When I was new to the market I was just ‘trigger happy’ thats what led to the losses. Just took a few weeks away from the market and watched non stop - found a few good entry points to recover - and just went from there.
Learned my lessons long ago. Saying that todays markets have changed drastically, a lot of fraud in markets.
Algos are simply programmed to eat retail traders money. Tough going nowadays…
Indeed. Experience in demo are way too much different than real trading since no risk and real money is involved in demo trading.
I didnt use stoploss in the XAUUSD trade, hoping it would reverse
Back when I first started trading, I relied on EA’s and lost A LOT of money. Mainly martingale method, and I didn’t have a clue about trading. Just seen big profits and jumped right in, didn’t know the consequences. Before I realised, it was too late.
If you have emotions in trading, you can never make a good profit. Trading is very difficult if you do not manage psychology properly.
I wish it was easy to know that I would have lost a certain trade. I would have never entered it. The hope that I could have made profits kept me there holding my position, but all in vain. The trade made me learn a lot and I don’t think that I will ever forget that important lesson ever.
Ah the martingale method. Over the longer term, huge risk for small profits. Unless you have unlimited funds, which nobody does.
This is a very good story to learn from. I’m glad to hear you used it as a learning experience! Thanks for sharing!
My biggest loss till date was 2 years ago… I can call it the biggest mistake of my life… I forgot to add stop loss on my trade and kabooommmm…next day was the darkest day trading life.
Same here buddy!
I faced my biggest loss a year ago because of not using stop loss.
This is the most common mistake that a trader definitely makes in his life. but its always good to learn lessons from losses.
Was this a real money account for you two?
How long did you keep the trade open? I did this just recently… on a meme stonk too lol.
Trade with SLs and if provided trailing SLs that’s a plus point. I learnt this when dragged down by a severe dip of crude-oil and end with loss.
I made a lost on 20% of $1000 capital once because I didn’t consider the importance of SL when I doing my trading. Big rookie mistake.
I have also done such rookie mistakes. My biggest one was not practicing on demo account before trading live.
Had you demo traded before that?
This one is hard for me to understand. Why did you not practice on demo? Had you been trading something else already?
Unfortunately yes.!!! it was a real account… But i overcome the loss later on!
HAAHAH everyone tends to commit this mistake at least once in their trading journey. Regarding my trade, I don’t exactly remember but it was open for 2-3 days and was going good until the 4th day…
Riding trends to the moon!!
Haha. I’ve done that too!!