What was your biggest Forex mistake ? | Page 3 | Forex Factory

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What was your biggest Forex mistake ?

  • #41
  • Dec 9, 2009 1:40am Dec 9, 2009 1:40am
Quoting Zuke
Off the top of my head:

1. Averaging up/down...the second worst mistake a noob can make
2. Moving my stops
3. Placing unrealistic stops and targets
4. Fear of losses instead of embracing the vital information that they give you
5. NOT TRADING PRICE ACTION! - This is the worst mistake anyone can make
6. Being overly ecstatic with winners and over depressed with losers
7. Forgetting that FX is a BUSINESS, not a get rich quick scheme
Well said!

  • #42
  • Dec 9, 2009 1:40am Dec 9, 2009 1:40am
1) Looking at charts as something other than orders having been and being executed.

2) Analyzing history.
  • #43
  • Dec 9, 2009 1:41am Dec 9, 2009 1:41am
Quoting mtftrade
To trade.
  • #44
  • Dec 9, 2009 1:42am Dec 9, 2009 1:42am
Quoting mtftrade
To trade.
All righty then! That's an honest answer.
  • #45
  • Dec 9, 2009 4:27am Dec 9, 2009 4:27am
I manually closed a trade for a profit, but forgot to cancel the stop loss. Came back to the charts next day noticing a trade was active! What??! And NO stop loss / target around it! WHAT?! Turns out price had ranged +/- 20 pips around my entry. I was very lucky that I was watching and was able to close the trade +70 pips. Now I have a step in my rules for exiting to ensure all stop / limit orders are canceled when I exit a trade.
  • #46
  • Dec 9, 2009 5:48am Dec 9, 2009 5:48am
My biggest mistake?

Joining ForexFactory.com, of course!



Ok, guys.. seriously...

I really can't tell the order of relevance, but..

1. Averaging down ( = refund of account)
2. Not using stops
3. Not placing stops immediately when entering a trade ( if your energy goes down you're only 1 step far from a heart attack....)

Cheers!
Many share my views with me. But I don't share them with them...
  • #47
  • Dec 9, 2009 7:23am Dec 9, 2009 7:23am
My biggest mistake is to start trading Forex 3 years ago.
I lose my health, lose my energy, lose my money, lose my relationships, lose my time, lose money and devote to trading.
I believe that there is only 1% win in forex.

I just want to break even from what I lose and have a fresh start of something else.

good luck to you guys.

Trading forex is the hardest job on earth.
  • #48
  • Dec 9, 2009 7:34am Dec 9, 2009 7:34am
Getting in to forex it self!!!
  • #49
  • Dec 9, 2009 8:14am Dec 9, 2009 8:14am
Quoting vietcurrency
My biggest mistake is to start trading Forex 3 years ago.
I lose my health, lose my energy, lose my money, lose my relationships, lose my time, lose money and devote to trading.
I believe that there is only 1% win in forex.

I just want to break even from what I lose and have a fresh start of something else.

good luck to you guys.

Trading forex is the hardest job on earth.
maybe your biggest mistake is trying to break even.
how about giving it a fresh start right now with trading.
if 1% make it, wouldn't it be the goal to be in the top 1% ...?
three years doesn't sound like you give up easily, so if you can break even, can't you go beyond break even as well? so why is break even even an option?
Invincibility lies in the defence, the possibility of victory in the attack
  • #50
  • Dec 9, 2009 1:39pm Dec 9, 2009 1:39pm
Quoting neel123
Getting in to forex it self!!!
I think that the biggest mistake is to "get into it" and throw money at your broker as a short term venture. This is a long term proposition. You've got to position yourself (depending on your own personal financial situation) to make it through a very long learning curve period - much longer than you think it's going to be.
Also, "get into it" in a broader, more general sense - learning about market structure and participants, psychology of success and overcoming personal limitations etc...
  • #51
  • Dec 9, 2009 4:38pm Dec 9, 2009 4:38pm
Taking one over-leveraged trade, being rewarded for it, and thinking...

"Wow that was great, let's do that some more!"

Back to MM 101.....
  • #52
  • Dec 10, 2009 2:06am Dec 10, 2009 2:06am
Quoting Pips_Cruiser
My biggest single mistake was going out for a haircut on a Friday, one and a half hours before market close, with an open 1 standard lot long on G/J....But of course everything went wrong, every step along the way. Delays in traffic going there, delays at the barbershop, and more traffic delays on the way back....Then some kind of negative event happened over the weekend that caused G/J to tank..
Oh man....
sometimes bad things happen consecutively simultaneously
happens to everyone
  • #53
  • Dec 10, 2009 2:22am Dec 10, 2009 2:22am
I never made a mistake after I perfect my strategy. Though I lost in a lot of positions when I started, but that was because I didn't know what I was doing.

