Have you learned from your mistakes?

e_abrams

Trader
Dec 11, 2020
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38
True. The idea is to minimize mistakes and losses, not to remove them entirely, the latter is just not a realistic goal, I think.
 

e_abrams

Trader
Dec 11, 2020
280
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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}

Trader
Dec 12, 2016
20
7
19
EU
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! :)
 

{0v0}

Trader
Dec 12, 2016
20
7
19
EU
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! :)
 
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e_abrams

Trader
Dec 11, 2020
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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.
 
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Credcy

Newbie
Jun 4, 2021
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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.
 
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reecerispoli1

Trader
Sep 22, 2020
28
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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
 
Aug 5, 2021
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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

Trader
Oct 19, 2016
67
3
24
42
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.