This can be expanded on as the chat develops, but the two main points are: 1)-bands-traders don't know enough about "bands" to trust their buy (you buy the lower 1/2, sell the upper 1/2) - you need to know you bought the lower 1/2 to "set and forget" it. Bands are moved systematically by MMs, if you know how to read them, you can see it. 2)-impatience, usually exacerbated because their position is to large a % of their overall capital to wait any further. If you downsize to 1/2, for example, once you're tired of the wait, then waited the same amount of time gave the first wait, you'd score the big gain with 50% of your original "over-sized" buy-better than missing out. Remember, "the wait" is the accumulation period of the pumper. Follow-ups welcome!
Since January of this year, I have been focused 100% on trading and I'm at the point now where I think trading is easy and now I'm scared.
Trading is not easy, it's hard work, you earn every penny. It's easy to make money, the trick is developing a set of trading skills so you keep your gains. Capital protection is job one. You're scared because you know it's not easy, but don't have enough intel built up on risk/reward management, so underneathe, you know you're vulnerable to a hit. Plenty of finer points, happy to share. I'd be curious about what you've traded and how you select entry points for the flip. Simply ask.
Hehe, you'd probably get more responses if you stopped punching people in the face. (Sorry, that is a personal hang-up I have about that emoticon. I know it is meant to be a fist-bump, but seriously, it looks like a punch to the face.)
The whole market is a punch in the face. I wasn't saying nooby_mcnoob was emotion-based, I was explaining to him what the typical trader's fatal flaw is. I can always back up what I say about craft and how to play this game, so if it sounded like I was punching him, I wasn't. Anyone with the courage to admit their newness deserves ultimate kudos for have the courage to admit it. I'm not a face-puncher, I'm a colleague who makes 3000+ trades a week, nothing's automated, with consistent gains, so there's a lot of knowledge to share that comes with that. I am always happy to talk shop and craft, giving back to other traders so they can grow is the best part of all of this. Oh, I just realized you were talking about the emoji-ok-point noted. Maybe they need two fists-side view, as a better one.
New traders sell at the worst time mostly because they don't have a proper plan about when to enter or exit from the trades. And all this happens due to lack of knowledge of the forex market.
Because of their lack of information about the forex market, newcomers have a tendency to sell their deals at the worst possible time. They also get impatient and make impulsive decisions, resulting in financial losses.
Lack of proper knowledge and control over emotions. Most of the traders panic when the market goes down which results in making impulsive selling decisions.