What is your hardest learned lesson in FX?
I ask this question as I would be very interested to see what hardships some traders here have gone through to learn something the hard way.
I have recently started my long and winding road in taking the first steps towards my albeit, hopeful future of being able to be a self-employed FX trader.
Already in the first 2 weeks of being live I have come across such obstacles I will be sure to remember for the rest of my life.
Personally for me, the hardest lesson I have learnt so far is to respect the market and take what it gives, as well as to not ask for more than what you can't have as a result of being unrealistic, and in all truths greedy. I have taken this as some great advice from a fellow FF member and buddy who's words spoke out to me deeply after I had been very fortunate enough to enter a trade which had increased my account size by 100%. Upon this in all the excitement I thought it would be a good idea to move my SL to BE and let it sail risk free in the hopes of making even more by the time I woke up the next morning. Of course, regretfully that morning I was only met by the absence of any new found profits to my trading account and an amazing opportunity missed because of thinking I knew better. Although I lost the money that I could have just taken, I feel that even so I have learned something far more valuable, and that is a lesson well learned to remember in the future and a mistake never to be repeated again.
I hope that perhaps my mishaps could help prevent somebody else from going through the same anguish as I did and I would also really like for this thread to be able to turn in to an abundance of other traders mishaps and experiences shared so that together we can all learn from each other.
I ask this question as I would be very interested to see what hardships some traders here have gone through to learn something the hard way.
I have recently started my long and winding road in taking the first steps towards my albeit, hopeful future of being able to be a self-employed FX trader.
Already in the first 2 weeks of being live I have come across such obstacles I will be sure to remember for the rest of my life.
Personally for me, the hardest lesson I have learnt so far is to respect the market and take what it gives, as well as to not ask for more than what you can't have as a result of being unrealistic, and in all truths greedy. I have taken this as some great advice from a fellow FF member and buddy who's words spoke out to me deeply after I had been very fortunate enough to enter a trade which had increased my account size by 100%. Upon this in all the excitement I thought it would be a good idea to move my SL to BE and let it sail risk free in the hopes of making even more by the time I woke up the next morning. Of course, regretfully that morning I was only met by the absence of any new found profits to my trading account and an amazing opportunity missed because of thinking I knew better. Although I lost the money that I could have just taken, I feel that even so I have learned something far more valuable, and that is a lesson well learned to remember in the future and a mistake never to be repeated again.
I hope that perhaps my mishaps could help prevent somebody else from going through the same anguish as I did and I would also really like for this thread to be able to turn in to an abundance of other traders mishaps and experiences shared so that together we can all learn from each other.