Let’s share and learn more about the difficulties that are usually faced by traders. How did you overcame it and what lesson did you learn from it? Let’s share so that newbie can learn from these bad experiences and avoiding them.
I will first volunteer to share mine. During the early days of trading, I did pretty well in terms of profitability, but I was egoistic and should have heeded warning from experience traders. I turned an 1k usd account into 10k usd in a short period of 3 months. I was just using fundamental S & R , candle stick pattern with oscillator to trade reversal. However, there is one thing which I did not educate myself well, which is money management, I was risking about 10% per trade. Which is around 100 usd per trade which leaves me around 8-9 trades. When market sentiment changes, my account went upside down. I was starting to bear more losses than winners. The market was trending, euro deflation problem , japan central bank pump in more money into their system causing the market to be skewered. I was having straight losses and all the profit went down into drain. From that day onward, “money management” engraved deeply inside my heart, there was when I realize the importance of money management. Also there is no system that works all the time in the market. It may work this time around and not work in the future, and it may also work after that.