Post your mistake here - warn others

#1 mistake: Finding out about trading.

Trading when I'm emotional is a big mistake I (used to) make.

Deciding that the "grass is greener on the other side"
i.e following someone else's idea instead of my own.

My advice - avoid news trading if you are relatively new at trading(like me). I did that mistake couple of times and almost blew my account

three year i have been trading with hotforex. here are three things i think i learned to avoid the hard way.
1. do not trade if under any kind of stress/frustration it really messes up your trade. take 10 minutes to calm down first or isolate you self for a while.
2. treat each trade like its your first, forget about loses from previous trades, if you push on making up for loses, the tendency you double your loses.
3. always go back to basic, even if you are trading for years, its a good thing to go through old basic reads for a refresher.

**LOL** Nice one!!!

My biggest mistake was following gurus' strategies without questioning. It is shown that 80% of these so called "gurus" can't trade. They simply get richer by selling CDs, courses, indicators, signals.......

"Who can't do teach" applies to them as well.

Adding positions to losing side by assuming losing trades will reverse was one of my major mistake. Now I am trading according to a plan.

didn't know if this count as a trading mistake

from last week GU chart, set my SL 230 pip (red line, ) but the order are closed at additional 100 pips (brown arrow above the red line). seem a slippage not only happen with entry order, but i applied with stop loss level too. i misplace the trading set up and not consider stop/limit order at first place, trading condition is 20 pips stop level/limit order, put all together with spread+widen spread, it result at 100 pips additional slip.
when develop any strategies, this type of 'phenomenon' , i should put this type of off trading condition into consideration, it's part of worst case anyway.

#2: Finding out about 100:1 or higher leverages

Myself to myself: "Shit! I get $100 for every single dollar I put in? Wow. That means if I gain 30 cents on a dollar, that will mean $30 or I can multiply my account 30 times. This cannot be true. Let me calculate one more time 0.3 x100 = 3 x 10 = 30. That's correct. Two decimal places for 2 zeros in 100 will make 0.3 a 30. OK. If I invest 2 weeks of my pay, with 100:1 leverage, that will be pay for 50 months or over 4 years' salary. I will have that much amount to trade. If I double this amount can return the original leverage to the broker and will still have over 4 years of my salary. I can hardly save 5% of my pay, that means 4 x 100/5 = 80 years of my savings. OK, if I earn 0.2% a day and compound this on a daily basis for 20 trading days in a week, this amount will grow to xx amount in xx months. That means ....... now if I....." ...... Mistake #3: Finding a Calculator

any news of finding your calculator ? if you find it, would mind to have a simple calculation for and extreme leverage offer by several brokers 1:2000, and lurk many new traders to use it.
i've done explaining to them, and still insist to use it anyway.

I really have to thank many in here who have replied threads and questions almost immediately!!!

Honestly, i dont know if what im about to share, has already been shared or not.

If so, then probably this makes a good reminder then.

Mistake 1, Pride - Before i joined this forum or this web, I started trading without any reading on specific materials or advises such as this web. To make matters worse, i did not start with the demo account. Reason I gave myself was simply "I studied graphs in math about 10-12 years ago... how difficult can a couple of automated moving graphs gonna be? just buy when graph goes downwards or just sell when graph goes upwards..." Not realizing that there were no boundaries to the ups and downs...

Mistake 2, Greed - am a typical gambler... if i were to lose $100, the next bet or for this instance, trade, would be $200. Reason being i wanna recoup my loss and make money. And I would throw everything into only ONE instrument... literally gambling... Due to beginner's luck, I did make some initially, thinking that usual "THIS IS MY LUCKY DAY AS LADY LUCK IS SMILING AT ME!!!!" I kept going and going and forgot that even luck do get exhausted...

Mistake 3, Impatience - As said, i knew nothing about forex and pride stopped me from knowing more. I did not know the fact that when u submit a trade, there would be an instance loss of about 0.5 - 1 pip... At every trade made, after a period of 10-20 seconds of loss, i withdrew. couldnt wait and didnt wanted to wait. I just wanted a quick buck like how i always profitted on a poker table.

Mistake 4, Laze - i was just plain lazy to read up so much details and i chose what i wanted to read... Only went through big and highlighted words... Not knowing that the content of the title might not be exactly what the title meant or i might have gotten the wrong idea...

Well, these were or probably are still 4 mistakes im learning from. After learning from them mistakes, did what was right or rather what I was supposed to do, Im starting to see results i did not expect to happen. Not as brilliant as I aim to be yet. But still, Im certain I'll get there if I were to do the right things. Its always things that u dont like to do but have to do, that gets u the results u need!!! I believe now that some of u lot are probably thinking why I am choosing certain words to bold... Well, an arse like me already made the 4 mistakes mentioned above. Im sure theres another... Hopefully this helps...

