Crazy/Stupid mistakes you committed during trading | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

3 Mistakes you make over and over again... 23 replies

Do You Make Any of These 7 Trading Mistakes? 25 replies

Crazy broker spreads during NFP 5 replies

Trading Psychology: Mistakes in a Trading Environment 32 replies

Crazy/Stupid mistakes you committed during trading

  • #21
  • Sep 8, 2011 1:56am Sep 8, 2011 1:56am
Quoting JR97

By far, though, the biggest mistakes have been trading too large for the account size, using high leverage, and revenge trading.
I've read about some pretty horrible stories of people getting their emotions all worked up and then go toe-to-toe trading the market... I understood pretty quickly that psychology and emotional control are two big aspects of trading, and I now take those two subjects considerably more serious.

This was a very great thread to read; maybe it can get a sticky?
  • #22
  • Sep 8, 2011 8:44am Sep 8, 2011 8:44am
me:

-not having SLs
-Overtrade
-Trade the news
-Perception
-Too small account
-Impatient
...
  • #23
  • Sep 8, 2011 12:45pm Sep 8, 2011 12:45pm
Another simple stupid mistake to make is setting up mt4 on a new computer and not changing the default lot size. I typically fire off multiple entries instead of a larger single entry and set the stops a little different on all of them.

The other day I fired off 4 entries on a fresh install not paying attention to what the lot size was because I'm used to mt4 remembering my last lot size on my other pc. Suffice it to say I ended way outside of my risk tolerance for an initial entry.

My initial entries are much smaller and then I scale in. I nearly sh*t when I was only down 10 pips and saw the account down a significant amount. Once it came back a bit, I closed most of the entries and just took the smaller loss rather than risk taking a huge loss on a margin call. At the lot size I had accidentally entered at, it wouldn't have taken more than 20 pips down.
  • #24
  • Sep 8, 2011 3:54pm Sep 8, 2011 3:54pm
After changing brokers, took a bit of head scratching for me to work out the new one was using points and not pips - duh!
Audentes Fortuna Juvat
  • #25
  • Sep 8, 2011 6:50pm Sep 8, 2011 6:50pm
Quoting Nijee
After changing brokers, took a bit of head scratching for me to work out the new one was using points and not pips - duh!
a point is a point is a point. it's value is meaningless until given a specific value.

i think you mean 'pipette'.
Congratulations ScalaFX for coming out of the closet!
  • #26
  • Sep 8, 2011 9:25pm Sep 8, 2011 9:25pm
my biggest mistake was when I wanted to enter short on gold for long term trade 0.01
I typed wrongly 0.91 and I just relised that after my position was filled and with few minutes gold went crazy up and I lost my acocunt (it was 500 $ ). lesson learned : always double check the volume lot before hiting sell or buy
  • #27
  • Sep 9, 2011 1:57am Sep 9, 2011 1:57am
my first account
survive for 10 days

omg...

and lost $10k to that case


when the price is climbing, i start puting my bet...
1st time, ok
2nd time, a bit thrilling but still ok
3rd time... s nightmare... still manages to lock my loss

but then... when i see the market starting climbing...
i let down my guard, and it give me a 1-2-1 (jab - jab - jab + straight)

and that's the end of my $ 10 k
  • #28
  • Sep 9, 2011 5:21am Sep 9, 2011 5:21am
Revenge Trading.
Over trading
hedging
impatience
Greed
Fear
unrealistic expectations
fighting the market

Hell, the list goes on and on and on.............
  • #29
  • Sep 9, 2011 4:03pm Sep 9, 2011 4:03pm
Quoting nubcake
a point is a point is a point. it's value is meaningless until given a specific value.

i think you mean 'pipette'.
Yes strictly correct but who uses that $#%&ing stupid term. If your broker uses 5 decimal places, than that is the "point"
Audentes Fortuna Juvat
  • #30
  • Sep 9, 2011 6:57pm Sep 9, 2011 6:57pm
lol lol lol

i dont know what to say but this thread is so funny , lol

on a serious note i too made some stupid mistakes :

