There is not a single forex trader who did not make mistakes during their trading career especially in the beginning of trading. Most of the beginners will fail to learn from their mistakes except a small percentage of traders who will make the mistakes and learn from them. This is what will separate successful traders from failures.
I think people learn from their biggest mistakes. For example not putting in a stop loss, putting stop losses too close, trading too much. But learning from these only take you so far. There are a lot of little mistakes made in trades which people do not learn from. The biggest of these being letting your profits run.
Yes we have to and not only that we need to constantly evolve as with the market. Anyone who doesn’t want to or won’t oblige by that rule won’t make it that far in this game.
Right on Rambo. Mistakes is how we learn, but as you pointed out most will fail to learn from their mistakes. Those who do learn from their mistakes will be on the right track to succeed as a trader.
Thank you for this thread Rambo I am trading on demo and has prompted me to post my first mistake from my third trade. Has taken me nearly a week to make 3 trades. Do you think I should be making more trades so I make more mistakes and learn quicker? Not sure how fast I should be going as learning on my own have no one to compare my rate of learning too.
ok, good luck and have a good harvest…:8:
What fascinates me in trading forex is this: In normal life you make the same mistake once, twice maybe three times and than you avoid it. But in forex trading you make the same mistake many times, dozens of times, and you still don’t learn. (I am generalizing).
It takes all my will not to overtrade for instance, forcing trades. When I slow down and take the time out to study the market and patterns I do much better. And although I have all the time in the world I want to learn how to trade faster. And I falsely believe that I can only learn by trading more. And I know strictly sticking to a trading plan and journaling trades and reflecting will actual help with that. So I am currently at the the point where I am trying to dedicate my time studying more and trading less…