Pls whats the best solution if someone is making the same mistake overtime
What sort of mistakes?
Losing trades are not automatically mistakes.
I was able to erase some of my returning mistakes by simply think about what caused me to do them in the first place. Its part of our journey to get to know ourselfes with all our weaknesses. The market just holds a mirror right in our face. Its up to us to learn and adapt.
An accountability partner to talk to helps a lot.
But like tommor said above, losing trades are not automatically mistakes. I mean things like not follow your plan or change your plan during losing streaks.
Agreed … I don’t know if i should stick on $ targets or pips target , cus i observes my TP do smatched immediately after i close early…or sometimes i enter early
Firstly, if your position is following a long-term trend, you should ask yourself whether it needs a target. It would be a shame to see price hit your target and get you out of the trade as price continues to move well past that level.
But if your trade does need a target, then it is best practice to let the price chart tell you where the target should be, for example just below resistance / just above support, just below a buy signal pattern / just above a sell signal pattern, just after a new buy / sell signal of any sort, etc. etc.
There are many techniques for this but the idea is to get out when the probability of further price movement in the direction of your position has started to fall towards (or below) 50-50.
in order to my trading experience i think same mistake actually not a mistake , its a own choice . we trades should avoid same mistake . if we do same mistake again and again there is no chance to come out from losses.
thats it … i promised myself never to make this mistake again … wouldn’t realise until i find my self in it …i hate myself and give me self a big knock on the head
this is really a fine answer Neil. sounds really a motivational speech. liked it.
I have a different problem, I somehow find new ways to make the same mistakes. Is anybody else facing the same issue? Solutions would be highly appreciated
What is the mistake you are making?
Then you should start with a trading journal; and mention your most common mistakes in there to filter out the parameters of your trading plan!
I think i have a trading journal where i usually write out my mistakes but what surprise is that the same mistakes occur
Mistakes like entering trade early, leaving with Fomo even if it goes in my direction… fighting with this , i think this is personal behaviour patterns…I will complete a year in this race this month… why is this still an issue for me .
Some say to take the human emotion element out of it. Set rules and never stop following them.
Some say just do the opposite of what you think you should do. Which makes a LOT of sense since 95% of traders blow their accounts.
There are free indicators that I’ve used that work very well, such as Dark Point and Investment Castle, but you will be waiting a while for entry signals and have to be willing to use a very wide SL for a small profit.
I suggest you look at a very good free indicator, Smoothed Heiken Ashi, or I Compass and set them to alert you when its time to enter and time to exit. This takes care of both issues above and makes your decisions for you. Its like having an EA but you never have to worry about not having control over it or Martingale.
There’s a lot of great advice in here. I think you should explore all of them and see what’s helpful for you.
Journal your trades, examine your losses. Look at the chart and see what you SHOULD have done in each trade. If you examine 20 trades, and for 17 of them you get the same solution, then you may have found the answer.
That’s when you try again with your new idea.
What do you think?
Also, try these links:
You don’t take your mistakes seriously. This is why you keep repeating it. To improve yourself, you must analyse your mistakes and make amendments. Also maintain your trading journal. See if this helps.
This is great advice! Once you start tracking your trades. You will know where you are lacking. Making a journal is not a difficult task. You could use an excel sheet to do that.
Don’t make it once again! Since you know your common mistakes, that means you are very near of success! Don’t feel down if you make the mistake once again but try to use a notebook for your trading plan & follow your plan so honestly!
What’s your common mistake? Overtrading or overlot? Make a rule of opening only 1 trade per day!
That’s the funny thing about being in this game, we know what to do most of the time, heck we even have it printed out or written but we still don’t do what we’re suppose to do when its time to look at the charts