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Post your Trading Mistake and How you overcame it

  • #21
  • Jul 17, 2017 12:12am Jul 17, 2017 12:12am
Quoting hasib
Learning from own mistake is smart but Learning from other people mistake is wise.
Can most humans learn from their mistakes? NO. They make the same or other mistakes.

Real traders know this and profit from it.
You came here for the truth and let me unveil it for you
  • #22
  • Jul 17, 2017 1:31am Jul 17, 2017 1:31am
Quoting VEEFX
{quote} So, more talk instead of showing us the specifics and factual evidence of what "YOU" do. All this psychological mumbo jumbo sounds great to preach but VERY LIMITED NUMBER OF HUMAN BEINGS CAN DO THIS FOR 2+ YEARS let alone their entire trading career. Challenge#3: Show me one trader out there who is maintaining a daily log of his/her trading mistakes for a minimum of 3 years!
fuck off
  • #23
  • Jul 17, 2017 4:37am Jul 17, 2017 4:37am
Quoting VEEFX
{quote} Yep.. truth generally hurts ! I am on a mission for fucking trolls out here preaching garbage. Try this, try that, keep trying, don't give up, failure is not an option, look in the mirror, holy grail is within me, be emotionless, learn to take a loss, be immune to loss, you cannot win without losing, use stop loss, it is okay to have 30-pip loss to win a 500 pip high reward trade, place stop loss x pips above high/low, just deposit $100 and play with house money, play with bonus money, do this MM and you will turn rags to riches. UTTER NONSENSE!...
I can agree only for 50%.
I use technical instruments to find entry price, TP and SL. So I can check history and see - is it working or not. My biggest mistake was - I wanted get all money what possible (like it some threads: from 1000 to million...), used instruments where I haven't to do and result was - lost profits, part of deposit.
I didn't found free strategy in internet - all was too complicated or not working. Analysis must be simple - result must see most of traders (include banks, etc.). My best instrument I found many years ago, but it took time to understand best rules for my deposit amount. Now I just have to be patient and after years it will look very nice.
  • #24
  • Edited 5:56am Jul 17, 2017 5:45am | Edited 5:56am
About deposit amount. If have 10 000 and one trade give +200-300EUR and in month its minimum 1000, you won't risk much, because in most countries its enough for living. If its 1 000EUR, in month only 100EUR for full-time trader is nothing. So what trader thinking - better place more units on trade, risk more, don't take profit, because maybe it will reach better price, TP will be twice more...
For most strategies what I found, loses starting when trend is changing. If it's 1D, 1W charts and one of first trades with high risk - loses can kill account. That kills most of swing traders who even don't know where to better take profit or stop loses. For that reason I like fibonacci levels where I have all prices.
  • #25
  • Jul 17, 2017 5:50am Jul 17, 2017 5:50am
This thread needs to move to Trading Discussion section....
Unless we are interactively posting our mistakes....
  • #26
  • Jul 17, 2017 6:23am Jul 17, 2017 6:23am
for me it was stuck in bad trades and waiting for a miracle for changing the direction!
  • #27
  • Jul 17, 2017 9:36am Jul 17, 2017 9:36am
Quoting eaX
My big mistake is I am an aggressive and angry person and always fight with the market and loss money, I knew I will never be a trader so I changed to EAs developer. Regards
do what you do best at mate.
This is not investment/trading advise. Will not hold accountable for loss
  • #28
  • Jul 17, 2017 3:12pm Jul 17, 2017 3:12pm
my single biggest mistake i believe was to be underfunded.
cant make a good income, or a living from 200$, or 1000$ without taking on oversized risk, and with a normal balance of emotions.
and opening/funding another, the another small account wont do any to change that fact.

it might work out with small accounts, but simply most trader will lose discipline, as making even 10% a month on 200$ account is 20$, nothing when comes to spend the money anyway, but spending hours a day trying to pull 10% off, not based on a lucky trade, but say 20x 0.5% gains, is a lot of work time, effectively for not much.
the "dark side" is very tempting, to go for a high risk, or all in, and there is 100s of % to brag about....many do. few mentions that 100s of % is in fact 100-200$ gain! if not demo at all! last i checked 1 million demo dollar was still worth 0 real dollar!

one needs to decide which is more realistic long term target, 500% on 200$, or 1% on 50k?
cos in $$$ term both 1000$, that might just put food on the table, but will it do for 1 lucky months, or in a sustainable way?
if the conclusion made, all is left to work toward that target equity, and it means more conventional work ( a job) than trying to trade gamble a way to it.
there is always, always another trade!!
  • #29
  • Jul 17, 2017 7:43pm Jul 17, 2017 7:43pm
Hello to all.
I just made a costly mistake last week. Instead of sticking to a 87% winning strategy I decided at the spur of a moment to place a news trade that went against my rules and lost 260$ (a month of profits). back to square one with money management and interest compounding. lesson learned

From now on I will remind myself of this situation and stick to the plan no matter how lucrative it looks. Greed blows accounts and keeps you from growing.
  • #30
  • Jul 17, 2017 7:54pm Jul 17, 2017 7:54pm
Well lets see, mistakes #1 started trading Forex #2 still trading Forex .
  • #31
  • Jul 18, 2017 5:32am Jul 18, 2017 5:32am
My mistake was to underestimate Money Management and limiting losses.
  • #32
  • Jul 18, 2017 5:52am Jul 18, 2017 5:52am
For me I would say one of them is trading on lower time frames. That was a disaster for me.
  • #33
  • Jul 18, 2017 6:02am Jul 18, 2017 6:02am
The basic important bits of my own journey:

