What was your biggest Forex mistake ? | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Why your broker is your friend and your enemy 8 replies

Post your mistake here - warn others 129 replies

how much was your biggest loss in forex? 12 replies

Post your Trading Mistake and How you overcame it 45 replies

Why "just" trading forex is a mistake 5 replies

What was your biggest Forex mistake ?

  • #61
  • Dec 10, 2009 10:55am Dec 10, 2009 10:55am
Telling my mother in law what I'm busy with and why I don't like office slavery any more.
  • #62
  • Dec 11, 2009 2:29am Dec 11, 2009 2:29am
Quoting MaxF
Telling my mother in law what I'm busy with and why I don't like office slavery any more.
Oh man! Ouch! That is bad.

  • #63
  • Dec 11, 2009 2:32am Dec 11, 2009 2:32am
Quoting MaxF
Telling my mother in law what I'm busy with and why I don't like office slavery any more.
Wow, with bravery like that, you could do well in this business.
  • #64
  • Dec 11, 2009 11:23am Dec 11, 2009 11:23am
When I started trading about 7 years ago I made a few profitable trades, a couple of losers and then lost complete faith in the trading naked approach and went searching for the answers in forums such as the Trading System found here on FF.

That was most definitely my biggest mistake, as I have wasted my time with various systems over the years only to end up back at square one and making a profit with the naked approach. This time around I have a lot more faith in the long term profitability of this approach and can (relatively) happily suffer a couple of bad trades as I go along.
  • #65
  • Dec 11, 2009 11:28am Dec 11, 2009 11:28am
1)win with small lots,
lose with big lots.

2)over confident with the signal given.

3)Always follow majority.
  • #66
  • Dec 11, 2009 12:58pm Dec 11, 2009 12:58pm
I had been testing a scalping strategy on demo for a month when I got a signal in the middle of the night 2am EST.
In my mindnight haze I didn't realize that I was logged into the live account, not demo. Having the mental facilities of a zombie and not really caring about proper risk or money management I entered a rather large size.

Upon check to the trade's status in the morning I was dismayed to discover my Live account balance was significantly lower than it was the day before.
  • #67
  • Dec 11, 2009 1:04pm Dec 11, 2009 1:04pm
Quoting BontBoy
When I started trading about 7 years ago I made a few profitable trades, a couple of losers and then lost complete faith in the trading naked approach and went searching for the answers in forums such as the Trading System found here on FF.

That was most definitely my biggest mistake, as I have wasted my time with various systems over the years only to end up back at square one and making a profit with the naked approach. This time around I have a lot more faith in the long term profitability of this approach and can (relatively) happily suffer...
Thanks for your post!

I'm sure that many will agree - I sure do - that they had the same full-circle experience.

I was really pissed for a while about the waste of time on total nonsense and scams but, now I just chalk it up to experience and I'm glad that I'm still here.

Good Trading!


BTW: There are a few good threads here: Picture Tennis, The Video Store etc.
  • #68
  • Edited 1:06pm Dec 11, 2009 1:05pm | Edited 1:06pm
2, 4 and 6 are huge take-aways from my last 2 years of trading. It took me about 1.75 years to finally learn from these mistakes.

PS - I'm still trying to make ichi work for me ; -)

Quoting béte humaine
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...
  • #69
  • Dec 11, 2009 1:07pm Dec 11, 2009 1:07pm
My biggest folly was trying TOO hard to understand and call off of all of the charts I would see posted on other forums or signal services!

I believed that if THEY put a Support or Resistance @ x.xxx then it MUST hold up right?!

LMAO!!

Believe in YOURSELF, and when YOU are ready to understand how and why some of these market habits exist, it will seem that much more like common sense!
  • #70
  • Dec 11, 2009 1:22pm Dec 11, 2009 1:22pm
Quoting therbcoe
PS - I'm still trying to make ichi work for me ; -)
Best of luck at making it work.

Just joking around! All the best!
  • #71
  • Dec 11, 2009 1:53pm Dec 11, 2009 1:53pm
Making $12,000 in in 1 day in my first week of trading ( I was 20 then, people i worked with called me TRUMP,lol). Looking back it was the worst kind of beginners luck I could have been given. After that it was the same old story, overleveraged trades, no concrete strategy, trading all night then going to work.
Annoying Precision
  • #72
  • Dec 11, 2009 2:09pm Dec 11, 2009 2:09pm
Quoting murci
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.
This is a fairly good analogy. The hard thing about forex & any "zero sum game" is that one serious mistake can end you. Just like if the doctor makes a serious mistake when he's operating on you - that can end you, too.

So, my biggest mistake has been allowing myself to make big mistakes. Most of my mistakes have been the typical newbie ones: trading without risk management, trying to average out of losing trades and doing it poorly, position sizes too large, etc. But, at worst, when I have made these mistakes, I have made them in a BIG way - and suffered BIG losses.

Making mistakes is human and therefore is inevitable. But the matter of degree is important. For instance, taking a small loss on a losing trade is not a "mistake" - its just a necessary move in the overall game that one must learn to execute more or less mechanically. So, as I get more experience as a trader, I am always trying to think ahead about what my mistakes can and will be and to plan for those, to adjust my method so there is ample room for those mistakes - and to ensure that they won't become BIG mistakes.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #73
  • Dec 11, 2009 2:10pm Dec 11, 2009 2:10pm
So what are you saying...now that you have perfected your strategy you never lose?

Quoting sgnlskn
I never made a mistake after I perfect my strategy.
It's me...
  • #74
  • Dec 12, 2009 1:47pm Dec 12, 2009 1:47pm
trading while high.
  • #75
  • Dec 12, 2009 2:49pm Dec 12, 2009 2:49pm
Pretty cliché; never took trading as an damn serious business contra something to just mess around with. I also underestimated the amount of effort, pain, frustration, boring days and dedication this game took.
Measure twice, cut once
  • #76
  • Dec 13, 2009 9:49pm Dec 13, 2009 9:49pm
Quoting béte humaine
........
4.Too tight SL.
........
Reminded me of something that I read back in my days of CFD trading - it went something like this:

My biggest trading mistakes:

1. SL too tight.
2. No SL.
3. SL too tight.
4. SL too wide, will try bringing it to breakeven.
5. Brought SL to breakeven too quickly.
6. Didn't bring SL to breakeven quickly enough.
7. No SL.
8. No account.

Not trying to make fun of you in any way, but I couldn't resist positing this.
Glad you've found your own profitable modus operandi. Well done.
  • #77
  • Dec 13, 2009 11:54pm Dec 13, 2009 11:54pm
Quoting MaxF
Telling my mother in law what I'm busy with and why I don't like office slavery any more.
that cracked me up ..
  • #78
  • Dec 14, 2009 1:23am Dec 14, 2009 1:23am
Setting rules only to break them whenever I felt the situation "warranted" it.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #79
  • Last Post: Edited 1:34pm Dec 14, 2009 2:04am | Edited 1:34pm
looks to me that most of, if not all, the posts are about mistakes in trade planning and psychology
0 traders viewing now