Too, too many mistakes to itemise here.
I’m going to add a different spin on this thread and say that you need to make these mistakes to actually make it as a consistently profitable forex trader.
If you don’t make the big mistakes that lead you to a crossroad where you either quit or do the right thing to make your trading work, then you wont have to change.
The bigger the mistakes you make, the more likely you will learn from it and not make it a second time!
Making mistakes is inevitable either way, because we’re all human and no human is infallible. I agree on principle though - making a mistake and studying what you did wrong is an important part of the trading learning process.
I feel the earlier traders realize that the better, we can’t run from mistakes. But what we can do is, learn from them and sometimes it not even our fault that they happened. They just did!
not putting stop loss and Holding up negative trades hoping it will be good later on are the major mistakes I made while trading.
I have done the exact same thing. HOlding trades open much longer than they should. I lost £700 in one trade once. That hurt
Yeah, there are lots of mistakes which a trader does, but in the end how much he learns from that mistakes counts after all.
Very bad, let a losing trade go when you still can. Next time use stop loss.
You have right babuajee. Sharing our mistakes will help us realizing and avoid them. One of the common mistake is that traders, as well as me we take quick decisions for a trade sometimes and we don’t give the appropriate importance to the technical or fundamental analysis, if we see a signal.
The first mistake I did it in the beginning of my live trading, however I realized that when you lose a trade you have to accept it and move on to another trade if your mind is clear. The second point is a very serious mistake because you will not have a good picture about your position and probable you will place wrong stop loss and take profit.
Ouch, just entered a trade at 11 lots rather than 1 lots! Thought I was past making such rookie mistakes but I guess these kind of mistakes happen
Yesterday I was almost conviced that FED wouldn’t hike the interest rate. Obviously I should listen to analysts more.