HeavLeighGill26 posted: Everyone loses money at some point in this industry and I think most of us look back and wish that we would have done some things differently at points in our trading career, especially the beginning. Best thing to do is learn from those mistakes and not dwell on them.
Yeah exactly! If a trader is not learning from mistakes and is repeating same mistakes again and again, then he is on the wrong track. It's a must to learn from the mistakes. Then only you can grow in this world.
Practice is the right way, but you need to go through it with the correct trading system, the right psychology, and it is important to know that mistakes are just a pattern that is caused by the flaws in the trading system. It is also important to recognize that this is a general process and mistakes must be carefully analysed after the trading, which as important as what happens in the market.
Mistakes go hand in hand with the progress. So, if you are picking up some new activity be it trading or planting a tree, you'll inevitably face problems and mistakes. The main thing to bear in mind here is not to be afraid of making mistakes. Surely, one may say that it is easy to be said than to be done when it comes about losing your own money, but if you don't want to lose your money you should trade demo or micro lots, that's it. Probably, the first thing you need to learn is money management when you make up your mind to switch to the real trading in order no to lose more than you can actually afford. Another question is that you need to learn lessons from your mistakes. That is why I strongly recommend everyone to have a trading diary where you should write all of your thoughts which you have before making a deal. This tool will help you analyze your past experience and see lots of insights which will definetely help you correct your mistakes and improve your trading results.
Mistakes are made by all traders and novices shouldn't be scared of making mistakes, because they literally show you that you are on the right way and the matter here is never give up. Those traders who have never made mistakes, then probably, they will be eliminated by the market too soon. Mistakes are considered to be something that all traders try to avoid, but there is no development without mistakes. It doesn't relate only to trading activity, mainly it relates to all the activities, which require skills, knowledge and experience. The more mistakes you make, the more experience you get and you should appreciate that.
Mistakes are a common thing even in forex trading. Some people when not in their right state of mind often make mistakes. This is why traders are suggested not to trade if something goes wrong and you are stressed or disturbed before trading. The trader can skip once to keep trading efficiently later on.
sculpordwarf posted: If you use a demo account then it is cheaper to make mistakes!
That is true but sometimes the mistakes that don’t cost you anything fail to teach you a lesson. I am not saying to be reckless and keep on making mistakes but I believe that you can’t learn everything on a demo account. Even if you practice on it for a year, you will still make mistakes when you go live. Let’s just accept that you are going to make mistakes and you are going to fail but make sure to pause and reflect so that you can avoid them in future.
My number one mistake is a very terrible lack of patience and that’s what I demonstrate on a demo account. A cold sweat goes all over me once I imagine that I could do the same on a real account. I think I need to practice more. It’s too early for me to trade real money.
Mistakes are common in Forex trading but my suggestion is to you not to stick to mistaking. People cannot prosper in Forex trading because they never try to get out of their mistakes. Traders should upgrade their trading on a regular basis so that no loss can shackle them.
Prior to entering any market, a trader must know on what basis they plan to open and close their positions, based on all of that they follow a certain system. A clear trading plan is essential to help traders focus on their system and eliminate random guessing. Install stop loss orders to reduce losses. It's important to remember that the market may not always follow your trading direction.
Occurring mistakes are a common phenomenon in Forex trading. Whatever the market condition is, traders should retain their patience level and no need to hasten to taking an entry. If a trade hits SL, it not only hits hard the capital but also the confidence level. Traders should use low lot so that if any SL is hit, it doesn’t depress them.
Ostrzeżenie o wysokim ryzyku: handel walutami obcymi wiąże się z wysokim poziomem ryzyka, który może nie być odpowiedni dla wszystkich inwestorów.
Dźwignia stwarza dodatkowe ryzyko i ryzyko straty. Zanim zdecydujesz się na handel walutami, dokładnie przemyśl swoje cele inwestycyjne, poziom doświadczenia i tolerancję ryzyka.
Możesz stracić część lub całość początkowej inwestycji. Nie inwestuj pieniędzy, których nie możesz stracić. Zbadaj ryzyko związane z handlem walutami i zasięgnij porady niezależnego doradcy finansowego lub podatkowego, jeśli masz jakiekolwiek pytania.
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