Heyy everyone, I hope you’re all doing great, I just wanted to ask this questions , I think they can help traders like me figure out what not to do and what to do.
So here are they
What was your biggest downfall/mistake in your trading journey, How did you handle it and what lesson have you learnt from it?
Which factors/things have contributed in your trading success? , It can be a couple of things like your discipline method, how you stay motivated or how you keep yourself together when the market is not acting right
Your questions are also the answers that each trader needs to address.
Once you get it that the probability of being on the right side of a trade is key , it’s how you manage your emotional control when the trade is up and running until you close it.
Downfall was expecting things to happen too quickly, factor that is making me succeed is persistance and belief if i plan the work and work the plan ill be where i want to be
My trading mistake with the biggest financial impact was not closing a series of winning positions on the US indices before they turned downwards.
My second biggest was buying shares in a small company before some good news that was expected. The news never came but meantime I held on as the share price slowly fell. Three mistakes in one there.
@steve369 Yes in the second question I basically gave the answers/hints and each trader may have different points of answering them, and that’s what I think would be helpful to know, how other traders address some of difficulties of trading
and thanks for also that important point
once you know how to control emotions in trades it may lead to consistent profitabilty
@CraigForex2020 You are not alone , when I also started trading the goal was to make a lot of money and it did not end up well , a lot of mistakes were made . And I also believe if you keep the same persistence, consistently learning and improving you’ll definitely get where you want to be.
@tommor It seems like you also did not also set a trailing stop-loss for the US indices. The financial markets are very volatile. I really hope the you’ve learnt from the mistake and you’ll try to avoid it.
Fundamental analysis are also confusing and I’m also trying to understand them, but it seems like you have learnt your lessons and they will help you improve and now you know what not to do,
I certainly had stop-losses in place, but these were profitable positions and I had not adjusted the stops upwards to protect the unrealised gains. There are several things I could have done but I made the mistake of not planning which I would do, so I did none of them. I always use stop-losses.
1.) Not being aware of the differences in emotion on demo versus a live account. I have anxiety in real life and immediately started to struggle with it from the moment that I made my first deposit. My family didn’t have a lot of money, so I was under so much pressure because I didn’t want to fail and put us in a worse spot. So, I started trading and had to find tools and information to help me get past being too afraid to enter trades and exiting too quickly.
2.) I would say being highly motivated is what has helped me thus far. Once I knew that trading was what I wanted to do, I never gave up. There were good times and bad times, but I think being persistent is the thing that separates those that move on to the next thing from those that succeed.
Yes when trading demo it’s easy to not be emotionally attached and make really good trades but when real money is involved that is where we tend to make a lot of mistakes, this is also a factor that each trader will have to go through, thanks for sharing it
and you are definitely right being persistent in what you do will definitely move you to higher hills regardless of the difficulties stay consistent and I know one day you will have a wonderful story to tell.