If you are making these mistakes on live trading, then stop please! And go for demo, and make a straightforward trading plan 1st!
I recognise that. I was wondering if it comes from a sub-conscious fear of losing and disbelief in our own strategiesā¦
If so, a possible way forward would be to just dramatically increase the number of trades taken per week so that the positive outcomes are reinforced in the mind and there just isnāt time to develop alternative plays on any trade. Obviously, reduce position size to absolute minimum while going through this exercise and set a time limit for it.
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This. Exatly what i think too.
You Make mistakes for 2 reasons:
- You donāt have rules
- You dont follow your rules
Trading is 100% discipline
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Yeah discipline will set you apart from most, as much as weāre humans and canāt exactly follow rules like EAs, having rules still helps as it enforces discipline and we all know what happens when you break your rules
Trading is 100% discipline, try to follow your rules
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May I know your common mistakes name please? Then I can share more specifically for sure!
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Set a target, follow a plan and you will be okay. Focus on learning instead of earning in the start. Figure out a potential profitable time frame and make your move accordingly. Making mistakes is normal, as long as you learn from it and try not to repeat it.
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If you are repeating mistakes in trading. The best solution is to pause for a moment and evaluate your own mistake and better to come up with a good strategy.
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Itās best to make a note in a trading journal and refer to it and test it out in a demo account. Learning from mistakes is the only way to move further in this market.
Focus on those mistakes. In general, it takes time to create new habits even if itās correcting mistakes we keep repeating.
Mistakes in trading can quickly wipe out your savings. But making the same mistakes over and over again is detrimental in both personal and professional growth. The solution is to carefully analyse the mistakes and adhere to stick rules so that you donāt do them again.
Rules like , pls can you explain better
Rules are just rulesā¦ you need to follow them
It can be anything depending on your strategy:
Risk reward rulesā¦ like if my take profit price is not at least double my stop loss, I donāt trade
If my stop is more than 20 pips away, I dont trade
Strategy rules, for exampleā¦ if stochastic is over 50 I Will never buyā¦
If the Next resistance/support level is too close, I dont trade.
You need to define your set of rules ā¦ they must be set on stone and backtestedā¦ if you havenāt found a profitable set of rules, just dont trade.
Your rules should define when you open a trade, when long, when short, when you take partials, when you take full profitā¦ when you close your tradeā¦ the size of your positionā¦ Everything
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You said it all. Thereās nothing I can add after this!
Repeated mistakes wonāt help you in gaining success. So, work on your mistakes to recover them. Otherwise, this difficulty will increase with time. It will take away your focus.
Donāt repeat your mistakes because if you stick to doing so, you will lose the track of success. Keep trying till the end.