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What is your biggest challenges so far?

 
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mattin64

What is your biggest challenges so far?

it really help everyone to know What is your biggest challenges during the training? Your struggles and findings can teach a newbie like me. Thanks

Thu, 07/16/2020 - 10:55am
 
broslansky

@mattin,

The biggest challenge for me was to manage my exposure. You'll find lots and lots of material on technical analysis. However, the number one goal I need to accomplish was Risk Management.

Reason is that every technical indicator is driven by historical data, prepping the trader as best as possible for probabilistic outcomes. Unfortunately, there is always the possibility of an expected tape bomb or a market manipulation, etc, that no technical tool can prepare the trader. When these unexpected behaviors happen, a poorly placed trade will blow up in your face.

So, before I enter a trade, I pre-determine the amount of Risk I'm willing to put to a trade, usually measured in a percentage of the daily loss. The pros use 2.0%; I'm not quite ready for that much risk and lean towards 1.0%, or so. Then, after the amount of risk is determined, I determine the likelihood of the trade hitting a predetermined stop. Putting the pieces together, I'm able to determine the size of the lot that I'm going to trade.

LMK if you need more details. Want to see you get funded!

 
ricksairs22

My biggest challenge has been finding a good strategy that I trust. I have one that seems to work a while then it will be completely off and ill lose trust in that and try and adjust it. I think that I was trying to get to complicated and now have more trust in it and it is very basic.

 
triguylm1

I have to admit risk management. My tendency is create a bias direction, and let the positions run while at work. And that's hard because Alveo is set up on my home laptop, yet, I have no internet at work. So, it's a leap of faith every time I let the trades run while away at work.

Almost every time, price will run a pull-back cycle and draw down the account, and next thing you know it's running into the positive. And without mobile access to the trades, I'm left in the dark as to when price reaches the profit target, and sometimes that connection is not recognized on the server. So when, I get home and turn on the computer, then the profit/loss order is executed. Again, that's part of the risk we sign up for. So good or bad, that's the reason for less leverage so price has less of an impact when things don't go your way during the price cycle.

Eventually, price does fit the planned scenario, it's just a matter of risk management and patience.

 
mike_smith

Risk management. And attending all risk management classes (presently given by kevin and rex).

The easier part is knowing risk is the problem, the harder part is never missing a class ;)

 
prosperalways

My biggest challenge is for my trades to commence at the buy price I have set. Unfortunately I have quite a few losing trades which would (and should) have been big winning trades!

 
Leo in Huronia

Biggest challenges: Over trading. I was hunting trades and trying to create winners. It doesn't work that way. Also, a lack of patience. I was trading when I should have been watching for good opportunities.

You could sum up both of these as a lack of self discipline. Trading is a study in discipline, if it can be summed up that easily.

Hopefully this is something useful for you.

Good luck, get green, and stay green!

Leo

 
Jan Steyn

one big step for me was when i started to build my own thought process.

Ex. Build my bias, Place S&R lines from Weekly(Thick Lines)/Daily(Dash Dot)/Hour charts(Dots), Any Patterns i can see clearly, Strength of the currency compared to other....

I started to put mine down on a Word doc and posted it on my computer wallpaper. Like this i always have my thought process in my face and i can also start to memorize it so that i can execute vary quickly.

You know. How will you ever know what you are doing wrong if you don't do the same thing over and over.

 
FrankS

My greatest challenge is balancing those good things I have learned over the years in highly regulated markets like stocks, options, and futures, but combining only certain aspects of that knowledge with a new set of unique strategies necessary for forex. While the technicals and price dynamics are basically the same, the Big Bank planning of their trades via the three major sessions around the globe (Asia, London, US), has been a new world of adjustment for me. And that mostly explains why I've been in G1 much longer than I ever anticipated.

 
djpenterp

One challenge for me has been finding the balance between confidence and being too cocky.