Overconfident
Aug 12, 2018 at 05:26
I became over confident after an awesome week trading. I then increased by Lot size to 1.0 Lot thinking I was going to be a millionaire soon but the markets thought better. I lost a lot. I ended up revenge trading and losing my whole account. Sad times but a useful lesson
Mitglied seit May 20, 2011
8 Posts
Aug 12, 2018 at 12:42
Was that a demo or live?
forex_trader_458816
Mitglied seit Sep 11, 2017
124 Posts
Aug 13, 2018 at 08:23
In Forex trading, u should put away your thought that your entry would be perfect and sharp entry.
Just think, if so many of us thinking like u, sure many unregulated brokers are close down now.
Too many having perfect entry 😂
Just think, if so many of us thinking like u, sure many unregulated brokers are close down now.
Too many having perfect entry 😂
Mitglied seit Jul 26, 2018
9 Posts
Aug 13, 2018 at 10:24
I would settle for an imperfect entry as long as I got the direction right. Just knowing that I could make 50pips a week every week would be incredible for me
Mitglied seit Jul 27, 2018
10 Posts
Aug 13, 2018 at 14:42
I find that I get direction right but the stop loss wrong. So if a go Long with a stop loss of 20 pips the price will fall 25 pips and then reverse and head upwards :(
Mitglied seit Feb 22, 2011
4862 Posts
Aug 14, 2018 at 10:17
It is easy to become overconfident when you are lucky and make a huge pile of money
But is is even easier to lose it that way.
But is is even easier to lose it that way.
Mitglied seit Aug 16, 2018
11 Posts
Aug 16, 2018 at 10:50
Back4Good posted:
I became over confident after an awesome week trading. I then increased by Lot size to 1.0 Lot thinking I was going to be a millionaire soon but the markets thought better. I lost a lot. I ended up revenge trading and losing my whole account. Sad times but a useful lesson
When you didn't find the solution, lesson is the one. And if you don't want to go wrong in the first place, catch the valuable advises as much as you can. :)
Mitglied seit Feb 22, 2011
4862 Posts
Aug 16, 2018 at 11:00
Back4Good posted:
I became over confident after an awesome week trading. I then increased by Lot size to 1.0 Lot thinking I was going to be a millionaire soon but the markets thought better. I lost a lot. I ended up revenge trading and losing my whole account. Sad times but a useful lesson
You have to have good trading plan
You have to stick to it.
Was the trade size increase part of your trading plan, it was not, right?
Aug 17, 2018 at 00:52
(bearbeitet Aug 17, 2018 at 00:52)
Back4Good posted:you are very much placed to be successful buddy. keep going and sure you have really learnt your lesson
I became over confident after an awesome week trading. I then increased by Lot size to 1.0 Lot thinking I was going to be a millionaire soon but the markets thought better. I lost a lot. I ended up revenge trading and losing my whole account. Sad times but a useful lesson
Aug 27, 2018 at 07:23
Back4Good posted:Experience teaches a lot.
I became over confident after an awesome week trading. I then increased by Lot size to 1.0 Lot thinking I was going to be a millionaire soon but the markets thought better. I lost a lot. I ended up revenge trading and losing my whole account. Sad times but a useful lesson
Mitglied seit Aug 29, 2018
6 Posts
Aug 29, 2018 at 10:44
Abdielfx posted:Better than anything else, in my opinionBack4Good posted:Experience teaches a lot.
I became over confident after an awesome week trading. I then increased by Lot size to 1.0 Lot thinking I was going to be a millionaire soon but the markets thought better. I lost a lot. I ended up revenge trading and losing my whole account. Sad times but a useful lesson
Mitglied seit Jan 18, 2010
17 Posts
Aug 29, 2018 at 11:53
Dandelion posted:
Continuous education plus experience is the key to getting Forex right. No guarantees you will but without that you will definitely fail
agreed with that... learning never ending... lot of education needed to beat the market...knowing your self...your emotion...controlled it...do a consistent is the key in the forex 😀
Candles always right
Mitglied seit Aug 16, 2018
11 Posts
Aug 29, 2018 at 11:55
Dandelion posted:
Continuous education plus experience is the key to getting Forex right. No guarantees you will but without that you will definitely fail
Very true. Continuous education is more like a theory part which is pretty boring. But if done continuous learning with continuous experience, it becomes interesting plus knowledge is growing fast and may become good trader if strategy + logic + management is good.
Mitglied seit Jul 26, 2018
3 Posts
Aug 30, 2018 at 08:28
estraub posted:Right. No knowledge and incomplete knowledge both can be detrimental to our trading prospects.
Overconfidence is dangerous.
Trading without knowledge is even more so.
Just ask me. 😳
Mitglied seit Aug 05, 2019
50 Posts
Aug 12, 2019 at 09:34
Don’t get influenced by the results of current trades and events and ignore the past information. This thing will be problematic if your trading is affected by your fixation on your current winning or losing trades.
Mitglied seit Feb 22, 2011
4862 Posts
Aug 12, 2019 at 11:26
There is no easy way to consistent profit.
I see it quite often. At the start of trading beginners luck, making 10, 20 or even 50% a week.
Trading on demo, being relaxed, trying to apply the same approach to real trading, failing to do so,
losses as results and panick.
I love my trading robots whose allow me to avoid all that :)
I see it quite often. At the start of trading beginners luck, making 10, 20 or even 50% a week.
Trading on demo, being relaxed, trying to apply the same approach to real trading, failing to do so,
losses as results and panick.
I love my trading robots whose allow me to avoid all that :)
