Crazy/Stupid mistakes you committed during trading

Any traders here guilty of stupid mistakes when you trade forex? Lets share it here and do not be embarrassed about it

Let start with me:

- Long when I suppose to be on short!
- Setting limit order at the wrong price! (Very early in the morning and was up from bed just a few minutes before)
- Jumping into wrong currency pair (Shorting EUR/USD when I'm suppose to short EUR/CHF)

buying back my position but instead of buying back(closing my position) I sold more....

I believe that THE biggest mistake you can make is.....wait for it......LOSE MONEY

Happy trading
@materyb

used same reason for different trade -- the next day
held onto trade after trade's reason expired

thought 'just one more turn' in a channel
news jumped price one way, got caught; then other way, ignored it

shorted the bottom
bought the top
tried to get price moving repeatedly, when it's narrow and sideways

exited a big run early
held onto a small loss

lost half then gained double then lost two-thirds, in five minutes
felt wrong, looked right, lost

i hope that's a joke, as that's part of the game not a mistake.

I've blown 5 of my life account... and the mistakes is.. i really dont know what I'm doing.... sometimes u may assumes that your trading systems is good but its not... my 1st account blown by using EA's....2nd account blown by using someone else trading system... 3rd, 4th and 5th account blown because i really dont know what / how / why that make the market move..
Now im survive with my 6th account... i've no job.. actually i quit my job to become full time traders.... and I've learn the hard way... really hard way to become what Im now... well, im just a man who fight a loosing battle one after another...

a position over the weekend and seeing the mother of all gaps sunday night

oh and the worst part watching the news and knowing your in the shit with no control

1) Because every position i took went the other way.... i seriously thought that my broker was out to get me....so i started to take "opposing trades" to my strategy.. lost those too.

2) Started flipping a coin to determine entry (to many beers and a crummy couple of days)

3.) After loosing a couple of trades in a row, i decided to increase the lot size dramatically to "win it all back".... friend of mine pointed out i did this using the same loosing methodology that cause the first series of losses.

4) Borrowed money to fund a large account to trade, BEFORE being successful in trading demo/micro

5.) Thinking that cause a FF member has 10+ vouchers meant that "he/she" was a good trader

6.) Placing trades based on the analysis from guys on the EURUSD thread.

But the dumbest was:-

7) Paying for one of those $97.00 EA's/Forex Strategy

crawl back to your job... study forex part time. STOP LIVE TRADING NOW.

demo trade until you can do so profitably. Do not trade on credit or loan only use risk capital.

Seriously STOP NOW.

biggest mistake, is over leverage.

not only does it f*ck with your mind
it f*cks with your ability to do anything but watch and pull the plug,

over-leverage is a bad mistake

yeah thanks for seeing the irony but a mistake many do is to get caught in a situation in which they can lose lot of money for reasons they don't understand! thats bad!

S&M...

Beginner's mistake was to take a trade and to forget about upcoming news event (and a huge spike).
Another one is relying on mental stoploss with supposed-to-be highly reliable internet connection. Same goes for using a trade managing MT4 addon that stores data at PC and not at broker's.

i cannot forget my first & worst live trading mistake:
a 'fat finger' loss

back in 2006 (if i remember correctly) when i was starting out....for whatever reason (cant remember now), i accidentally pressed the Close trade button, which resulted into a substantial loss on my first trading account.

of course, like many traders, i still commit mistakes (mentioned here or not) many times.. but relatively less compared to prior years.

we cant help but wise up in this business.

forgetting to check lot size each and every time, then forgetting that i had changed it on the previous trade to an amount i no longer wanted. an error i tend to keep doing on occasion. it's like preparing to leave the house.... shoes socks shorts undies shirt watch (now equates to mobile) wallet keys! currency pair lot size stoploss buy/sell/close!

Buy and hold.....terrible mistake. Buffet days are over. You have to T_R_A_D_E .... that means be active and cut your losses short and let your profits run. . .

I was trading US news, know where trend is going, but enter wrong side, lost huge amount fast, closed as lost.

the 2nd one is knowing your system, but still enter wrong side of trade.(this is very bad).

the 3rd is hold a trade even you know the trend is reverse already, and you hope it go back. (as if accept loss, and enter the reverse, not just cover the loss, and turned into profit)

the 4th not a mistake but most of trader have it you know what your system is, but just did not spend enough time to do trade. (because my time zone is PST which is not a good time zone to do trade. or I should trade only US session and Asian session no European session)

buying a currency instead of selling it or visa-versa.

Overtrading- trading 15-20 trades a day; Reversing from a short position to a long position (and the opposite); Not setting a stop loss order, and if I do, I usually remove it before the currency get it.

Some doooooozies:

Went to move stops to break even or trail profits and typo'd them further away giving up profits or even taking a loss.

Went to move stops to break even or trail profits and accidently closed the trade.

Went to modify the current trade but accidently hedged in the opposite direction. Not a huge biggie.. just gave up the spread plus a few pips extra, but still. I was at $5 a pip on the guppie. spread was 12 pips at the time plus 2-3 pip loss on top of that. The bigger mistake was trading too large for my account size in the first place even though that position was in profit overall.

When my broker switched to 5th decimal pricing, I kept using the mt4 stop entry thingy and kept putting in 30 and getting stopped out. I needed to put in 300. That took forever to figure out wtf was going on. I thought the broker was screwing me over. duh.... lol.

By far, though, the biggest mistakes have been trading too large for the account size, using high leverage, and revenge trading.

By trading smaller and at lower leverage, my per trade profits aren't as large, but losses don't phase me and thus I never feel the need to revenge trade. Morever, my equity curve is nice and smooth to the upside and I"m ending up with the same return at the end of the month as when I was trading larger and having massive equity swings and stressing it all the time.

Also, I learned to put on a trade and walk away to let it play out. You don't dig up a seed once you've planted it. You take care of it, but it isn't going to grow any faster just because you're watching it. Water and weed it occasionally. eg manage stops, add-ons, etc when appropriate.


And finally, something that took me a while to get was to trade with meaningful money. When each tick represents something like a credit card payment or part of a car payment it's difficult to be objective about the trade. By being debt free and trading money that has no effect on my lifestyle, I trade much more fluently.