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FOREX DIARY

WHAT IS YOUR WEAKNESS IN TRADING

By thongPublished about a year ago 5 min read
FOREX DIARY
Photo by Frederick Warren on Unsplash

"The greatest enemy of life is yourself", the Buddha's teaching that I personally like and love the most. It is not surprising that I can

nhatkyforex.com/diem-yeu-trong-giao-dich-forex/

say that: you are the only - the biggest obstacle on the way to becoming a successful forex trader.

This is not a negative or pessimistic view, we need to take 100% responsibility for our failures - losses and face them

to find a way to solve the problem(s)

In trading and in each person's life, these negative things do not exempt anyone: your ego, your actions, and your emotions when facing the forex market

However, this is not an article that will make you feel sad when reading it. We'll turn negatives into positives in a moment. I'll show you how you can turn them into tools that will help you make profitable trades, and a happier life if possible.

Imagine each of these points as a link in your forex trading chain. If one side of the chain is weak – it will weaken and even break a strong chain. Check your links.

EGO OF THE MIND

Since the majority of forex trading is done by men, their ego can be a big problem. Studies have shown that women are more successful in trading than men because they are less confident in their abilities than men.

Hormones drive the ego, and men are naturally more inclined to take risks than women, due to testosterone.

In trading, men tend to take greater risks, take risks more often, or both.

Women are more comfortable with safety, and they are better at managing risk.

So if you are a man, it is natural that you are born with certain weaknesses in the trading field. This does not mean that you will fail, but it means that you need to be more careful, more mindful of how your hormones and ego will negatively affect your forex trading activities.

This problem will be solved by studying, training, planning and practicing discipline.

THE MARKET IS THE ONE WHO UNDERSTANDS THE MARKET AND PRICES BEST, NOT YOU.

When people look at the electronic board, a very reliable signal may appear right in front of them, clear and obvious - but they may not take advantage of it.

People tend to trade what they think and act what they think, rather than what the market tells them (in the form of signals).

Don't try to predict what the market will do tomorrow, just observe and don't guess. If the market tells you a clear signal, don't

think twice. Just act, and then again don't guess.

It's important to take responsibility for your trading plan, and sometimes your third eye will act, in a random way.

There will be times when something inside you tells you to go for it. You may listen, you may not, but you have to try

Never define yourself by the paper "I am a bear" or "I am a bucket", instead, always adapt to all conditions of the forex market. Do not favor bears or bears, do not assume that the market must be a bear forever just because you love this animal, while the market itself is clearly transforming or has transformed into a big black bear

PATIENCE

"Patience", this is probably the 1000th time I have written these two words, but there is no secret that successful traders have a terrible patience, to the point of "pathological" in the way most people think.

I am not talking about the usual kind of patience, I am talking about the most counterintuitive emotion that people have to deal with in all aspects of life against the need for instant gratification.

We are designed to want instant gratification for our desires. And as forex traders, we need to fight this gene when we want instant results.

Standing on the sidelines and watching - waiting is an obvious strategy, doing nothing is doing a lot, this is part of patience. Another important part of patience is to trust and let the trade do its job, don't touch it, just leave it alone

(unless something obvious happens, which is rare).

LIKE TO BE RIGHT, STAY RIGHT AND HATE TO ADMIT WRONG

Basically, we humans have an instinctive need to be right, and have a hard time justifying when we are wrong. This is a disaster in the trading world

There are even many people who accept losing money but do not accept a losing trade. They only like straight trades. I myself was the same when I first started trading forex and blew up quite a few accounts just because I did not like losing trades (even though no one knew I lost). It's instinct, it's a big stupid ego.

Realizing that losing trades are something that can never be avoided free, and they are a form of "cost" to operate the transaction, was a big step for me. I started to accept the losing orders, accept the stoploss and stick to it. The ego gradually shrank and I didn't even bother to care about it anymore.

I NEVER KNEW A DAY TRADER WHO WAS PROFITABLE IN THE LONG TERM

Speaking of the past, Forex attracted me because of one of its supposed "superior" points. You can buy and sell in seconds. I can trade dozens of orders in an hour, as if it were a normal thing.

I know the image of a "day-trader" is very attractive, but unfortunately I don't know anyone who is successful in trading like that. And uhm, we trade

forex with the hope of a better life, but if we spend all day toiling and entering and exiting orders and looking at the electronic board, it seems like we don't have much time left for "a better life"

The fact is, the more you trade, the less chance you have of being successful in forex trading. The more you trade, the worse the quality of your trades, the more risk you take, etc.

I've talked about this issue so much in other articles, you can read them again, a few more times.

(There are successful, sure-footed day-traders. But I don't know if they've heard of them. I mean, most of the people who are successful in forex / stock trading are people who trade very, very little and if you're new or still struggling to make a profit in forex, learn from them.)

MOST OF THE EVERYONE PEOPLE WHO DON'T THINK ABOUT TRADING THIS WAY

You trade in competition with others, if someone loses money, will that money go into someone else's pocket?

Traders can think of their trading as a competition, a sport of swordplay between individuals, between themselves and others. Or you can think of it like this, it is a competition between you and yourself. All you need to do is simply be better than you were yesterday. Be more disciplined, more patient, more confident,

You are not trading in competition with machines, think of it as a competition between people, or more deeply, between you and yourself.

This can help you, as it has helped me, become more confident and more motivated, more responsible.

And you can beat another person sitting behind the screen because the province is also trading forex, you can and absolutely can beat the

version of yourself yesterday.

work

About the Creator

thong

Your life may change after reading everything I write.

If you find it useful, please give me a subscription and leave some comments so I can improve my articles.

Thank you very much!!!

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