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Post Your Mistakes

  • #1
  • First Post: Oct 17, 2007 9:59am Oct 17, 2007 9:59am
OK, here is my first.

I followed the Pinbar/Shooting star to trade short EUR, even though eur was in an uptrend and it was @ a conflicting fibo-level of 38.2%

it was this...
http://i24.tinypic.com/1zgrji0.png

But.... it turned into this
http://i24.tinypic.com/2j4yljr.png

Lesson(s) learnt: When in doubt, stay out!
100% of traders are losers. Just that some win more than they lose!
  • #2
  • Oct 17, 2007 10:29am Oct 17, 2007 10:29am
What time frame was that? And how many pips did it go in your favor before going against you? At first glance it looks like a good quick short. I might have taken it too.
  • #3
  • Oct 17, 2007 10:38am Oct 17, 2007 10:38am
Quoting Mr demark
OK, here is my first.

I followed the Pinbar/Shooting star to trade short EUR, even though eur was in an uptrend and it was @ a conflicting fibo-level of 38.2%

it was this...
http://i24.tinypic.com/1zgrji0.png

But.... it turned into this
http://i24.tinypic.com/2j4yljr.png

Lesson(s) learnt: When in doubt, stay out!
Check the THIRD candle from right in your first picture. The trade reached the 38,2% level perfectly and the one after that (2nd candle from right) went below, BUT closed ABOVE the 38% fib-level. FIRST WARNING!!

The last candle shows a LONGGGG spike UP and retraced back to end as a "short" candle, BUT closed ON the 38% fib-level. There is no ways in hell that you short here just based on these observations and secondly, the 38%-level is one of THE most dangerous levels for "bouncing".

Lastly, notice that the 38%-Fiblevel is also a previous support to the left.

You do not mention what TF this is from as it also plays a role in your decision making process.

Best wishes.
Hercs
  • #4
  • Oct 17, 2007 1:21pm Oct 17, 2007 1:21pm
Quoting Hercs
Check the THIRD candle from right in your first picture. The trade reached the 38,2% level perfectly and the one after that (2nd candle from right) went below, BUT closed ABOVE the 38% fib-level. FIRST WARNING!!

The last candle shows a LONGGGG spike UP and retraced back to end as a "short" candle, BUT closed ON the 38% fib-level. There is no ways in hell that you short here just based on these observations and secondly, the 38%-level is one of THE most dangerous levels for "bouncing".

Lastly, notice that the 38%-Fiblevel is also a previous support to the left.

You do not mention what TF this is from as it also plays a role in your decision making process.

Best wishes.
Thank you for your observation. As we all know a fresh eye is always helpful. When i took that short i took it with consideration that the market REJECTED the 38% fib with an inverted hammer. So looking at the previous candles i went short with that rejection in mind.

I was using the 4H time frame.

thanks for the observation and remarks. It could have went either way, but because of the doubt i should have stayed out.

I hope i wont have to post here for a very long time
100% of traders are losers. Just that some win more than they lose!
  • #5
  • Oct 17, 2007 1:38pm Oct 17, 2007 1:38pm
Good analysis. I think the lessons learned from our mistakes are more enduring than the ones learned from our victories. As they say, "experience is the best teacher but her fee tends to be rather high".

I could potentially spend a lot of time in this thread.
  • #6
  • Oct 18, 2007 3:26am Oct 18, 2007 3:26am
Mr. deMark,

Your comment........."I hope i wont have to post here for a very long time"

Does this mean that you are going away or what? I thought this Thread had potential ??

Thanks for your comments Opie.
Hercs
  • #7
  • Oct 18, 2007 4:38am Oct 18, 2007 4:38am
Quoting Hercs
Mr. deMark,

Your comment........."I hope i wont have to post here for a very long time"

Does this mean that you are going away or what? I thought this Thread had potential ??

Thanks for your comments Opie.
He means that he hopes not to make lots of mistakes, otherwise this thread might become his home : jk
Trade what you see, not what you think.
  • #8
  • Oct 18, 2007 11:04am Oct 18, 2007 11:04am
Quoting opie999
Good analysis. I think the lessons learned from our mistakes are more enduring than the ones learned from our victories. As they say, "experience is the best teacher but her fee tends to be rather high".

I could potentially spend a lot of time in this thread.
I hope u dont Have to post as many mistakes though. But We can learn from everyone's mistakes
100% of traders are losers. Just that some win more than they lose!
  • #9
  • Oct 18, 2007 10:12pm Oct 18, 2007 10:12pm
Here's a different kind of mistake. More of a miscalculation but annoying nonetheless.

I entered a market trade, long 1.4233, at 04:00 GMT. It hovered quietly, mostly lower, for about three hours before I had to go to bed which was at about 07:00 GMT, 24:00 my time (US MT). I set a 10p TP and a 14p SL and hit the sack. When I checked the next morning, the price had blown right through my TP by an additional 66p! I took 10 but I could have scored up to 76 had I set my TP a little more aggresively!

