Common mistakes in trading

Discussion in 'General Forex Discussion' started by mumuy, Dec 3, 2013.

  1. freezfx

    freezfx Trader

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    Obviously, not learning from your mistakes is the worst one can ever make. So when things go wrong, we should back and consider where things went wrong and see what we need to do differently.
     
  2. freezfx

    freezfx Trader

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    I think emotions have got a lot more than these, it could be our mind set, and how we react to a particular trade.
     
  3. Andrew101

    Andrew101 Active Trader

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    Whatever we attribute it to, The ability to change one’s mindset is probably a key characteristic of successful traders.
     
  4. freezfx

    freezfx Trader

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    Totally agree, it doesn't matter what human nature we've got, we have to work at eliminating that will cause us to lose severely in the market. Whether we are use to these or not.
     
  5. Brads

    Brads Active Trader

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    Yeah, we need to have control our emotions, you need to remember that unless you have proper control over your emotions you cannot become successful in Forex.
     
  6. Andrew101

    Andrew101 Active Trader

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    Once a trader is able to figure out the causes of his failures, then he will be successful if he is determined to eliminate and never to repeat them.
     
  7. AntjeWagner

    AntjeWagner Guest

    yeah and that's the main reason why 95% fail in Forex trading.
    it's not because of too less experience, it is not brokers fault, it is not about broker scamming you (not only). it's a human fail...
     
  8. LittleJosh

    LittleJosh Newbie

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    I agree. People spend ages blaiming brokers for 1 or 2 pips slippage rather than focus on the terrible trade tey too anyway that closed at the stop loss!
     
    pipedition likes this.
  9. pipedition

    pipedition Trader

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    WE always have a reason for our lost but I think common mistake is trading without stoploss and too overconfident with trading decisions.
     
  10. Andrew101

    Andrew101 Active Trader

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    We must remove the emotional element as quickly as possible in trading. If you can do it before you put on a position, you have a good start.
     
  11. AntjeWagner

    AntjeWagner Guest

    well. if it is for business and earning only, yes. i would do. but becoming a roboter in life? i would not wish to become un-emotional
     
  12. Brads

    Brads Active Trader

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    Mistakes are inevitable and you need to know that you cannot avoid it but you could learn from it and then improve your trades.
     
  13. freezfx

    freezfx Trader

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    You need to first identify these problems before anything can be done. So the first thing is bring out the causes and see what you can do differently, but sometimes we need to realize that sometimes there is nothing we could have done.
     
  14. freezfx

    freezfx Trader

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    This aspect of trading is one of the difficult, because we hardly can control our emotions as humans tend to react to unwanted events in a negative way.
     
    AntjeWagner likes this.
  15. Andrew101

    Andrew101 Active Trader

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    We can't get rid of our emotions since we are humans and not robots. However, our emotions are controllable even though it can be hard at times. Trading successfully is all about making the right decision in the midst of emotions. It's the price we all have to pay to be successful.
     
  16. Andrew101

    Andrew101 Active Trader

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    Most of the time traders are punished if they go against the trend. Only at an inflection point are we rewarded. So do not try to predict trends. Instead, participate in trends that we have identified. Remember, markets don’t go straight up or down forever. Trends Change.
     
  17. AntjeWagner

    AntjeWagner Guest

    good words. and ... go into the market with reasonable volume! don't over leverage.
     
  18. Andrew101

    Andrew101 Active Trader

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    Some traders do not know the true the true performance of your investments. It’s great if some of your investments are doing really well, but that doesn’t mean that things are good overall. Your success isn’t judged on the profits made, nor is your failure based on your worst. What matters is that you know how everything is doing and that you keep them in balance by tweaking your contributions.
     
  19. Andrew101

    Andrew101 Active Trader

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    I agree, sometimes there's nothing we can do. However, Since we cannot personally change the ups and downs of the economy, we can change our own day-to-day behavior. We can choose to spend less on unnecessary things, which gives us more money to invest toward the future. And the key is finding a good balance.
     
  20. Aadolf

    Aadolf Trader

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    Some traders make the common mistake of not using stop limits and leverage limits. These two risk management tools prevent an account from being wiped out through all but a long series of losses.
     

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