First of all before reading i like to excuse for my English because it's not my mother tongue.
Hi my name is Frank, and i'm for someone who's looking at this kind of living, very young. Trading is something that caught my eye around my 14th year on this planet, and since then i'm sold. I believe the possibilites and freedom of trading are amazing. The best thing about this is because i'm so young i do not have the pressure of supporting a family and all that kind of stuff, this gives me more time to study the charts and to make mistakes, because mistakes aren't always a bad thing.
But enough about me lets talk about trading
I made this tread simply because i think the feedback on this forum is amazing, and hopefully i can help some noobs, to learn from my mistakes i encountered. And hopefully i learn from you're ideas. because i'm far away from being an expert.
The lessons i learned for new traders (you can skip this if you just wanne read why i'm here)
i'm your typical noob and did almost every thing people told on this forum not to do, but because you sometimes just have to experience failure to succeed and learn.
- I overleveraged a lot, a lot of people start with trading forex because they think it's easy and they're gonne be a millionaire in a year or so. This makes people take enormous risk just because they think it will make them earn a killing over night. just like them i made a nice amount of money, but the problem with overleveraging, when it's coming down your pretty much insta f*cked. ALWAYS ONLY USE 0,01-2% OF YOUR ACCOUNT, LESS IS MORE
- Countertrading: Our mind is not programmed for most people to deal with failure (my opinion), when we lose we our brains shorts, and makes us even more emotional. When i tryed my second time with an account i got a nice 125 to 400 in a couple of months, i never was so proud, but after the 3th maby 4th lose a lot of people start to get emotional, you take another trade and another trade and before you know, everything is gonne. WALK AWAY AND ONLY TRADE WHEN YOUR FEALING GOOD, was the next (expenisve for me lol) lesson i learned.
- Cutting, winners and letting lossers run: again, a lot of people can't deal with emotions. We cut winners because we're scared that it will end up in a losser, and we let lossers run because we do not want to accept that we're wrong, it will go they other way in a couple of minutes. again, maby it will work sometimes but most of the time the market will not be on your side ALWAYS USE A SL believe me, it's better to lose a couple of bucks than your whole (400) account.
The most stupid thing you can do is to make a mistake, and not learn from it. Thats also why i made this tread, for myself to see what i did and to see what i did wrong, with hopefully feedback what other people can do to not make the same mistake.
The next post will be about the way i'm gonne trade, I will create a trade explorer when i got a little more time, because i'm going to schotland next week. I believe everyone could make a couple of pips a day, when you open up to the possibilitys the market gives you
Hi my name is Frank, and i'm for someone who's looking at this kind of living, very young. Trading is something that caught my eye around my 14th year on this planet, and since then i'm sold. I believe the possibilites and freedom of trading are amazing. The best thing about this is because i'm so young i do not have the pressure of supporting a family and all that kind of stuff, this gives me more time to study the charts and to make mistakes, because mistakes aren't always a bad thing.
But enough about me lets talk about trading
I made this tread simply because i think the feedback on this forum is amazing, and hopefully i can help some noobs, to learn from my mistakes i encountered. And hopefully i learn from you're ideas. because i'm far away from being an expert.
The lessons i learned for new traders (you can skip this if you just wanne read why i'm here)
i'm your typical noob and did almost every thing people told on this forum not to do, but because you sometimes just have to experience failure to succeed and learn.
- I overleveraged a lot, a lot of people start with trading forex because they think it's easy and they're gonne be a millionaire in a year or so. This makes people take enormous risk just because they think it will make them earn a killing over night. just like them i made a nice amount of money, but the problem with overleveraging, when it's coming down your pretty much insta f*cked. ALWAYS ONLY USE 0,01-2% OF YOUR ACCOUNT, LESS IS MORE
- Countertrading: Our mind is not programmed for most people to deal with failure (my opinion), when we lose we our brains shorts, and makes us even more emotional. When i tryed my second time with an account i got a nice 125 to 400 in a couple of months, i never was so proud, but after the 3th maby 4th lose a lot of people start to get emotional, you take another trade and another trade and before you know, everything is gonne. WALK AWAY AND ONLY TRADE WHEN YOUR FEALING GOOD, was the next (expenisve for me lol) lesson i learned.
- Cutting, winners and letting lossers run: again, a lot of people can't deal with emotions. We cut winners because we're scared that it will end up in a losser, and we let lossers run because we do not want to accept that we're wrong, it will go they other way in a couple of minutes. again, maby it will work sometimes but most of the time the market will not be on your side ALWAYS USE A SL believe me, it's better to lose a couple of bucks than your whole (400) account.
The most stupid thing you can do is to make a mistake, and not learn from it. Thats also why i made this tread, for myself to see what i did and to see what i did wrong, with hopefully feedback what other people can do to not make the same mistake.
The next post will be about the way i'm gonne trade, I will create a trade explorer when i got a little more time, because i'm going to schotland next week. I believe everyone could make a couple of pips a day, when you open up to the possibilitys the market gives you
