mistakes to learn from
- Thread starter jorex
- Start date
- Watchers 3
One of my first mistakes
I thought again, I will name two:
- First, if you trade in 15min chart, have a look at 1h and 4h chart in order to check everything, stop loss / take profit, support and resistance and the trend. Then go back to the 15 min chart and have a look at how much time you need to achieve your goal.
Same applies to 1h chart, then check 4h and daily.
Second, never start two trades at the same time before you make consistent profits with one. Now it seems silly, but your drawdown doubles. This has also a psychological component which will probably spoil the next trades of the day.
Hope it helps!
I thought again, I will name two:
- First, if you trade in 15min chart, have a look at 1h and 4h chart in order to check everything, stop loss / take profit, support and resistance and the trend. Then go back to the 15 min chart and have a look at how much time you need to achieve your goal.
Same applies to 1h chart, then check 4h and daily.
Second, never start two trades at the same time before you make consistent profits with one. Now it seems silly, but your drawdown doubles. This has also a psychological component which will probably spoil the next trades of the day.
Hope it helps!
The worst mistake is to keep all your eggs in a single basket. A good trader always uses more than one currency pair and a couple of strong base currencies to trade well. Otherwise, you might lose too much too soon!
jorex the 1st rule of trading in the forex markets, or any for that matter, is to have a PLAN! That means that you must know what your are going to do. Know in advance where you want to enter the market and what your 'Risks' are.
Do not be an impluse trader and enter a trade at the market; a 'Market Order'. Use a 'Buy Stop' or 'Sell Stop' order to get into a trade. Let the market show you that it is doing what you think it is going to do; don't hope it will do what you think, make sure first. 😉
An always, always, protect your funds with a 'Stop Loss' order. The FX can change on a dime and if you don't cover your back-side you can lose more than you wanted.
These are a few starter thoughts. Learn your craft before slapping your money donw on the table.
Good trading.
RT... 😎
Do not be an impluse trader and enter a trade at the market; a 'Market Order'. Use a 'Buy Stop' or 'Sell Stop' order to get into a trade. Let the market show you that it is doing what you think it is going to do; don't hope it will do what you think, make sure first. 😉
An always, always, protect your funds with a 'Stop Loss' order. The FX can change on a dime and if you don't cover your back-side you can lose more than you wanted.
These are a few starter thoughts. Learn your craft before slapping your money donw on the table.
Good trading.
RT... 😎
Before i started trading i read two very clever books, where was written all major mistakes .. and what do you think i have done in real trading??? the same mistakes, which i read 😀
I think that is much more better to made a mistake for yourself, because once you will make an mistake and loose some money, it hurts, and pain is what will you remember for long time 😉
Trading forex can be challenging yet rewarding. It is usual for traders to make mistake especially newbies and one of the most common mistakes is overleveraging which can be dangerous. It vital that a trader should avoid overleveraging by reducing the size of their trades and trade fewer lots per trade.