My share of mistakes as a rookie trader... Im still a rookie by the way... loads to learn!

I hope my sharing will do good to others as it has done to me. I apologize if this were to be very amatuerish mistakes or some might even think that this should even be mentioned. Still, I feel the obligation to share as many other traders, Pros and rookies, have taught me a lot and this is my thankful gratitude.

Also, I do not deserve a "cluedos" for this sharing. Its just a sharing.......................

Cheers!

biggest mistake is ..........? too greddy , to confidence and too late take action

These are the top reasons I think why most traders lose money in the Forex market.
atleast to my own experience, I pretty must made all the misstakes in the book and I busted 4 accounts before I got it.
I have now traded for allmost 9 years, I believe if you avoid these misstakes you will be a winner guarantied!

1. emmotional trading without a real strategy, blindly entering the market where I shouldn't just because "saw something I thought was good"
2. failing to use risk management
3. trading without a stop loss
4. don't have a profitable strategy or a trading plan, or used several at the same time,
5. don't have the dicipline to follow the rules of the trading system
6. had a few losses in a row with the assumtion that the trading system, don't work! then off to the next trading system, no dicipline!
7. trying to pick tops and bottoms exactly when the market reverses, it didn't reverse with the result, many stop outs and trading against the trend.
8. the market is going up but you dont trade up, instead you wait untill the market reverses so you can sell, misstake!
9. overtrading to make back what you previously lost.
10. using the wrong approach in different market conditions, failed to stay out of ranges, whipsawed to death!
11. trading the news
12. trying to bias the direction of the market based on news

News are totally worthless, never listen to the news,
avoid at all cost to have your mind clouded with information that could affect your trading in a negative way.
the news and the so called gurus are wrong 99% of the time


what does it takes?

first of all, education on how the markets works, then, screen time, and then

1. a profitable strategy and the the dicipline to allways follow the rules and sticking with it!
2. have a trading plan, you should have a plan for all things that can happen, and when they do happen, execute!
3 allways use risk management and never trade more than 2% on any trade
4. realise that every trading system have loosing trades, it is a part of the game, dicipline to follow through!
5. realise that trading isn't going to make you rich over a short time,
6 you must love trading, it should be your passion

dicipline is extreamly important, if you don't have it, you can train your self on demo,
if you can't be diciplined on demo, do you really expect to make it in the live market?

Here in FF there are countless of profitable trading systems, infact allmost all is! and yet everybody seems to be loosers,
atleast if you would believe the 95% thing, then the only conclusion is that 95% of all traders are not psychologically ready to be traders.

Of course, even fingers on my two hands won’t be enough to count mistakes that I’ve committed in my trading. Along with minor ones as trading with excessive 1:1000 leverage and jumping from asset to another asset (chaotic hunting for trends), I also made crucial ones as neglecting money management and trading with Insta (hate that time). Thankfully I managed to withdraw and transfer my leftovers to my current Mercerfx broker and start my trading from a scratch. Wish no newbie would follow my hard trading path

I made a decision during an active candle... whoops. It looked like it was going to be a bearish exhaustion, but it ended up skyrocketing over the course of about half an hour.

I also haven't used SL/TP levels... just my "instinct". Whoops again.

I'm such a noob.

the big lesson ever.
" don't fight, unless you are strong enough".

My last and final barrier to consistency was learning patience.

Don't force trades. If I don't see a high probability setup, then I wait.

Thanks for all the tips, though gained very harshly

One of the big issues or mistakes I'm currently dealing with is "lack of faith or confidence or trust in myself or the system." It seems that when the trade is taking too long to go into profit and when there's a tiny loss, and when it finally moves in my direction then I quickly take the profit of +5-10 pips and 15 minutes later the 60-100 pip move occurs and I'm beating myself up because that's where I set the TP at. Arghhh. This happened several times already.

It seems like I should have just left it alone after I set my targets and stops but since I'm watching it, then I'm messing around with it and just manually close them out instead of waiting. I'm still trying to figure out why I'm doing this. I guess I'm being impatient and the waiting is the hard part.

My biggest mistake is not knowing the program. In the beginning I would Predict that the value would go down, and when it did it would hit my entry order, but I didn't look that in my order I had buy clicked, not sell, and so not only did I loose money, but it made me even more pissed that I was right and I could have gained a substantial amount. Plus Stop losses, they are your friend, I figure if the trend goes above your set stop loss, its not going to stop because you want it too.. ruined many demo accounts that way.. haha