Post your mistake here - warn others
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Thread: Post your mistake here - warn others

  1. #1
    Hello!
    I thought it would be wonderful to tell others, what did I did wrong, how easy I blowed my account, which means that you may do it or avoid it.

    ALL ARE WELCOME TO POST THEY MISEAKES

    1. First commerce error:
    It occur several times that I opened my plkatform and watched ideal moment
    Opened position wich was closed down by SL all the times [It went up, few pips then down, therefore I made a decision to close.

    WARNING:
    If open your platform have your five-ten moments wtching until do anything.

    My way of trading would be to decide that I start at 7am. So I am seeing the price from 6:50 to feel comfortable with its breathing.



    [P.S. when list of errors will be full we could trade 100% by trading oposite to what went wrong ]

  2. #2
    Use cash management in your trading. Even in case you have a fantastic trading system, you won't be able to make consistent money if you're not good in your cash management.

    I lost a few trading account by not utilizing good money management. I tried to create big profit utilizing small accounts but neglected.

  3. #3
    I've made more awful trading errors, than I care to admit to, but only lately an older one came back to haunt my thoughts and account. I believed I had this one enormous mistake cared for but the volatility at December let me know it lingered:
    After certainly getting my signals to get a prejudice and direction, I put in a trade. If the transaction goes 30 pips I'm ok with this but when unexpected volatility enters, a -30 pip reduction can twice to -60 in 2 minutes or less. Coming out of a 3 to 1 reduction ratio in November, it can become difficult to quickly become aware the market changed it's mind and exit at a managable reduction. Unfortunately I got stung about 6 unpleasant times in December and my win/loss ratio is outside the door and a big chunk of my account got handed over to the market. Suddenly I'm in ch up mode...

  4. #4
    biggest mistake ? Getting into Currency Market instead of something else. Its a pit of randomness not easily solved. If you exchange, you better be prepared to have the natural ability to read the market, otherwise its a 50-50 proposition at best....don't delude yourself into thinking your any better than others that have come earlier or can believe or feel your way through it. Forex isnt for the shy. The market doesnt command what you state. . .One week you can create a 1000 percent return and the next can take it back and usually more.

  5. #5
    When you realize you have made a massive mess of what seemed like a cakewalk, just log off the platfform, head over to the nearest coffee junction and once you've cleared your mind, start learning more about forex and know why you went wrong and where.
    Forex is all about information and how to use it effectively. BTW, every single trader would have left a massive mistake at least 4-5 times..approx, including me.

  6. #6
    -Do not get married to some positions.
    -Do not become emotional when trading.
    -Use proper money management.
    -Do not think about the cash which you would like to create, concentrate on winning consistently.

  7. #7
    Any stories out there? And on the not becoming emotional part, is there some prepared cure to get around it?
    Feel free to share. .

  8. #8
    Thanks Benssol a very very useful and helpful link.

  9. #9
    Quote Originally Posted by ;
    greatest mistake ? Getting into Foreign Exchange instead of something else. Its a pit of randomness. If you trade, you better be prepared to have the natural ability to browse the market, otherwise its a 50-50 proposition at best....don't delude yourself into thinking your any better than others that have come before or may think or feel that your way through it. Forex isnt for the timid. The market doesnt. . .One week you can make a 1000 percent return and another can take it back and usually more.
    The problem isn't about depriving yourself you are far better than many others, IMHO it isn't denying that the job required to master trading.

    Think how much research and work professionals in any field have to put in before they become qualified, doctors, lawyers, accountants, scientists etc etc.. To be successful at Foreign Exchange you should expect to put a similar quantity of effort and expense, if you aren't ready for that then you have to fail.

    There are so many very difficult professions out there and also some very hard working and focussed individuals doing those jobs, I often wonder what they'd think of most of the 95% who fail in Foreign Exchange, I am certain they'd LOL. As Foreign Exchange traders we have so much to assist us suceed, decades of data, software, indis etc yet 95% still fail or give up. WORK HARDER to develop into the 5 percent, that is all that's demanded, WORK and SCREENTIME.

  10. #10
    Quote Originally Posted by ;
    The dilemma is not about kidding yourself you are far better than others, IMHO it is not realising the job needed to master trading.
    That is my error, if you may. Having no previous experience, besides a really brief dabbling with studying the fancy amounts about the news, I truly had no idea how comprehensive and complied trading actually is. This forum is one of few forums I have been studying, and I'm astounded as to how murky and uncertain some facets of trading are - or rather, how disgusting and uncertain men and women make trading out to be... you seem to be a bit more streamlined on the price action.

    You are not the first man I have seen to really put price action into the forefront...

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