Why do many traders lose? - page 3
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Simple. Because many of them start trading before they know how to trade.
Google translation :
Stage One: Unconscious incompetence
This is the first step you take when starting to look into trading. you know that its a good way of making money because you've heard so many things about it and heard of so many millionaires. Unfortunately, just like when you first desire to drive a car you think it will be easy - after all, how hard can it be? Price either moves up or down - what's the big secret to that then - lets get cracking!
Well, this is the first step - it is absolutely clear that you know nothing about trading. This stage lasts a week or two, but the market is fast and you move on to the second.Stage Two: Conscious incompetence.
Stage two - it you will realize that there is much work to be performed.
You become aware of their incompetence - you do not have the skills or insights to receive regular income.
Stage Three: Eureka!
And finally comes the enlightenment!
At this point in the brain there is a new link.
Then comes the fourth stage.
Stage four: Perceived competence.
Stage 5: Unconscious Competence
You are running on autopilot.
I have heard these stages of knowledge from other sources, but it works well in trading as well as in other parts of life. Here is how I learned it.
1. You don't know what you don't know.
2. You know that you don't know.
3. You know how to do it. (Like you know how to drive to your new job, etc.)
4. You do it without having to think about it.
(I am listening to the audio files I have recorded from it, will update this more accurately later as I get to the spot on the recording.) Edit: Found the recording, and the levels given are basically the same name, just do not remember the "Eureka!" part, but the rest is identical, Unconscious competence, etc.
Edit #2: This applies to other things in your life as well, not just trading.
Because greed will turn into fear,
and because they do not have a clue about how to calculate the edge.
lack of efforts.
finding signals instead of self trade.
listen to others instead of use your own brain.
rely on what other people says.
rely on entry. no money management.
believe what you see not what you think.
no stoploss
Very good points and information. I hope to learn a lot from you guys.
I hope to as well, and I hope to be able to keep learning up until my last breath on this earth.
If you have a good strategy no need to use stoploss.
It depends on the strategy, in my opinion. If you have a strategy that uses some way to make sure you don't give back all the money you earn from your trades, then while it might not specifically be called a stop loss, it serves the same function.