What’s your worst trading habit?

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
13
32
Canada
I think we all have at least one bad trading habit as nobody is perfect. I know there are some who think they are, and most of them have never turned a consistent profit in their life.

My worst habit is that I sometimes don’t account for an economic release and occasionally I pay the price for it, at least temporarily. I usually check my economic calendar every day just to be aware of them, but since I don’t trade economic releases I sometimes tend to either ignore them or forget them (I do set reminders, but during a busy day I tend to click the away rather fast unless they are marked urgent; maybe time I mark those economic releases as urgent).
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
Well, sometimes I tend to over leverage and smoke 2-3 packets on account of stress..
 

AsiaDev

Trader
Mar 10, 2013
123
0
22
My worst habit is that I am always in hurry to open and close trades. I mostly face loss due to this habit when I do not wait for profit , close trades at low loss. It brings me loss always. I need patience and good market analysis to catch some profits from market.
 

michael77

Trader
Aug 5, 2013
89
0
17
Well this is good that you like news trading, but there is a warning for you from me! Sometimes news change and it is called "revised". If you open trade before this change then there is a huge possibility to loss your all money. I suggest that you should consider news just as a source of helpful information. Nothing else. Do not depend completely on news in order to open a trade.
 

xProphet

Active Trader
Jul 27, 2013
64
0
27
Occupying Wall Steet.
Well, sometimes I tend to over leverage and smoke 2-3 packets on account of stress..
Lol, I tend to smoke more when trading too.. I should just quit before trading gives me cancer.
Well this is good that you like news trading, but there is a warning for you from me! Sometimes news change and it is called "revised". If you open trade before this change then there is a huge possibility to loss your all money. I suggest that you should consider news just as a source of helpful information. Nothing else. Do not depend completely on news in order to open a trade.
He said he does NOT trade on news...
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I tend to over analysis and sometimes it keeps me out of otherwise descent trades. Sometimes let emotion get the best of me.
 

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
13
32
Canada
Well this is good that you like news trading, but there is a warning for you from me! Sometimes news change and it is called "revised". If you open trade before this change then there is a huge possibility to loss your all money. I suggest that you should consider news just as a source of helpful information. Nothing else. Do not depend completely on news in order to open a trade.
I suggest you read a bit more careful and then comment. As xProphet pointed out, I do NOT trade the news.

@xProphet and Fxpipper: Did you consider not smoking at all and replace it with a more healthy habit?
 

xProphet

Active Trader
Jul 27, 2013
64
0
27
Occupying Wall Steet.
@xProphet and Fxpipper: Did you consider not smoking at all and replace it with a more healthy habit?
I've tried quitting more then once, unsuccessfully. Some past "habits" are harder to release then other, I guess. However, I will diffiently invest in some gum while trading. lol.
 

tabalo

Confirmed HotForex Representative
Feb 20, 2013
97
0
17
Don't make the protection for my trade (without SL) and sometimes don't watch it constantly.
 

BlindFA

Trader
Apr 29, 2013
41
0
17
Bringing my SL up too quickly. I trade price action and reaction on the market, sometimes I'm too cautious.
 

Wajeeh93

Trader
Aug 8, 2013
5
0
12
One of the worst mistake that I make in the forex market every once in a while is that I let the greed and fear dominate me in the market. I let them control what trades I will make in the market rather than basing my positions on the analysis of the market. Such positions always end up in loss since they are not even logical or factual.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
I suggest you read a bit more careful and then comment. As xProphet pointed out, I do NOT trade the news.

@xProphet and Fxpipper: Did you consider not smoking at all and replace it with a more healthy habit?
Trying to..have tried to cut back but not getting much by way of results..open to any suggestions, let me know.
 

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
13
32
Canada
Trying to..have tried to cut back but not getting much by way of results..open to any suggestions, let me know.
Well, that's a tough one. Knock out 50 push ups each time you feel the urge to smoke (just a suggestion).
 

Master Forex IB

Active Trader
May 23, 2013
174
1
27
My bad habit is to be emotional in trading. When market is favor I remain positions open for a long time to get maximum profit , it suddenly changed the trend and is not easy to control on trading which cause to loose my sure profit .When there is loss in trading I mostly close on low profit and not wait for profit .Both attitudes are not positive in trading.
 
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Emibluz

Banned
Aug 22, 2013
165
0
27
My worst habit is that I am always in hurry to open and close trades. I mostly face loss due to this habit when I do not wait for profit , close trades at low loss. It brings me loss always. I need patience and good market analysis to catch some profits from market.
Yes, you are right. One of the costliest ill habit traders suffer from is negligence and financial recklessness in the world most liquid and delicate market. A market where one shouldn't afford an ounce of vulnerability. To be successful, you could need a good measure of skepticism and calculated diligence. You wouldn't even feel relieved trading with the most regulated broker because a job best done is when done by yourself. As such you personally monitor your broker with professional sensitivity knowing regulation of a broker could even turn cheap forex cosmetics to make a dishonest look good. Wasn't it a whole FXCM charged by for conscious slippage malpractices, how about its subsequent charge of unprofessional client funds handling. What does that tell you, even regulated brokers do scam client and thus the best habit you need is CAUTION.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
Well, that's a tough one. Knock out 50 push ups each time you feel the urge to smoke (just a suggestion).
Fifty? You're kidding, right? Just kidding, have taken up long swims, and living on the ocean front is just perfect for it. And FWIW, physical exercise of any sort does help you to cut back on the smokes, have reduced my intake by half already..hope to quit altogether soon.
 

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
13
32
Canada
Fifty? You're kidding, right? Just kidding, have taken up long swims, and living on the ocean front is just perfect for it. And FWIW, physical exercise of any sort does help you to cut back on the smokes, have reduced my intake by half already..hope to quit altogether soon.
It's a step by step process as so many other things in life. Exercise should be part of every persons daily routine at least in my opinion. I think everyone can find 30 min to do something.
 

George A

Trader
Sep 28, 2013
7
0
12
I will second that one x Prophet .
im referring to this statement .
" I tend to over analysis and sometimes it keeps me out of otherwise descent trades. Sometimes let emotion get the best of me. "
BUT another one for me is ,,, i call a turning points so accurately ( and i mean within 1 to 3 pips IF not exactly within a pip ) , and so often , that it actually scare me , and im talking atleast 80 to 90 % of calls , So this is a BIG thing i need to over come as it has been my obstacle .
 

jessoreit

Trader
Oct 6, 2013
16
0
17
Jessore Bangladesh
Well this is like trading your news is good, but there's a warning from me to you! Sometimes the news is changing and it's called "fixed". If you open up the loss of all your money before you have a huge potential. I will help you not only as a source of information should not be considered news. Nothing else. The news is not entirely open a trade depends.