Wrong Mindset

Bearad

Private, 1st Class
Messages
53
Totally agree. Having realistic expectations before coming to trading is vital. I also met many people who had the idea that they will get rich the following day after their first day trading. Surely, they blew their budget and then said that forex is a scam. That is why, forex market has dubious reputation. I also agree with the fact that you'd better have not less than $10,000 in order to start trading. You'll have decent motivation and you'll not have to risk a lot in every trade, so you don't have the risks of losing the money at once.
 

Vo32ss

Private, 1st Class
Messages
76
Your thoughts are absolutely right.
Thousands of traders are misled by the fine pictures which they see in different movies or youtube videos and they start thinking that making money in forex in a piece of cake. The reality is completely different from their expectations but it is usually too late for them to realise it. Before investing your money in something, you've got to know what you are investing in. That is the first and the most important rule of investing. So, instead of watching the videos in youtube where young people claim that they own expensive cars and houses due to trading, you'd better visit such trading forums as this one and you'll see the truth which is ugly and challenging. This will help yu preserve your money and mind.
 

sebking1986

Recruit
Messages
369
Too many people come into trading thinking they will luck out and be driving around in flash cars before they know it rather than looking at it as a profession that takes years to get right (if you ever do) more akin to med school. If more new traders came in expecting to have to commit years to their education with no guarantee of a pay day it would more closely align with reality.
 

liability

Private, 1st Class
Messages
60
Too many people come into trading thinking they will luck out and be driving around in flash cars before they know it rather than looking at it as a profession that takes years to get right (if you ever do) more akin to med school. If more new traders came in expecting to have to commit years to their education with no guarantee of a pay day it would more closely align with reality.
Nicely said. I agreed with you that it is not easy to make a profit, but with education and knowledge, you can do better than half of the traders out there.
 

FriendlyFX

Sergeant
Messages
161
As above its the unrealistic expectations that drive new people astray .
If people treated it more like the serious business it is or like an apprenticeship they would prosper more
 

Luke_D

Private, 1st Class
Messages
53
Unrealistic goal will never end well, so it is best to come in trading with the right mindset and the right goal so that you know where to look on to.
 

HeavenLeighRob

Corporal
Messages
116
Mindset and psychology are definitely big factors, along with a variety of other things. Personally struggled with anxiety and not being confident enough in the beginning, while others can have the opposite problem.
 

Oswald Franklin

Private, 1st Class
Messages
40
Wrong mindset include revenge trading, overtrading or unrealistic expectations. But with such mindset, one can't go ahead in trading so you need to learn to control your emotions and choose discipline.
 

TareqS

Corporal
Messages
106
I agree on the note that traders need big capital to earn a decent amount of money. However, traders need skill to be able to make money. It does not matter how big a capital is. If a trader does not have skill, he will lose it. Mindset is important. A trader must be patient and never be in a hurry to make money. He must stick to his strategy and be disciplined.
 
Messages
266
I agree on the note that traders need big capital to earn a decent amount of money. However, traders need skill to be able to make money. It does not matter how big a capital is. If a trader does not have skill, he will lose it. Mindset is important. A trader must be patient and never be in a hurry to make money. He must stick to his strategy and be disciplined.

Agree with this skill and psychology still have to be there despite the size of capital. You also have to have experience of losing as well its important to harden your mindset to them because they will come
 
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