What are your worst mistakes or craziest things you’ve done while trading?
Mine is holding a losing position too long hoping things will change and not cutting my losses early.
What’s yours?
What are your worst mistakes or craziest things you’ve done while trading?
Mine is holding a losing position too long hoping things will change and not cutting my losses early.
What’s yours?
Many years ago when I though I knew everything I traded without a hard stop as trade well in my faor and all the planets aligned for me and went for a few days break, came back to a potions thousands in the red. Taught me a huge lesson , always protect the account no matter how good the trade looks, never traded unsafe again. Pain teaches you better than reward
in my trading life most of the mistake i have done during news , so many worst experience i have experienced in that time and lost much equity.
In my opinion, my biggest mistake is trading without experience and knowledge. At the very beginning I spent a lot of money because I did not fully know how to earn money.
trading Forex with no knowledge i think the biggest mistake ever that beginners level always do. this mistake even i have passed when was a newcomer.
using high leverage when money management not strong including real trading plan, its a very common mistake that beginners and professional traders most of time do.
Mine was leaving trades open and going on vacation or completely forgetting about when I haven’t set any stops. My biggest losses were due to this and a combination of what OP has also mentioned. Basically, not setting stop losses is usually the reason.
That too. Also, adjusting my stop giving the trade one last chance to turn around.
I’ve made many - a memorable one though was taking on accounts for others just as the 2007 crisis was beginning.
I’d had a stellar year thinking I was a BSD (read Liars Poker for the meaning).
Id piled my dear mum into silver - whilst it was stretched 40% above it’s 200 day moving average.
And then saw it correct from around $45 down to low $20s.
It’s a long story, one I will tell another time but the gist is that on mine, my mother’s and a close friend’s account I held the losses all the way down.
I spent a full year after in complete mental torment. But…I never ever pulled my stops again.
Emotions especially greed has made me over trade a number of times. But now i have learnt to have a control on that.
emotions and greed very common and i think there is no one who never done the same mistake particularly when a newcomer.
Given that experience do you feel it’s just better to trade price action instead of trading the news?
Did you proceed with trading live immediately?
Grew my account 20% in 1 month over 84 trades.
Wiped out the 20% in 2 trades by not using hard stops, even though i had remained disciplined up to that point.
84 trades of work wiped out.
Overtrading and taking higher risks some time. Due to this, I have lost some money in the past.