Please share your account activities and share your mistakes or success.Till now I am a big looser and I am sure by sharing our mistakes or success we can be more successful.
This is your thread. Please can yo begin by sharing your mistakes so that others can share theirs as well?
Thanks for your suggestion veronica007.
These are the main cause for my losses
- Most of the time did not put STOP LOSS and the main reason for my account failure (atleast 3 times due to this).
- Late entry in a setup
- Holding on a negative trade hoping it will come in my favour even if the situation is opposite.
- Increasing my lot size to make up my losses sooner.
- Not following any pre plan how to handle loss.
When I was losing, I also had similar experiences
- Holding up negative trades hoping it will be good later on
- Not even analyzing the market before opening a trade
- Not kin on developing new strategies.
I really had a very bad experience back in December 2012 when I was trading with a demo account. For almost three months I did not record any profit. I sometimes found myself in a middle position and sometimes lose. Out of frustration I’ll open a trade and leave it till I remember. Well, I stopped trading for a while and later resumed again and his time I am more focused and clear headed. I now record few losses and more gains.
Well I just posted my woes about todays trading in the Trading Journal forum here;
http://forums.babypips.com/trade-journals/53455-journal-excerpt-tragedy.html
Suggest you to maintain a separate journal to record your trades. Then you have records anytime and you can improve your trading style.
Its a good thing to keep watch of your wins and loss. Your win and lose ratio will tell you whether you are successful of not.
not using SL, big mistake
I think the biggest mistake I made that screwed me for the longest time was the idea that every bit of forex knowledge I could gather was useful to my strategy. So I tried to incorporate all this other stuff that while it was important to other traders, was not at all important to what I was trying to do. I remedied this by exploring already established strategies and focused on really learning them inside out before I made the choice with what to go with.
Always remember- not everything you’ll read is relevant to you and it will screw up your trading.
After loosing experience I came to conclusion that we must learn how to manage our trades.
I divide it in two parts
- Managing loosing trades—Cutting our pip loss per trade is first step towards our success.
- Managing winning trades—Taking a safe profit per trade is second step towards consistent profit.
We must set our goals for the day and predefine our loosing or winning per trade.
Here is one illustrative EURUSD trade from last week.
From looking at price I opened short trade and stop loss one might think I made 100 pips with crazy R:R, but no…
What actually happened is: news came out and spread went up to like 4-5 pips and as I had very tight stop loss, my stop loss got hit by ask price and triggered close of the trade.
Interesting enough trade closed with +3.6 pip profit, positive slippage huh.
Lesson: if news comes out and you have tight stop loss then make sure bid price triggers orders… or use larger stop loss.
My common mistakes as anew trades were to be quick in open positions . Not having plan of trading and less knowledge of market. Now I can say I am improving trading because I pay attention to analysis making, planning discipline and choosing proper according to my capital.
Initially I started trading with out practice in demo account. that phase was the worst as I faced severe loss. Then I started trading under the guidance of experts.
I made the mistake of letting my fear get the better of me and closed my position too early. I could’ve profited more if I had waited.
Some years ago I treated Forex like an interesting and thrilling game. Thanks to losses I got the point. That’s not poker 
There were some technical mistakes either, of course, but it just about inattentiveness
The most common mistake is the hope that when you have a negative trade it will turn to your favor if you keep it long enough. Of course I was no exception Fear is not a good advisor, especially for me it was not at all. Not having a strict plan or at least setting a goal did not help me either. I realized that I needed more and more experience so I can develop a strategy and figure out what I actually wanted to achieve. It is hard but I am not giving up yet
I always wanted to be in a trade no matter I see a setup or not. This was the biggest mistake which had caused a great loss to me in forex market.
Now that this old thread has been bumped, I’ll mention in it with a link what I think the 5 commonest mistakes are, among aspiring traders.