What’s the biggest mistake you’ve made while trading forex and how did you learn from it?
when I first started, I used to try to use systems that usually, very frequently, made smallish profits but had occasional seriously big losses
systems like that are sadly both easy to research and easy to promote online, precisely because they’re designed to appeal to the least experienced, least successful traders (of whom there are thousands), and they’re the ones who tend to believe that win-rates on their own are a very important aspect of trading systems
mostly by reading books, getting advice from professionals, and avoiding internet “information”
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I started trading 4 years earlier and got many of my balances crashed for being impatient in holding trades until hitting the target.
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Choosing a bad broker, a scammer one.
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Thinking that trading live was the same as trading profitably on a demo account. It took me another 18 months to amend my daily process to learn having a Zen mindset to avoid ever meeting an emotional challenge.
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Some years ago, I traded silver all on a sudden on a signal provided by Swiss bank, which caused me to lose 600 dollars. Not taking any backup entry immediately was a big mistake of mine.
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Here are some common mistakes that traders make in forex trading:
- Overtrading: Trading too frequently, without a clear strategy or plan, can lead to losses and emotional exhaustion.
- Not using stop-loss orders: Stop-loss orders help limit potential losses by automatically closing a trade when it reaches a certain price point. Not using them can result in significant losses.
- Ignoring fundamental analysis: Economic news, events, and indicators can significantly impact the forex market. Ignoring fundamental analysis can lead to missed opportunities and increased risk.
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Rushing into trades where they don’t follow my strategy.
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Biggest mistake was going in with a $100.00 capital balance and using high leverage (that was about 9 years ago when I first started).
How I learned from it is Baby Pips taught me about under-capitalization.
What I should have done is waited until I had saved up a sufficient capital … instead I lost my $100.00 one at a time.
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Yes, you said right because most of the traders commit this mistake. I also stuck to these mistakes but I recovered them with time.
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broker choosing is really a difficult task for the traders who are beginners especially , because in online there are almost thousands broker and most of them are found to be scams.
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i think traders do some common mistake at all time especially when they are beginner , overtrading and using high leverage with zero risk management is one of the major from all mistakes.
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exactly, over trading is just a trap , nothing without it. in my early stage of trading i lost huge money from there.
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generally only few traders can learn from mistake , majority got frustrated when making a loss by mistake and after somedays they do same mistake again. this is a a common scenario in Forex .
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i have a huge list of doing mistake , trying to recover that . actually mistake can be a good teacher if you have a clear vision of your goal.
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Actually whenever a trader asks about mistake, I always say that over trading will consume your capital. It’s the big mistake done by traders.
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if I go back to the very first days of starting trading i would say i would use demo accounts more coz i lost money a lot. and a research about leverage. i still have some problem about leverage. i would be glad to help me with leverage?
according to me, if we do same mistake again and again then its not a mistake , it a own choice . right now most of the traders doing same thing.
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Plz share the details
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You are not a lone victim to this issue; I am also the worst sufferer. However, I changed several brokers and now I am with a regulated broker.
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