Would you call that mistake?
  • #54
  • Dec 10, 2009 2:51am Dec 10, 2009 2:51am
My biggest mistake has always been the fact that I like to believe people - kind of naive dude - like the time recently when I believed the guys selling the "NO LOSS ROBOT" - they said it can trade any market, any timeframe and it adjusts to market conditions - well, old naive fellow bought it - paid good money for it - and guess what? Right first time! Luckily I put it on a demo account - put in $500 and within ONE DAY FLAT it had emptied the account. Yes, I know what you're going to say - I was an idiot - but don't you think there should be a posse out there looking up these guys and fitting some cement shoes? Just asking...
  • #55
  • Dec 10, 2009 2:58am Dec 10, 2009 2:58am
And then I contacted them about their "no questions asked money back guarantee" - and guess what? Right again: they tell me that one should not panic - one should know that sooner or later it comes back again because it does not close the trades - there are normally several "floating" out there - but the fact of the matter is that I looked at the meter that shows all the trends on all the timeframes and guess what? Gotcha this time! Knew you would never guess it. Well - it went AGAINST all the trends all the time - that's what! Wonder how these guys live with themselves...
  • #56
  • Dec 10, 2009 3:16am Dec 10, 2009 3:16am
...and just by the way - they said it could go on to accounts from as little as $100 - he he and all that jazz - so much for the $500 dollar account it emptied in one day - wonder if they practice to get it so wrong or if it comes naturally....just wondering again...
  • #57
  • Dec 10, 2009 3:42am Dec 10, 2009 3:42am
trading itself is pretty boring and easy....what makes it hard and is 90% of the game, is being able to handle yourself! trading is all about yourself and your mind, not the system which is only a small part of trading...just not getting your mind right and the mind related issues you have in real life ALWAYS results in bad trading if you have not learned to get focussed and push the thoughts away which continuosly tell you thousands of things and most of the people do the mistake and listen to the thoughts so they become real.

you can have the highest probability system even a monkey can make money with- you fail, when your mind is not right. that's a fact and it needs time and experience to come to it in case you do not work on it from the beginning.


Quoting vietcurrency
My biggest mistake is to start trading Forex 3 years ago.
I lose my health, lose my energy, lose my money, lose my relationships, lose my time, lose money and devote to trading.
I believe that there is only 1% win in forex.

I just want to break even from what I lose and have a fresh start of something else.

good luck to you guys.

Trading forex is the hardest job on earth.
  • #58
  • Dec 10, 2009 3:59am Dec 10, 2009 3:59am
1. Starting real account without limited demo experimenting. I made 10.000usd in one week, then destroyed my entire starting capital. I didn't know what a trend was?!

2. Trading with others strategy without experimenting with them, to see which would fit my style.

3. Not enough patience.

4.Too tight SL.

5.Too tight TP, or too much TP.

6.Not paying attention to spreads, getting into pairs with 10spread for scalping. The horror, to even make it breakeven.

7. Overtrading.

8. Overconfidence.

9.Not enough confidence.

10. Wanting everything here and now.

Then I lost all my starting money, had to revise my entire life, and finally found ichimoku.
  • #59
  • Dec 10, 2009 5:36am Dec 10, 2009 5:36am
Quoting supremeChaos
Oh man....
sometimes bad things happen consecutively simultaneously
happens to everyone


Just loved it! sooooo true...
Many share my views with me. But I don't share them with them...
  • #60
  • Dec 10, 2009 6:48am Dec 10, 2009 6:48am
Quoting vietcurrency
My biggest mistake is to start trading Forex 3 years ago.
I lose my health, lose my energy, lose my money, lose my relationships, lose my time, lose money and devote to trading.
I believe that there is only 1% win in forex.

I just want to break even from what I lose and have a fresh start of something else.

good luck to you guys.

Trading forex is the hardest job on earth.
It is one of the toughest jobs on earth but so is being a doctor. These people actually have the toughest job as they save lives.

Forex trading is tough and you need to be strong minded. Only few people have made it out alive and are living an excellent life.

Take for example a person i know through a friend. He has been trading forex since 2002 and has not had any problems with forex apart from brokers deleting his trades. A lot of the brokers give problems but he has always succeeded in the long run. I do not know what he does but he has developed many strategies that are performing on a regular basis. I tried to ask for tips but he is hard to get to.
Investor with City Of Investment
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