  1. Finally accepting that I couldn't trade (took about 2 years from the beginning)
  2. Finally accepting that other traders' charts and particularly their ABC type of way to trade them had some good information in there but often contained serious contradictions
  3. Finally accepting that I would have to learn how to trade by myself (a key moment)
  4. Focusing on the good PA stuff that other people had offered while also using my own logic and common sense to iron out the contradictions in a way that made sense to me
  5. Removing all indicators from my charts
  6. Remaining grateful to those who have helped me. There are not many out there who are willing to help others while not expecting anything in return. But the one or two people that did help me really made a huge difference

  • #34
  • Jul 18, 2017 8:59am Jul 18, 2017 8:59am
1) Patience was my biggest mistake, whats the rush. I'm gonna make money maybe not today, so who cares! Wait for my setups!

2) After a losing trade, I had to learn to let it go and wait for another setup. As soon as I overtraded, this would go downhill............not good.

3) Using HTF for determine higher probably turning points with S/D is key.

Being a reversal trader, requires patience and learning to let it go. At key turning points if the market decides to do something different then what I expect I need to let it go. Removing emotions and waiting for the next setup. The market can do 5 things when it comes to areas of high volatility, S/d zones, and OB/OS areas. (Reversal, Breakout, Fake Reversal, Fake out breakout and Hovering), being able to identify this and removing my emotions, and my positions is the key.
Learn, a forex trader must, unlearn and relearn he will.
  • #35
  • Jul 18, 2017 9:06am Jul 18, 2017 9:06am
Quoting COGSx86
1) Patience was my biggest mistake, whats the rush. I'm gonna make money maybe not today, so who cares! Wait for my setups! 2) After a losing trade, I had to learn to let it go and wait for another setup. As soon as I overtraded, this would go downhill............not good. 3) Using HTF for determine higher probably turning points with S/D is key. Being a reversal trader, requires patience and learning to let it go. At key turning points if the market decides to do something different then what I expect I need to let it go. Removing emotions and...
I would like your post but I'm a iunior member. But I agree with you that is also a big issue with me is patience. Because of that this is my 3rd account. Being in a big rush to go nowhere.
  • #36
  • Jul 18, 2017 12:31pm Jul 18, 2017 12:31pm
The biggest problem I have is to be at the computer, at the right pair, when the setup occurs. It still remains somewhat a problem with the market going 24/5.
  • #37
  • Jul 18, 2017 1:36pm Jul 18, 2017 1:36pm
When I was but a rookie trader, I tried to trade the NFP. LOL! Lesson learned.

Now I take the first Friday of the month off and go for a drink instead.

Another rookie error was trading the DAX late on a Friday night not realising that it closed. Nice big gap after the weekend cost me $45 in less than a second. Another lesson learned: pay attention to market opening times.

Another rookie error; carefully calculated TP level, but inputted it incorrectly. What would've been a nice profit went to stop loss instead. Lesson learned: double check every single entry, every single time.

Another rookie error: I opened a position (think it was JPY/USD) and before I'd had a chance to set take-profit or stop-loss, the market rocketed upwards. $250 profit in less than a second. Turns out I had unwittingly opened the position a few seconds before a major financial news announcement in Japan. It worked in my favour that time, but could just as easily have been a big loss.
Lesson learned: look at the economic calendar before you place a trade.
  • #38
  • Jul 18, 2017 1:53pm Jul 18, 2017 1:53pm
Problem : In my pursue to achieve the maximum consistent forecast of the price direction, I ended up complicating things to the point that I've first went through all kinds of exotic indicators, than through all kinds of esoteric methodologies. After nearly mastering the Action & Reaction methodology from Alan Andrew, I realised that I've missed a simple yet powerful thing about technical analysis.

Reason for the birth of the problem : It makes me feel better when I manage to cherry pick an exact turning point of the trend.

Consequences : Loses

Reason for consequences : It's imposible to do that consistently and objectively.

Solution : I've learned to analyse the charts with simple yet efficient Dow Theory.
Higher highs, higher lows.
Lower highs, lower lows.
The truth is hidden from you
  • #39
  • Jul 18, 2017 2:07pm Jul 18, 2017 2:07pm
Problem: Lack of consistency in identifying the correct trend. I've understood that in order to be profitable, my average loses must be outweighed by my average profits.
The only way I could achieve that is by being a trend follower. I don't know the future due to my lack of insider information. Therefore I don't know whether a trend will start/continue/retrace/end. On the other hand the only way for me to possibly profit from my correct forecast of the near future events, is to be in the trade. So just like in poker, I must pay a small ammount upfront to even participate. If I see that things are not going as I expected them to be, than I will fold (close my trade) and experience a small loss in order to avoid a possibile bigger loss. If things are going my way, than I will check/call (move my stops to break even and than trail them closer to the current price). Once again I don't know the future, and the only thing I have really in control is my trade management, which I must use to minimise my loses. Since I've started on poker, than I'll add another point - nobody forces you to play every game.

Solution : Using the simple dow theory, I identify with the help or nearest swing high/lows whether the trend is bullish or bearish. Since I'm a pure intraday trader, it is essential to me that I take into consideration the nearest price history to the current moment.
The truth is hidden from you
  • #40
  • Jul 18, 2017 2:19pm Jul 18, 2017 2:19pm
When I was a newbie, I tried to overcome loses by over trading. it was emotions actually and foremost mistake in my trading career. By the way I have overcome from this by proper trading discipline as well great patience.
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