forex trading mistakes

[eleanorkim]

Hello.
to avoid making mistakes I believe that the following must be done in order to learn from our mistakes:

* Recognize and explain your error
* Accept accountability for your deeds.
* Analyze; identify the WHY (what was the thought process.)
If we were to share some of the errors we made and what we discovered as a result, it might be helpful to other traders. tell us?

"What aren't you doing now that you did when you started?" is the query I pose.

 

[Lee.me]

There are a few errors I don't wish to make:

• Failure to keep a trading journal.
• Excessive risk per trade.
• Allowing feelings to be in charge.
• No trading strategy.

 

[Polakandil]

I think all traders even make a mistake because no perfect traders who always making good profit in day trading, naturally forex market is dynamic, and mistake could happen because we can't control the market. However we can control our emotions.

 

[Imogen Beaumont]

Hello.
to avoid making mistakes I believe that the following must be done in order to learn from our mistakes:

* Recognize and explain your error
* Accept accountability for your deeds.
* Analyze; identify the WHY (what was the thought process.)
If we were to share some of the errors we made and what we discovered as a result, it might be helpful to other traders. tell us?

"What aren't you doing now that you did when you started?" is the query I pose.

In order to avoid mistakes try a demo account first, learn from your mistakes, and continue your education continuously to . Also look for a reputable broker.

 

[OscarR1]

all ok.
As frequently as it is always stated , I would say that opening trades without placing a pending order is always an important mistake.

 

[eleanorkim]

There are a few errors I don't wish to make:

• Failure to keep a trading journal.
• Excessive risk per trade.
• Allowing feelings to be in charge.
• No trading strategy.

I appreciate your valuable input on this topic.
can you explain how do you avoid that?

 

[eleanorkim]

all ok.
As frequently as it is always stated , I would say that opening trades without placing a pending order is always an important mistake.

Thanks for sharing your knowledge and thoughts on this matter.

 

[eleanorkim]

In order to avoid mistakes try a demo account first, learn from your mistakes, and continue your education continuously to . Also look for a reputable broker.

Sometimes, I find myself neglecting to apply my strategies on demo accounts, and I realize it's a detrimental habit.

 

[eleanorkim]

I think all traders even make a mistake because no perfect traders who always making good profit in day trading, naturally forex market is dynamic, and mistake could happen because we can't control the market. However we can control our emotions.

I completely agree with you! Mistakes are part of the trading journey for all traders. It's important to acknowledge that no trader is perfect, especially in the dynamic forex market. While we can't control the market, we can control our emotions and reactions to it. Managing emotions plays a crucial role in making rational decisions and maintaining a disciplined approach to trading. Thank you for highlighting this essential aspect of trading!

 

[Lee.me]

I appreciate your valuable input on this topic.
can you explain how do you avoid that?

For the first item, you should create the habit of creating trading journal; to keep track of everything you do.
about the excessive risk per trade, that's all about your risk management techniques. You should develop good and effective risk management techniques.
Then, emotions, it is a hard goal to accomplish but it doesn't mean it's impossible. You should take control of you emotions and put them aside when you trade. why? overtrading, revenge trading and bluh bluh; that's why.
and the last one doesn't need any explanation. I mean who trade without a trading plan?

 

[eleanorkim]

For the first item, you should create the habit of creating trading journal; to keep track of everything you do.
about the excessive risk per trade, that's all about your risk management techniques. You should develop good and effective risk management techniques.
Then, emotions, it is a hard goal to accomplish but it doesn't mean it's impossible. You should take control of you emotions and put them aside when you trade. why? overtrading, revenge trading and bluh bluh; that's why.
and the last one doesn't need any explanation. I mean who trade without a trading plan?

how you do you keep trading journals? online sheet or note them in a note book?
I would be glad introduce me some of your sources for risk management improvement.
I could say I can handle my emotions in trading mostly i mean i recently learnt. but not in my relationship. LOL )))))
thanks for your time.

 

[Lee.me]

how you do you keep trading journals? online sheet or note them in a note book?
I would be glad introduce me some of your sources for risk management improvement.
I could say I can handle my emotions in trading mostly i mean i recently learnt. but not in my relationship. LOL )))))
thanks for your time.

While I prefer utilizing PC programs to keep a trading record, you should do what you find most enjoyable.
By reading books or watching videos on YouTube, you can hone your risk management abilities. I did a little bit of everything. I can give you some advice, but you ought to do your own research:
Be able to foresee danger or exposure.
Optimal stop loss level.
Diversify your holdings; the correlation will be weaker the more diverse your portfolio is.
Keep your risk steady and control your emotions.
maintaining an advantageous risk to return ratio.

 

[eleanorkim]

Great insights! Utilizing PC programs for trading record-keeping is your preference, and that's awesome. Enhancing risk management skills through books, YouTube videos, and a diverse approach is crucial. Remember to foresee danger, set optimal stop loss levels, control emotions, and maintain a favorable risk-to-return ratio. Keep up the excellent work and continue researching for your personalized strategy

 

[skrimon]

Lack of planning and risk management is the main for losing trades.

 

[Imogen Beaumont]

Sometimes, I find myself neglecting to apply my strategies on demo accounts, and I realize it's a detrimental habit.

This can be a bit due to the nature of demo accounts. But you should practice on demo accounts anyway.

 

[Lee.me]

Great insights! Utilizing PC programs for trading record-keeping is your preference, and that's awesome. Enhancing risk management skills through books, YouTube videos, and a diverse approach is crucial. Remember to foresee danger, set optimal stop loss levels, control emotions, and maintain a favorable risk-to-return ratio. Keep up the excellent work and continue researching for your personalized strategy

Thank you, mate. I like to have my own way of doing things, and I do what works best for me.