Yeah thanks to seeing the irony but a mistake most do is to get caught in a predicament in which they can lose lot of cash for reasons that they don't know! thats bad!Originally Posted by ;
Yeah thanks to seeing the irony but a mistake most do is to get caught in a predicament in which they can lose lot of cash for reasons that they don't know! thats bad!Originally Posted by ;
Beginner's error was to take a transaction and also to forget about forthcoming news occasion (and a huge spike).
Still another one is relying on plogical stoploss with supposed-to-be highly dependable internet connection. Same goes for using a trade handling MT4 addon that stores info at PC and not at broker's.
I cannot forget my first worst live trading mistake:
a 'fat finger' reduction
back in 2006 (if I recall correctly) when I was starting out....for whatever reason (cant recall now), I accidentally pressed the Close trade button, that led into a substantial reduction on my first trading account.
Of course, like many traders, I nevertheless perpetrate mistakes (mentioned here or not) many occasions. . But less compared to previous years.
We cant help but wise up in this business.
Forgetting to check lot size each and every time, then forgetting I had changed it on the previous trade to a amount I wanted. An mistake I often keep doing on occasion. It's like planning to leave the home.... Shoes socks shorts undies shirt watch (currently equates to mobile) wallet keys!) Currency pair lot size stoploss buy/sell/close!
Buy and maintain....terrible error. Buffet times are over. You have to T_R_A_D_E .... That means be active and cut your losses short and let your profits run...
I had been trading US news, know where trend is going, but enter wrong side, lost enormous amount quickly, closed as missing.
The 2nd one is knowing your system, but nevertheless enter wrong side of commerce. (this is very bad).
The 3rd is hold a commerce even you understand the trend is reverse, and you expect it return back. (like accept reduction, and enter the opposite, not simply pay the reduction, and turned into profit)
the 4th not a mistake but the majority of trader have it that you know what your system is, but just did not invest enough time to perform trade. (since my time zone is PST which is not a fantastic time zone to perform trade. Or I should trade just US session and Asian session no more European session)
Some doooooozies:
Went to maneuver stops to break even or track profits and typo'd them farther away giving up profits or even taking a loss.
Went to move stops to break even or trail profits and accidently shut the trade.
Went to modify the current trade but accidently hedged in the contrary direction. Not a biggie. . Just gave up the spread and a few pips additional, but still. I had been at $5 a pip on the guppie. Disperse was 12 pips at the time and 2-3 pip reduction in addition to that. The larger mistake was trading too big for my account size in the first place although that standing was in profit overall.
When my broker switched to 5th decimal prices, I kept using the mt4 stop entrance thingy and kept putting in 30 and getting stopped outside. I had to put in 300. That took forever to figure out wtf was happening. I thought the broker was putting me over. duh.... lol.
By far, though, the biggest mistakes are trading too big for the account size, with high leverage, and revenge trading.
By trading smaller and at reduced leverage, my trade profits aren't as big, but losses don't phase me and so I don't feel the need to revenge trade. Morever, my equity curve is nice and easy to the upside down and Im end up with the exact same return at the close of the month as when I had been trading bigger and having enormous equity swings and stressing it all the time.
Also, I learned to wear a trade and walk away to let it play out. You don't dig up a seed once you've planted it. You take care of it, but it isn't likely to develop any faster just because you are watching it. Water and weed it sometimes. Eg handle stops, add-ons, etc when appropriate.
And finally, something that took me a while to get was to exchange with purposeful money. When each tick represents something like a credit card payment or part of a car payment it is hard to be objective about the transaction. By being debt free and trading money that has no impact on my lifestyle, I exchange much more fluently.
I'm constantly switching between live and demo.
F-ing pissed I traded demo than my account.