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Post your mistake here - warn others

  • #21
  • Jan 6, 2012 9:10am Jan 6, 2012 9:10am
come to think of it, the most common mistake a trader can make is really the basic and we all know about it, we just can't let go of it

another mistake is trading larger lots after a losing trade of hopes of getting it back, it like pouring gas on fire.
  • #22
  • Feb 8, 2012 9:40am Feb 8, 2012 9:40am
My biggest mistake is trading outside my planned hours, if the computer is on I find myself hitting the trade button even though I know it is a low probability time of day. Answer switch off the monitor and do something else.
  • #23
  • Feb 8, 2012 4:03pm Feb 8, 2012 4:03pm
I accidentally typed in the wrong lot size a few years ago. Should have been something like 0.10 and I typed 10.0

Fortunately the trade went in my favour and I got out 5 minutes later after realising my mistake. Could have easily gone very bad!
  • #24
  • Feb 9, 2012 10:20am Feb 9, 2012 10:20am
My biggest mistake was making too much money
  • #25
  • Feb 9, 2012 11:37am Feb 9, 2012 11:37am
I dont believe overleverage has anything to do with it.. The difference is someone who uses leverage to place more "smaller" size trades versus someone who tries to place one "large" trade.

you need to manage your risk.. if you have a 1k account and are only risking 1-2% per trade you'll still be following good money management.

It's a double edged sword and only those who know how to use it correctly should take advantage of it or else it will kill you.

I'd rather open 10 low risk positions on 10 different pairs rather than 5 oversized positions on 2 pairs.

When I see trade explorers on FF it's mostly people gaining 700% in a month... but when you look back on their equity they were negative for most of the life of the account. trading this way will put a nail in your own coffin...

slow and steady wins the race.. The hardest part I found with trading was self control.. to not trade when I don't see an oppurtunity, I know alot of traders out there feel like they always need to be in a trade. When you stop chasing the loser is when you will make gains
  • #26
  • Feb 13, 2012 3:50pm Feb 13, 2012 3:50pm
This is an amazing book about general investments mistakes:
Max Ghunter - The zurich axioms
  • #27
  • Feb 14, 2012 3:21am Feb 14, 2012 3:21am
Hi all!
My biggest mistake is: not letting go, not closing a losing position in time, but keep hoping... I lost a fortune like that. Don't ever do it, guys!
That's why I'm not trading manually anymore but experiencing...
  • #28
  • Feb 14, 2012 6:49pm Feb 14, 2012 6:49pm
I used to think that I have to be able to explain why price is moving most of the time and I had a compulsion to be in the market because I was afraid of missing out on moves.

Now I just pick best looking setups and most of the time I'm not even in the market at all.
  • #29
  • Feb 14, 2012 8:37pm Feb 14, 2012 8:37pm
Working too hard. I read on the forums that trading requires as much work as any highly paid profession - they cited accounting, doctoring, lawyering, and such. I used to think I had to sit in front of the screen for hours without end.

That's not why I got into trading in the first place .. !!

Now I look at charts .. once a day for couple minutes just to place my stops and limits, sometimes only every few days if there's no action nor opportunity, or just glance at prices on lame tv news or newspaper.

There was a couple months of hard work and screentime, mostly to experience as quickly as possible and immediately learn to avoid the pain of drawdown, boring screentime, to learn to stop wasting time, place the orders and get the f.. out.
  • #30
  • Feb 14, 2012 10:55pm Feb 14, 2012 10:55pm
Quoting corrugatedit
Working too hard. I read on the forums that trading requires as much work as any highly paid profession - they cited accounting, doctoring, lawyering, and such. I used to think I had to sit in front of the screen for hours without end.

That's not why I got into trading in the first place .. !!

Now I look at charts .. once a day for couple minutes just to place my stops and limits, sometimes only every few days if there's no action nor opportunity, or just glance at prices on lame tv news or newspaper.

There was a couple months of hard...
Agree. I read one of the best book of all time "Reminiscences of a Stock Operator", and one of the most important quote was "It wasn't the thinking that made me millions, it was the waiting", or something like that.

The character also thought about the general conditions (the bigger picture) before making millions.

And I think if you're really into trading, get a job and work you're way up to fund manager. Learning, meeting people and experience is vital to me.
  • #31
  • Feb 15, 2012 7:33am Feb 15, 2012 7:33am
My mistake... Itīs not to follow the plan i made... When loosing keep moving sl and when winning, take small wins...
  • #32
  • Oct 14, 2014 3:36am Oct 14, 2014 3:36am
Quoting Kaligula
Hi! I thought it would be nice to tell others, what did I did wrong, how easy i blowed my account, so you can do it or avoid it. ALL ARE WELCOME TO POST THEY MISEAKES 1. First trade mistake: It happen several times that I opened my plkatform and saw "perfect moment" Opened position wich was closed down by SL most of the times [It went up, couple of pips then down, so I decided to close. WARNING: When open your platform have your five-ten minutes wtching until do anything. My way of trading is to decide that i start at 7am. So I'm watching the...
I'm doing a collection of mistake that you guys encounter which I can provide a solution.

#1 This is a a pure case of confidence loophole.