1. no stop loss
2. no take profit
3. randomly buying and selling
4. over trading
and worst of all tracking the rates at fxstreet.com from work and calling home to have my wife buy or sell after london close to catch a retrace of the major move of the day , it worked big time , took my acc from a desperate $200 to 2200 in 48hrs, if it had happen on a friday i might have kept it lol!!!!!!!!!!!!

but the key problem that we all have as losing traders is Discipline

we can all develop it by doing it in our daily lives , i plan to start simple by going to work on time and always wearing my uniform and then it can trickle into my trading
  • #31
  • Sep 9, 2011 11:17pm Sep 9, 2011 11:17pm
Quoting Nijee
Yes strictly correct but who uses that $#%&ing stupid term. If your broker uses 5 decimal places, than that is the "point"
who uses that term? people who are looking at pipette charts! that's who.

you obviously have no idea what a 'point' actually is.

a 3 digit broker still quotes 3 digit points. a 10 digit broker still quotes 10 digit points. so person A looking at a chart where a point represents 0.01 is speaking about something entirely different to someone talking about a chart where a point is 0.001, which is different again to someone talking about a chart where a point is 0.0000001.... see the POINT?

EVERYONE'S chart is quoting points! but not all points are equal!

it's like deciding to call a centimetre a mile. or a rabbit a dog. it's not correct in any sense of the term. a Pip is a Pip. a Pipette is a Pipette. these values do not change and are universal, apart from the leftmost shift on JPY pairs. a POINT is whatever the hell the charts smallest step size is, which will be different between 2 charts, and between 2 people.... it's not static as you have assumed to use it.

you are welcome.
Congratulations ScalaFX for coming out of the closet!
  • #32
  • Sep 10, 2011 9:41am Sep 10, 2011 9:41am
Quoting nubcake
who uses that term? people who are looking at pipette charts! that's who.

you obviously have no idea what a 'point' actually is.

a 3 digit broker still quotes 3 digit points. a 10 digit broker still quotes 10 digit points. so person A looking at a chart where a point represents 0.01 is speaking about something entirely different to someone talking about a chart where a point is 0.001, which is different again to someone talking about a chart where a point is 0.0000001.... see the POINT?

EVERYONE'S chart is quoting points! but not all points...
Common usage also creates convention. Was not arguing about strictures, as I stated previously you are correct but who is using the term pipette? Certainly not the 5 digit brokers. Wow, are there brokers out there quoting to 10 decimal places now, I wasn't aware of that but will accept your word on that. Have only been forex trading for a relatively short time but in other financial instruments like interest rates the convention is that basis "points" are two decimal places.

Thank you for pointing out a rabbit is not a dog - priceless.
Audentes Fortuna Juvat
  • #33
  • Edited 9:55am Sep 10, 2011 9:49am | Edited 9:55am
Quoting Nijee
Common usage also creates convention. Was not arguing about strictures, as I stated previously you are correct but who is using the term pipette?
it's not like anyone is going to die if the wrong term is used... but, for the sake of meaning what one says it's important to use the right term, because a point is purely ambiguous and people will assume... and assume wrong.

Quote
Wow, are there brokers out there quoting to 10 decimal places now, I wasn't aware of that but will accept your word on that. Have only been forex trading for a relatively short time but in other financial instruments like interest rates the convention is that basis "points" are two decimal places.
no way. was just exaggerating the example to make the point more clear. i didn't mean to imply that there actually were 10 decimal place quoting brokers.

Quote
Thank you for pointing out a rabbit is not a dog - priceless.
have you heard? i'm an orange (actually a tomato)!
Congratulations ScalaFX for coming out of the closet!
  • #34
  • Sep 10, 2011 10:07am Sep 10, 2011 10:07am
Quoting nubcake
have you heard? i'm an orange (actually a tomato)!
I thought you were a Nubcake - or is that an aspirational goal! Anyway, I am off to walk my rabbit. Probably explains why other dogs are always chasing it.
Audentes Fortuna Juvat
  • #35
  • Sep 10, 2011 10:45am Sep 10, 2011 10:45am
Quoting nubcake
...
EVERYONE'S chart is quoting points! but not all points are equal!
...
Kind Sir,

I’m trying to show price values (not pip amounts), rounded to “whole pip” values. So far:

For 2 or 4 Digit brokers; do nothing, lucky sods.

