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Post your mistake here - warn others

  • #101
  • Nov 13, 2015 7:32am Nov 13, 2015 7:32am
Quoting hunting pips
DO not rely on indicators. The moment I start to think about trading without indicators, my trading improves. If you youtube some old videos on forex trading, you will be surprised that there are no charts at all - just a quote machine. Now, you have to find out how you can trade without indicators. This will be the best starting point for your trading journey.
Nice one there. But like crucial point said, u need to stick a few indicator to avoid some confussion in your head. At least two or three should do.
  • #102
  • Nov 15, 2015 11:43pm Nov 15, 2015 11:43pm
Use proper money management in your trading. Even if you have a good trading system, you won't be able to make consistent money if you are not good in your money management.

I lost several trading account by not using proper money management. I tried to make big profit using small accounts but failed.
  • #103
  • Nov 16, 2015 9:24pm Nov 16, 2015 9:24pm
Quoting Emmpoli
{quote} Nice one there. But like crucial point said, u need to stick a few indicator to avoid some confussion in your head. At least two or three should do.
Agree. Personally, SMA and BB are more than enough to help me analyzing the market movement.
  • #104
  • Nov 17, 2015 8:15am Nov 17, 2015 8:15am
1. Cashing in on winning traders too soon
2. Fiddling with stop loss
3. Instead of waiting for the price to come where I'd like rushing in on a trade therefore wider SL bad risk reward trade
4. Greed
5. Fear

Its true you can't beat the market with indicators alone, there has to be more. I thought I had found the perfect formula to consistent profitability but boy I was dead wrong.
...
  • #105
  • Nov 17, 2015 3:28pm Nov 17, 2015 3:28pm
Over trading is the biggest curse for all... I believe everything starts from this, if we do this right than we can make it big.
  • #106
  • Nov 17, 2015 8:31pm Nov 17, 2015 8:31pm
Quoting Fedricks
Over trading is the biggest curse for all... I believe everything starts from this, if we do this right than we can make it big.
Very true!
...
  • #107
  • Nov 18, 2015 1:19am Nov 18, 2015 1:19am
Good mind is necessary for forex trading. Before I always want to cover lost asap, and now I find that forex trading full of opportunities, we should always make right time trading.
  • #108
  • Nov 18, 2015 1:31am Nov 18, 2015 1:31am
2. Fiddling with stop loss
3. Instead of waiting for the price to come where I'd like rushing in on a trade therefore wider SL bad risk reward trade

As said by Piquant a few posts up. goes for me as well. But i have seem to fixed the NR 3 problem with a Checklist i made that i have to commit myself to before each trade!
  • #109
  • Nov 21, 2015 1:35am Nov 21, 2015 1:35am
My mistake costed me $300. I first started out with $200, my strategy was to trade in small units. I made $60 in my first week, i had confidence so i added $300 more. My one big simple mistake was not adding a stop loss. I traded CAD/JPY and the price dropped drastically. Was really pissed off but this mistake led me to learn more about market. I bought myself a book about the market. Found it really useful. Im currently studying the market, trying to create stratiegies for future trades.
  • #110
  • Dec 8, 2015 7:39pm Dec 8, 2015 7:39pm
Some of my mistakes have been trading with to high a leverage when I started trading I used 400:1 leverage a blew my acount up consistently for about two years then I changed my leverage to 25:1 i dont blow my account up anymore thats one of the best hing that I have learned. Also trading with to big a lot size which is sort of the same thing I used to do a .5 lot with $125 insanity now im not perfect Im doing .3 lot with $1400 which is still to large but better than my past performance I would recomment .1 lot for every $1000 the last thing was trading with out a stop I tried this for years and it was a disaster so now I have a 10 pip stop on all my trades and i dont move it
  • #111
  • Dec 9, 2015 8:07am Dec 9, 2015 8:07am
Quoting kader96
My mistake costed me $300. I first started out with $200, my strategy was to trade in small units. I made $60 in my first week, i had confidence so i added $300 more. My one big simple mistake was not adding a stop loss. I traded CAD/JPY and the price dropped drastically. Was really pissed off but this mistake led me to learn more about market. I bought myself a book about the market. Found it really useful. Im currently studying the market, trying to create stratiegies for future trades.
Overconfidence and greed, that's the case. Lack of risk management was also exist in this case. But the way you pull yourself back and studying more about the market is pretty great.
  • #112
  • Dec 28, 2015 8:35pm Dec 28, 2015 8:35pm
my biggest mistake is when i cant control my greed.
it's happened when i got a big profit after use a big lot, because i think i have a good analysis at that time, but when i try to do it again and not use my SL when the price movement not move as like what predict, i hit my MC. i think it sad enough.
  • #113
  • Dec 30, 2015 1:34am Dec 30, 2015 1:34am
  •  Zinot
  • | Joined Dec 2015 | Status: VUIP - Very UnImportant Person | 138 Posts
Quoting tylerbose
well, if i had a time machine and could advise my younger self about forex here is what i would say: RUN ! get the hell out of it right now. i know some rookie think forex is a good way to make allot of money quick, or replace an actual job but in reality there is a high probability that you'll lose your investment, if you're lucky you'll manage to BE. no, you'll never be a full time forex trader, and no you'll never be a forex millionaire (at least not by trading ), its a lie that brokers and other sales men told you. i know some people here will...
I do not agree that it would be a great idea to run... these wunderful naive traders will fill our pockets generously!!! Do not give such advice please. Very few will be profitable in this busniess but if you just make 1% a year you beat the "normal" bank account (where at least in Switzerland everyone has "invested" their capital)