I know I should be thankful it wasn't a loss but it still sucks that I have to place my trades during asian trading and go to bed just before euro opens. On hindsight I should have set my TP at 20 or even 30 above entry but I hate more than anything when price stops short of my TP and reverses back to hit my SL.
Attached Image
  • #10
  • Oct 18, 2007 10:24pm Oct 18, 2007 10:24pm
Quoting opie999
Good analysis. I think the lessons learned from our mistakes are more enduring than the ones learned from our victories. As they say, "experience is the best teacher but her fee tends to be rather high".

I could potentially spend a lot of time in this thread.

not to worry..........you'll have me to keep you company !

my mistakes come when i'm too tired and forgot to follow the rules and just go ahead...........especially on gbp/usd which i told myself not to touch......

by the way, what method you using, opie ?
  • #11
  • Oct 18, 2007 10:43pm Oct 18, 2007 10:43pm
Hey, findie.

I'm using a custom indicator (DeMark-Mouteki) with trendlines and S/R lines and sometimes I throw on some fibos. Other than those, it's just candlestick patterns. K.I.S.S.
  • #12
  • Oct 19, 2007 6:07am Oct 19, 2007 6:07am
Quoting opie999
Hey, findie.

I'm using a custom indicator (DeMark-Mouteki) with trendlines and S/R lines and sometimes I throw on some fibos. Other than those, it's just candlestick patterns. K.I.S.S.

wow....so technical ah.........

i was looking at candlestick patterns but doesn't seem to be very reliable.

even the much vaunted hangman and hammer can be misleading.
  • #13
  • Oct 20, 2007 3:08am Oct 20, 2007 3:08am
Quoting opie999
Here's a different kind of mistake. More of a miscalculation but annoying nonetheless.

I entered a market trade, long 1.4233, at 04:00 GMT. It hovered quietly, mostly lower, for about three hours before I had to go to bed which was at about 07:00 GMT, 24:00 my time (US MT). I set a 10p TP and a 14p SL and hit the sack. When I checked the next morning, the price had blown right through my TP by an additional 66p! I took 10 but I could have scored up to 76 had I set my TP a little more aggresively!

I know I should be thankful it wasn't a loss but it still sucks that I have to place my trades during asian trading and go to bed just before euro opens. On hindsight I should have set my TP at 20 or even 30 above entry but I hate more than anything when price stops short of my TP and reverses back to hit my SL.
That is hindsight, my friend. Why not set a Trailing stop @ 14? It would have given you more than 10 pips.
Hercs
  • #14
  • Oct 20, 2007 10:10pm Oct 20, 2007 10:10pm
Yes, greed! Muwahahaa!

I also think a trailing stop would have been my best play. Naturally I thought of that after the fact but thank you for confirming it for me, Hercs. Each trade is a learning experience.
  • #15
  • Oct 20, 2007 10:45pm Oct 20, 2007 10:45pm
One of the most expensive mistakes I've ever made was not using SL, now I know losing $200 is a lot better than losing $2000.
  • #16
  • Oct 21, 2007 7:54am Oct 21, 2007 7:54am
OKOKOK I've got one...

Last Thursday I saw EUR/USD made little retrace for the day... to me this suggested that price may continue up later... EUR was flatlining... so I went long at 1,4276... My stop was super tight at 1.4270... waited for a good long while... went to bed... I was hoping for a breakout that night... and I actually had some nice profit going even though there was no breakout... I though I would wake up in the morning and just collect whatever profit was on the table...

I had not set a limit... !!!

And so of coarse in the morning I woke up to a stopped out position...

Broke lots of my own rules here, and let a winner become a loser !!!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 10 KB
  • #17
  • Oct 21, 2007 7:56am Oct 21, 2007 7:56am
I learned a lot from your mistake above... I learned a lot because of the replies given here... things that I can actually use !!!

I hope more mistakes will be posted here... I like to learn...
  • #18
  • Oct 25, 2007 8:29pm Oct 25, 2007 8:29pm
We can all learn by looking at our mistakes...

No one else has made any mistakes ??? I'm the only one ???
  • #19
  • Oct 25, 2007 9:25pm Oct 25, 2007 9:25pm
The most expensive mistake I've made:

over exposure: trade too large a size and "hope" price will come to my favor. It cost my over 50% of my account value.
  • #20
  • Oct 27, 2007 7:22am Oct 27, 2007 7:22am
i was long on the usd/chf and when prices dropped i bought more and more then gave up when my close friend advised me to do so......though i was sure the price will come back.....and it did.

then i jumped onto aud/jpy and that dropped a lot too and got out with a loss of almost 50% drop from a/c high.......

don't do anything you're not sure of......almost always backfire.....
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