For 3 or 5 Digit brokers; int showDigits = Digits – 1
And then test for 5 Digits: if(Point > 0.00001) & for 3 Digits: if(Point > 0,001) to set showDigits = Digits – 3 for the JPY.

Could you tell me, please, if the above take is sound & will do the job for 3 D brokers? Guess that makes Point = 1 for the JPY.

I have seen testing for 6 & 7 Digit brokers. Don’t need it now, but would that be more of the same?
  • #36
  • Sep 10, 2011 11:01am Sep 10, 2011 11:01am
Quoting apipshort
Kind Sir,

I’m trying to show price values (not pip amounts), rounded to “whole pip” values. So far:

For 2 or 4 Digit brokers; do nothing, lucky sods.

For 3 or 5 Digit brokers; int showDigits = Digits – 1
And then test for 5 Digits: if(Point > 0.00001) & for 3 Digits: if(Point > 0,001) to set showDigits = Digits – 3 for the JPY.

Could you tell me, please, if the above take is sound & will do the job for 3 D brokers? Guess that makes Point = 1 for the JPY.

I have seen testing for 6 & 7 Digit brokers. Don’t need it now, but would that be...
that made next to no sense to me sorry. if you are trying to find a multiplier that will convert an arbitrary Point value to a standardard Pip value, then all i do is something along the lines of :

Inserted Code
int pointmul = 1;
int dig = digits;

while ((dig != 2) || (dig != 4)) {
  pointmul = pointmul * 10;
  dig--;
}

pointmul += MathPow(10, Digits);
from then onwards you can multiply any price on the chart by pointmul to convert it from whatever value it is into a standard pip amount.

that is, assuming i haven't stuffed-up the above code, since i have just typed that off the top of my head and is probably backwards somehow. actually, i'm pretty sure that's wrong somehow, but i'm tired... so the idea is right though and i'm sure you'll fix it.

you mention you want to round a price to the nearest pip. well, if the above code is correct you can now easily convert any price into pips, and then just round that off into a whole number. divide the result back down by pointmul and you should have what you want.
Congratulations ScalaFX for coming out of the closet!
  • #37
  • Sep 11, 2011 3:57am Sep 11, 2011 3:57am
Quoting nubcake
that made next to no sense to me sorry...
As well it should. Utter nonsense. That was a waste of your time for which I apologize.
Since the theme here is stupid mistakes a quick rundown:

Modifying some hard coded bits, by putting in variables, just before posting. And assuming one can get away with that. Not so ...

Not paying any attention whatsoever to the JPY charts, even after yanking MT4's chain for a while.

Assuming I had an honest 5 Digit broker and that so Digits was always 5. I took that one as far as picturing some Tokyo trader peering at his 3 Digit Terminal, worrying if somebody is going to take another one away.

Actually my broker is very nimble and will be a 3 or a 5 or any Digit broker according to what is trading on the chart. That sounds good but is it right?

Asking a cluttered question. Should have been; How does one eliminate an offending piplet on both 3 and 5 digit pairs for text display? Answer looks to be: Digits - 1, as in DoubleToStr(Bid, Digits-1).

Lesson learned: Next time I shake 5 with my dealer ... check pocketbook for any loose digits rifling through there.
  • #38
  • Sep 11, 2011 8:42am Sep 11, 2011 8:42am
Entering the wrong lot size on a gold trade on a new account, then a violent move followed before I could place a stop, result? Account blown in a few minutes.
  • #39
  • Sep 14, 2011 6:05am Sep 14, 2011 6:05am
oh hell yeah.

I made uber cash in a couple weeks only to blow it all in the next two weeks!

first problem was overtrading. AND overleverage.

second was trading during massive market news/volitility.

third was FXCM platform crashed at the wrong time and then wouldnt take my orders of the chart, and wham, price happens to take me in and blow $$$$ in les than 2 seconds! F*CK!!!!! FXCM response "trade executed correctly" so beware, good brokers still wipe their hand clean when the money is disputed!
  • #40
  • Sep 14, 2011 8:22am Sep 14, 2011 8:22am
My biggest mistake was not using sl/tp , when fear , greed kicks in it's hard to control it . Also making tp x2 bigger than sl helped alot .
0 traders viewing now