My most common mistake would be trying to catch tops & bottoms AKA: Reversals. I know I’m not the only one who’s drawn to their seductive nature and their sharp curves.
I’m trying to prevent this by adhering to my trend trading strategy. I also put a 20MA on the chart just as a visual reminder of which way I need to trade.
The mistake I’m doing over and over again for years is careless opening positions in correlated pairs.
Eg. I have pending stop order above NZDUSD support for BUY and two days later I open USDCHF long… NZDUSD triggers and I finish up with basically a NZDCHF trade which is totally not what I was aiming at
I told my self not place a trade on Monday because majority of my loss, above 80% came from Monday, I was repeating the same mistakes, until I decided to open my platform early morning on Tuesday.
My common mistake is not taking profits early then ending up losing money. Any tips? I do a lot of good trades but I just can’t seem to take advantage of them! I get so pissed off in the end of the day because I had good positions and I lost them because I’m greedy af. How do you fight greediness? How do you plan your trades and follow them without any touching?
Also impulsive trading, is there any trick that I can do to stop doing trading without much thinking?
I want to get rid of these 2 problems that make my trading a nightmare rollercoaster.
Whatever your strategy is outside of boredom like when you trade for foreal utilize it a few times on test runs / back tests so it won’t continue to grab your attention out of boredom .
Although it prevents me from taking a loss sometimes, most of the time I tend to miss good entries only to come back later to see that what I had in mind back then was the right thing.
One thing i’m doing to help prevent me from “overthinking” too much" is to simply try to follow my plan. I tell myself that no matter what happens, long as i’ve followed my plan everything will be okay.