Have you learned from your mistakes?

[Ávila]

You will always make mistakes, even as a profesional trader

 

[e_abrams]

True. The idea is to minimize mistakes and losses, not to remove them entirely, the latter is just not a realistic goal, I think.

 

[btseen]

You will always make mistakes, even as a profesional trader

Yes, one should understand that, though most traders prefer to share their success stories and keep quiet about their losses, they all have lost money too.

 

[e_abrams]

That's true, unfortunately. It's likely a matter of pride, though there's nothing shameful about losing in this business. It happens a lot.

 

[{0v0}]

Losing trades are only mistakes when the trades are outside one's strategy/rules.

Every trade is based on a probability of success v. failure and therefore some trades will inevitably lose and that is OK and expected. You can only gain if you are in the markets and if you are in the markets then you will lose some trades. The key issue is managing the loss v. gains ratio over time.

Having said that, yes, we do all make mistakes now and again. We are human!

 

[e_abrams]

One's whole strategy could be poorly devised though, that makes it one big mistake.

 

[{0v0}]

One's whole strategy could be poorly devised though, that makes it one big mistake.

Absolutely. However, that is why it is important to follow the strategy criteria otherwise it is impossible to tell whether it is really the strategy that is poor or just the slack way that one is following it.

With any new or revised strategy it is a good idea to initially implement it on demo or with small lot sizes and to journal the trades made. That way, one can assess whether it is productive long term and whether there are weaknesses or areas where it can be further optimised.

Either way, whether the strategy is poor or strong, it is best to follow the rules as strictly as possible - even though there will be trades that lose - otherwise consistency is difficult to achieve and trading begins to resemble gambling. Naturally, gambling is not automatically wrong provided one is aware that one is doing it!

 

[e_abrams]

I absolutely agree. It's vital to test a strategy extensively before implementing it on a live chart, and even then one should be very careful for a while.

 

[Credcy]

You will always make mistakes, even as a profesional trader

But so many traders get initmidated and don't understand that even experienced traders make mistakes one just needs to focus on his trading and accept that making mistake is normal.

 

[fxplayer]

But so many traders get initmidated and don't understand that even experienced traders make mistakes one just needs to focus on his trading and accept that making mistake is normal.

True buddy!It's quite obvious.

 

[reecerispoli1]

There is not a single forex trader who did not make mistakes during their trading career especially in the beginning of trading. Most of the beginners will fail to learn from their mistakes except a small percentage of traders who will make the mistakes and learn from them. This is what will separate successful traders from failures.

Yes definitely and learn from them

 

[HeavenLeighGill]

My biggest issue was dealing with losses in a healthy way in the beginning. I learned a lot of coping mechanisms and became better at trading over time, which helped. There’s a lot of advice online for pretty much any type of trading problem, but it’s definitely hard to curb those bad habits.

 

[sharabela]

There is not a single forex trader who did not make mistakes during their trading career especially in the beginning of trading. Most of the beginners will fail to learn from their mistakes except a small percentage of traders who will make the mistakes and learn from them. This is what will separate successful traders from failures.

You are absoultely right on the note that there is not even a single trader who did not make loss in his trading career. Even an experienced trader trades and makes loss in some of his trades. It is about how quickly we cut our losing trades and how long we can run our profit.

 

[Jungletrader]

I certainly have .
Cut your loses and let your winners run as they say .
Also the Markets will do as they please its taking what they offer up is the name of the game

 

[e_abrams]

I try to learn from my mistakes. I'm certainly conscious of it. Success in that regard, however, is pretty varied for me.

 

[Trends555]

Not learning from mistakes means you will never win

 

[sunar14]

I always learn from my mistakes because every loss is a lesson and there can't be progress if you don't try to understand the underlying reasons of your losses.

 

[e_abrams]

I wish I could say that for myself, but I am a little more stubborn than that sometimes, unfortunately.

 

[Resolve]

I always learn from my mistakes because every loss is a lesson and there can't be progress if you don't try to understand the underlying reasons of your losses.

We tend to make some or the other mistakes in doing our trades. The main thing is that we need to learn from our mistakes so that we do not repeat them again.

 

[e_abrams]

That is the gist of it, yes, though I think it can be a bit of a struggle to put in practice for a lot of traders.