I have a semi recurring problem with setting stop losses I’m not proud of it.
Just when I think I’ve fixed it, it just suddenly happens again. Of course, nothing happens just suddenly. It usually starts with one trade with no SL that I get away with or maybe even works in my favor that then makes it way easier for me to justify not using it for the next trade. It just keeps going and going until I get rekt.
Anyway, enough about me. What about you? Do you have recurring trading mistakes in the past that you’ve since corrected? How did you do it? What’s the secret?
A recurring mistake, IMO, is focusing on RRR, which should be binned in the garbage.
The key order placement is the T/P. That is critical, then the S/L can be adjusted at a reasonable level away from the price action.
Where do you best place the T/P? On a trend below a support and resistance zone and before where losing traders close their trades or get stopped out. It is a 55% edge in your favour, particulary when the trade is a selling one.
For me it is more of a habit than a mistake. I hold trades longer than I should. My system has dropped from a 50% to 40% win ratio because of that. I give a lot of the profits back to the market. I am still struggling to debug that corrupt cell in my brain.
Dealing with emotions is a tricky trick self-task. Being honest with yourself is the first step.
“Once a problem is faced, analyzed, and understood, it becomes a positive energy center for creating solutions.”
The next step is to take responsibility. It is up to you to change this self-sabotaging action. It’s a long self-process that doesn’t happen overnight and requires being tolerant of yourself as well.
Being honest, responsible, and tolerant of yourself is the ‘secret’ mindset.
I had the same exact one. I didn’t set a stop loss for my trades because I thought I don’t have to lose at all. I just set TP for my trades.
I thought even if i lose some trades the trade will return and I will win finally.
But once in one of my trades I lost all my money because of not setting a stop loss.
I guess that’s what happens when you trust your system too much. As for me, stop loss is the first thing I calculate, and it is always there on every trade. But TP? Never!
I have never started a trade without SL, but I have often closed a trade too quickly to take TP too early, only to see that if I had just trusted myself and my trade, it would have brought home a larger TP
I kinda feel relieved that I am not the only one in this pandemic
Been holding on to a gold trade since yesterday, which moved about 5R in my favour, and now it is ranging at about 3R. I am tempted to close it considering the psychological level (2000), but my corrupt brain cell tells me its going to break and skyrocket
I am holding on
For me, it’s not using additional timeframes for quantifying the uncertainty.
I used to be head in a single chart (used to be a scalper to start) which is easy to zone in for the fast movements, before moving slightly longer term into breakout/reversal which I find much more fun, this forces me to make sure my trading plan is followed naturally!
I used to make the same mistake of not using stop-loss orders. I thought I could handle the risk and didn’t want to get stopped out too early, but boy was I wrong.
Not using stop-loss orders can be a huge mistake because it leaves you vulnerable to significant losses that can wipe out your account balance. I learned the hard way that emotions can easily cloud your judgment, causing you to hold onto losing trades for too long.
Nowadays, I always use stop-loss orders on every trade I make. It’s become a critical risk management tool for me, helping me limit my potential losses and protect my account balance. I’ve also learned to place my stop-loss orders at a level that takes into account my risk tolerance and the market’s volatility.
Trust me, using stop-loss orders can save you from a lot of heartache and regret. It’s an essential tool that every trader should incorporate into their trading plan.
Initially I used to over-trade and thought it would carry more profit for me. But I saw I couldn’t gain profit rather I made loss on average. Then I rectified this mistake over-time.
It’s kind of the same here with me and I’ve set myself a daily max win/loss limit, which should be understood in the sense that if they get hit then that’s enough trading for today and if I lose three times on the same day i stop trading for that day.
I had this problem too! But fixing it was easy for me.
As for my own recurring mistakes, I used to struggle with managing my emotions of anger and even with greed.I found it helpful to take breaks when I felt overwhelmed or emotional. But honestly I still have problems with that! I can’t stick to my TPs and that is really bad!
Oh man, I struggled with setting my stop losses and take profits at the beginning of my trading journey. I made the mistake of skipping over some important parts of the online courses I took, thinking they weren’t that crucial. Little did I know that one of those sections covered setting SL and TP. So when I started trading in demo accounts, I felt like I needed to monitor my trades constantly and couldn’t step away. It wasn’t until a few days later that I discovered what SL and TP were, and I was blown away!. I was like wow! This is the Business
Ouch
You really shut have a SL on each trade, and its so simple to make a SL on your trades so why not use it
Its like people who bet in sport instead of trade in sport, i mean why take a bet in sport when you can trade in sport, just to compare, i do not get it
I use often a trailing stop in my trades so SL follows my TP
I’m usually tempted into chasing trades.
Wen my SL gets hit and price reverses my way, I tend to jump into the trade without enough room to calculate my risk. it was helpful in few occasions but on most occasions it was a disaster. I’m still trying to figure that out.
Initially I couldn’t control my greed when the market was oin quick move. I used to take entries quickly to gain some profit but with time I recovered this bad habit.
I’m not proud of it.
