Mistakes provide us a better way of learning because not repeating of mistakes lead to success and almost all successful traders do this as note their mistakes and never repeat those mistakes in their future trading and which is the big difference between successful and unsuccessful traders. Forex is not easy business so we can mistake easily but we should not give up after mistake. We can gain experience from mistake and we can get teach so that we cannot never same mistake again.
I think if a trader learns by his previous mistakes in Forex trading, so he can make profit in his next trading since his has more experience in this business to earn big in the future so learn and then earn.
Is mistakes are the pillar of success in this regard ? I think mistakes are not cordially desirable in forex business.As this is based on latest technology. Forex is learning profitability at the same time having constant touch with modern knowledge and technology.
I agree, since success is not in never failing but rising every time you fall. However, mistakes comes with a big price because if you lose you lose your money.
Mistake is one of the surest way to perfection. Failure is the price of success. We all know the joy in harvesting a thousand pips in trades in which we have lost a hundred. Most times when we make mistakes, we overreact and miss the educative part of it. It was after shedding some good buckets of tears that I got to discover that I was swindled because I was too light in the market- my head was not heavy with forex sophistication. After then I saw how safe even an unregulated broker could be as long as I am diligent and doing my adequate researches and reviews. It was then I was civilised enough to recognise the almost savagery discrimination of regulation,the market has been inflicted with.
Learning through your mistakes is essential if you wish to last to be a trader. Every person makes mistakes, but hardly any manage to really learn from their website.
It had been after learning through the savagery mistake of dealer discrimination i always realized it would be true the detergents we have to clean the particular Forex usually are not necessarily using these so hygienic regulating bodies. If we could all be aware and wise in the Forex, Fore would be a financial paradise poker. Regulation shouldn’t be the recognized duty regarding any entire body. If we could all add our tiny ration regarding care towards the Forex, then it might not only are the most liquefied market financially but morally together with virtues, confidence and also safety going in hefty currents about the Forex.
Good luck with that one, I have no intention to offend nor insult but you are just talking like a muggle, I mean people who don’t trade. It is imposible not to make a single mistake in any human endeavour.
I agree, you learn from your mistakes, however, in trading mistakes is too costly. That’s why you need a demo account before venturing on a real account.
using a demo account is not a guarantee that you won’t lose in your trading when you venture in a real account, but it helps you practice the different strategies in forex.
I trade live a bit more than 1yr and made a mistake with the GBP/NZD. I’m an SP on zulutrade and 1 month agao I opened that position. Everything was going good but what I didn’t noticed is that zulutrade made a target profit from 500 pips. The first time I didn’t noticed this because I went on holiday and was relaxing and chilling so this profit target got hit. It’s not really mistake but probably I could have much more but no complaining at all.
It is possible even when you have experience that you still make some mistakes.
I agree, mistake is common in all endevours, however one should capitalize on making mistakes by learning from it. Since, success is not in never failing but rising each time you fall.
That’s a nice example, and one I’ve learned from myself.
I think the main problem people have is that it’s difficult to identify what a mistake actually is. For example you place a trade, and set a stop x pips away and the stop get hit… Is that a mistake ? Should you have closed the trade sooner to limit the loss, or increased the stop size ?
Alternatively, you place a trade, set a target of 30 pips, and the targets hit before immediately reversing. Is that a good trade that you can learn from ?
The problem of course is that by setting stops and targets, you influence the outcome. By managing the trade, you influence the outcome. Most of the time the outcome is a unique one off event that will never repeat simply because the traders who made up that event will never repeat the circumstances to them taking the set of trades that led to the outcome on which you are trying to learn.
Imagine you where trying to house train a dog not to pee on your carpet. Normally, you’d train it by rewarding good behavior, and punishing bad behavior. So when the dog pisses on your carpet, you shout at it, and smack it across the nose with a rolled up newspaper. When the dog pisses in the garden, you reward it by giving it treat etc.
Even a dumb dog will modify its behavior. But imagine if you randomly rewarded or punished the dog. So one day it pisses on the carpet, and you give it a pat on the head and a bone, but next day it get a kick up the ass for the same behavior.
That situation is almost precisely the situation people find themselves in when trying to learn from their mistakes, unless of course they start getting a bit smarter about establishing sensible metrics for measuring success and failure. Using profit or loss from a single trade really isn’t the way to go.
I would be genuinely interested in hearing how people determine that they made a mistake
:20: