are foolish and lead us to greed and we all know greed is curse. So we should try not to fall prey to any market sentiment instead we should try to follow our own plans as you said but plan must be good too.

Trading itself is not unfair, we are the ones that creates an unfavourable conditions to how we trade along the line, if you have a sound and clear understanding of trading together with it's patterns, you could have a better experience in doing it, also if you can create ad develop a modest personal interest, character and skills in learning and making trading decisions, you could stand a better chance for a required positive experience in trading, whenever you're not getting what you want in trading, then look around, check and balance some areas about yourself.

I totally disagree - especially if you have to change your long term to short term plans out of necessity.

As long as you sell it in a position that benefits you financially - then you are free to make changes to the plan. Trading shouldn't be so rigid - sometimes you also need to make adjustments instead of sticking to a strategy that isn't more profitable. I hope you see what I mean - but it's not too hard.

even with all of this you are saying, trust me many will still do what pleases them forgetting that trading is not Grambling. it has to do with lots of discipline and psychology. Newbies now in this new generation are all about making quick cash, forgetting that its NEVER done that way. i wish many will learn somethisomething from here.

Trading can be considered as a PVP match since you are competing with other user to have a good buy and sell price in order to win in trading. Many forgets that you will on,y earn on trading if someone losses since the orderbook is came from other traders too that setup buy and sell order aside from the liquidity provided by the exchange that automatically adjust based on the setup price of traders in the orderbook.

It’s unfavorable on trading if you don’t know how to trade well and can’t outsmart other trader to have a better trade.