For me this is enough motivation to keep trading... additionally it is educational for me as a human beeing and I get insights in behaviour in certain situations. I started to read about economies in the newspaper and discuss these topics with friends more often. If you this "hobby" the right way it is hugely beneficial for you...

I am working full time and trade whenever the "normal" life gives me a span of time...

as a tip for newbies:
Listen to nothing and find out the answers to your questions yourself. Otherwise it will be a loss of tme looking at charts...

final words: listen to nothing... ooooooops my post is redundant
Insanity: doing the same over and over again & expecting different results!
  • #114
  • Dec 31, 2015 1:34am Dec 31, 2015 1:34am
My mistake is take too much time on demo trading, perfect performance on demo account make me become overconfident, so trading mind is very important for new ones, micro live account should be better to practise.
  • #115
  • Jan 5, 2016 8:56pm Jan 5, 2016 8:56pm
Quoting tianxingjian
My mistake is take too much time on demo trading, perfect performance on demo account make me become overconfident, so trading mind is very important for new ones, micro live account should be better to practise.
demo account is the best way for new trader to learn about how to do forex trading, because they can do forex trading again and again without risk, but they cant make any profit. but thats will better if u not do it for too long because u will get more experience from real trading, just start ur real trading with micro live account like what u said is the best step.
  • #116
  • Jan 9, 2016 6:39am Jan 9, 2016 6:39am
Quoting benssol
here an old list collected for you to save your time of reading and posting and concentrate on trading and work and earn you living man http://www.forexfactory.com/showthread.php?t=5875
number 19 on that list is "Remember that a bear market will give back in one month what a bull market has taken three months to build."

Likewise, carry trading on a retail account got me steamrolled once. whatever you make in a year on carry the market can strip you of in a day...
  • #117
  • Jan 12, 2016 2:15am Jan 12, 2016 2:15am
Don't over trade. By over trading what you will think is that you can make more money by trading more but reality is that you lose more money if you over trade.
  • #118
  • Jan 30, 2016 5:23am Jan 30, 2016 5:23am
A simple test ,folks

Look that last mistake you have made that gave you a loss.Have you ever made that mistake again in the past.most likely the answer is yes.so if you continue making the mistake over and over again how do you expect to move forward.Its a struggle yes but we have to LEARN from our mistakes.
There's no short cut
  • #119
  • Oct 2, 2020 2:52pm Oct 2, 2020 2:52pm
Every trader should control their emotions when they are trading.
  • #120
  • Oct 5, 2020 5:19am Oct 5, 2020 5:19am
Years ago when I started trading, I didn't have a job. Desperate for money to pay the bills & meet my basic expenses, I was making plenty of emotional mistakes while trading with borrowed money. As we all know Emotional Discipline is extremely important to succeed in trading, I would like to tell all the new aspirants here to atleast go for a part-time job that pays u enough to cover your bills and basic expenses so that you'll be in a better condition Emotionally, to learn & succeed in trading.
Trading fails when u try to defeat the market
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