You are not confident in the trade you just open. You open a trade because the market justify it. Then you close it because the market made a small move against you. You must be trading at a lower timeframe. When a market trends. It will meet with a series of up and down. Mostly more up then a few small down.
Forex Price Action Hacked - Price Action Rockstar
  • #33
  • Oct 14, 2014 3:39am Oct 14, 2014 3:39am
Quoting jashley6369
I have made more bad trading mistakes, than I care to admit to, but just recently an old one came back to haunt my psyche and account. I thought I had this one big mistake taken care of but the volatility in December let me know it still lingered: After definitely getting my signals for a bias and direction, I enter a trade. If the trade goes against me 30 pips I'm ok with that but when unexpected volatility enters, a -30 pip loss can double to -60 in 2 minutes or less. Coming from a 3 to 1 loss ratio in November, it can become difficult to quickly...
#2. Your confidence got whack and now you are doubting your ability to follow your once working system.

Understand price action and trend especially on the higher timeframe. Also it seems you do not know what market condition is suitable for your system. Always know your system like the vein in your system. Also volatility is a result of participation or market news. Be prepare.

But I trade from daily and 4 hour so market news are breeze to a 100 year old tree. No big deal.
Forex Price Action Hacked - Price Action Rockstar
  • #34
  • Oct 14, 2014 3:42am Oct 14, 2014 3:42am
Quoting 4XWeezal
biggest mistake ? Getting into forex instead of something else. Its a pit of randomness not easily solved. If you trade, you really better be ready to have the natural skill to read the market, otherwise its a 50-50 proposition at best....don't delude yourself into thinking your any better than the others who have come before or can think or feel your way through it. Forex isnt for the timid. The market doesnt command what you say.. .One week you can make a 1000 percent return and the next can take it all back and usually more.
#3 Forex is only a gamble when you are inconsistent in following your rules / system. Consistency is a result of discipline. Discipline is a result of commitment to do better. A loser mentality is one who gave up control.

Yes we as retail trader cannot control where the market go. But if you like surfing or skiing you know that the ability to be confident and flexible is the reason behind how you stand.
Forex Price Action Hacked - Price Action Rockstar
  • #35
  • Oct 14, 2014 3:49am Oct 14, 2014 3:49am
Quoting Jpr
The biggest mistake I made was holding on to losing positions in the hope they willl turn aruns and come back my way. More often than not they just keep going against me eating up a huge portion of the profits I have made. The remedy is to set a stop loss at a point where if the price passes that point then the reasons for you originally taking the trade are invalidated. Then NEVER move it - just let the trade play out. Just my humble 2 cents worth (even though it says I'm a Junior Member I have been trading a few years - just waiting for the modifiers...
#4. Cutting losses is the hardest mentality to grasp as it is real money and nobody likes to lose money. But if your mindset change abit like when do I get out when I'm wrong so that I can go in again to make back what I lost? Or I could have make more if I close this losing trade and look for another.

I've battle this conflict for 7 years. Only recently I've replaced stoploss with hedging. I never made any losses anymore. But to do hedging you need the ball of Bubals tribes to handle the spreads and close margin call.
Forex Price Action Hacked - Price Action Rockstar
  • #36
  • Oct 15, 2014 11:55am Oct 15, 2014 11:55am
My biggest mistake is reading posts trying to get an idea of the trend or coming change of trend. I ask you try this yourself. Pick any of the popular "interactive trading" threads. You will notice one day (using hypotheticial example here..) "bob" will say gpb/usd will go long and have charts to support it and then after a price reversal down "bob" will throw charts supporting a continued downward move.

When you read these posts you then begin to "look" for what they see and makes your judgement subconsciously bias. Instead of following the trends on charts, you will start following trends on the forums, lol. So my advice is to read only "trade ideas" from those who "risk" what they speak aka traders with active trade explorers. There are exceptions (some helpful traders don't have explorers because they proven themselves to have "wisdom" status).

Go to the "trades" tab, find the "live" trades explorers who owners trade often, look for a percentage of at least 50% success (in picks NOT by how much they doubled/tripled their accounts) and learn from that. Look at/for patterns of when they enter and exit. Some don't post their active trades... that's fine. When their completed trades show up... go on your charts to see how they went about the life of that trade.

Good luck!
I love forex. One day it will love me back.
  • #37
  • Oct 16, 2014 8:05am Oct 16, 2014 8:05am
I have many mistakes but the that stopped my account is opening a position against the trend and I am so sure that there is a reversal coming and keep it opening just hoping that I become right , I was right once and loser a lot
Secoo
  • #38
  • Oct 16, 2014 3:01pm Oct 16, 2014 3:01pm
Yes, we all make mistake. The one I remember at this moment was placing a trade just by emotion without knowing what was the status of the currency pairs. Trade by emotion not good at all!
  • #39
  • Oct 18, 2014 3:39pm Oct 18, 2014 3:39pm
Follow your system

follow your system

follow your system

follow your system

follow your system

follow your system

follow your system

follow your system

follow your system

follow your system
  • #40
  • Oct 23, 2014 12:13pm Oct 23, 2014 12:13pm
This happened a long while back..anyway anytime you come across something titled "nostradamus" that is supposed to literally point the way, do a runner..
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