Do not trade money you can not afford to lose. been there before
Do not trade money you can not afford to lose. been there before
Do N't think you can Conquer the Disorderly nature of the market by indiors only - try to understand what happens
Big gains come with losses!!!
My big mistake I have made so far is not to have learnt appropriate position sizing with respect to risk per trade obtained in the first days of starting out trading. I was foolish to just learn which egy is the best for me and stick with it by having 100pip SL with 1 std lot sizing. It was a disaster!
The greatest mistake I made was holding on to losing positions in the expectation that they willl turn aruns and return back my way. More often than not they simply keep going against me consuming a massive section of the profits I have made.
The solution is to set a stop loss at a stage at which if the price passes that point then the explanations for you initially taking the trade are invalidated. Then NEVER move it - just allow the trade play out.
Just my humble 2 cents worth (although it says I'm a Junior Member I have been trading a few years - just waiting for your own modifiers to approve me!) .
Ya sick agree with the stop loss. Im been through a couple of live accounts today and it looks like each time that I make the same mistake.
I leap into a very large over leveraged position, and when it goes against me, I just leave my computer screen hoping that when I come back everything will be ok.
Thinking back, this is actually pretty funny. I actually risked (and lost) several thousands of dollars by simply walking away (with no stop loss or anything set for security) hoping that when I come back to my commuter it'll be all good.
The funny thing is this is a loosing egy even if you win. I recall one such event I entered a maxed out leveraged position moving brief GBP/JPY, an extremely explosive pair. The position started going against me, so I walked off and did exactly the same thing. This was during thanksgiving 2008.
So I visited the family for the holidays, and when I returned I saw that position actually did turn about (and completely tanked as you probably remember from 2008) and my account had gone from around 5k to 17k in just a few days.
The problem is with cash management. I was betting the farm each position hoping to get rich quick (sound familiar?) And even if I won, I might finally loose (and I) ruining the account.
I'd causion every new trader to learn from this error like I have and just risk a small portion of your account on each trade. You will not get rich quick, nor are you going to make enough to live off of. However, you will learn and grow and live fight every day.
I'd say learn to let go of a losing trade. And forget about your shed. Every trade should be treated like its the first transaction of the day. With a calm head! All the very best!
My biggest mistakes have been overleverage
Greed is not bad. .
I lost most of my ancient transactions by over extending and getting pulled from transactions (mainly bad transactions) by margin calls because of poor stops. Instantly learnt to appreciate restraint in trading.
My biggest mistake is putting too many indiors on a chart, which makes it resemble a Christmas tree. An easy clean chart proves quite effective, and makes conclusions simpler and faster.
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