View Poll Results: Ever gone back on your word when you said you'd "Never do that silly mistake again"?

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Thread: Lessons Learnt: The HARD way

  1. #1
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    Lessons Learnt: The HARD way

    Whenever you make trading decisions it's important to reflect on what you did right and wrong. It never fails to amaze me how many times a trader will say, 'If I ever get out of this situation I will never ever do this silly mistake again', only to find that that exact same trader goes and makes the exact same decision again!

    This thread is for you who have learnt important lessons in the currency market the HARD way, and by the hard way I mean losing cold hard cash.

    Markets can remain irrational longer than you can remain solvent.

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    Rein135 (05-26-2014)

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    Mine:

    1. Close position when it reaches major resistance / support level, from there watch where it goes.

    2. When price stalls around an area for a long time, close the position and see where it goes. There could be a retracement/consolidation due.

    3. Maybe start with more lots then remove them at intervals.

    4. After a loss don't jump right back in unless you've got a clear head and are certain of the direction. It's good to wait. I found waiting an hour was helpful after a big loss.

    5. Don't this about profit lost. This about the lesson and be thankful that you're learning and you'll trade again.

    6. When scalping, first do an analysis on where the currency pair is heading and then ONLY scalp in the direction of the trend. Do NOT place a random scalp, you lost half your account doing this and nearly blew your entire account on another; that's only on 8 scalps in 2 days!!! If short term sentiment is bullish trade on the lows and visa versa.

    7. When using high leverage you have to be even more certain of the direction.

    8. There are three types of trades:
    a. Long
    b. Short
    c. Aside


  4. #3
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    They're good lessons yes, yes they are! I must say however that some lessons are only going to work with particular styles of trading so any lessons thrown out should only be applied to ones own trading methodology.

    I actually have a list of mine which I have written down. I will share them with you; I will actually directly type out what I wrote, to myself (which nobody has ever read apart from me... and now you).

    • Nevever jump into a trade without knowing where it is going
    • Follow the trend
    • Don't buy at the top and short at the bottom! Pick enter and exit points wisely.
    • Filter out false breakouts. Wait for them to play out. 90% of 1st breakouts are false (apparently).
    • Let the market move and establish a trend before entering. Don't just jump in willy nilly.
    • Become very proficient at a few strategies: master them instead of spreading yourself. Focus is the key to success in this game; mastery can be learnt.



  5. #4
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    Quote Originally Posted by theMoney View Post
    They're good lessons yes, yes they are! I must say however that some lessons are only going to work with particular styles of trading so any lessons thrown out should only be applied to ones own trading methodology.

    I actually have a list of mine which I have written down. I will share them with you; I will actually directly type out what I wrote, to myself (which nobody has ever read apart from me... and now you).

    • Nevever jump into a trade without knowing where it is going
    • Follow the trend
    • Don't buy at the top and short at the bottom! Pick enter and exit points wisely.
    • Filter out false breakouts. Wait for them to play out. 90% of 1st breakouts are false (apparently).
    • Let the market move and establish a trend before entering. Don't just jump in willy nilly.
    • Become very proficient at a few strategies: master them instead of spreading yourself. Focus is the key to success in this game; mastery can be learnt.
    really nice advices you have here!!!!

    I wish more traders follow them. sometimes I have the feeling they are just randomly opening and closing positions without any thought or analysis and then complain when they loose money.


  6. #5
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    Forex Trading Systems and Strategies Everyone has their way of trading. You think you've got something worth talking about, post it here!


  7. #6
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    Never enter a trade because the price is suddenly rising or falling. Always plan your trades in advance. Know your desired entry point, Take Profit and Stop Loss rates before you trade and wait for the right opportunity to arise.


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    UncleBuck (05-29-2012)

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    Quote Originally Posted by angelnish View Post
    Never enter a trade because the price is suddenly rising or falling. Always plan your trades in advance. Know your desired entry point, Take Profit and Stop Loss rates before you trade and wait for the right opportunity to arise.
    Absolutely crucial, SETTING AND KNOWING your stop loss level and take profit level BEFORE you enter the trade, and decide within yourself to abide by those levels, no matter what.

    If you do want to have the option to change your tp and sl levels, then decide upon the different scenarios before you enter so you have every possible risk scenario covered.


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    angelnish (05-30-2012)

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    Quote Originally Posted by UncleBuck View Post
    Absolutely crucial, SETTING AND KNOWING your stop loss level and take profit level BEFORE you enter the trade, and decide within yourself to abide by those levels, no matter what.

    If you do want to have the option to change your tp and sl levels, then decide upon the different scenarios before you enter so you have every possible risk scenario covered.

    It is always better to be able to manage the Stop Loss and Take Profits on a dynamic basis keeping in mind the current market scenarios.

    As i have seen most of the times the markets will be close to the Stop Loss and then it will take a U turn


  12. #9
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    Good sense of humour dear
    Quote Originally Posted by Dominator4fx View Post
    It is always better to be able to manage the Stop Loss and Take Profits on a dynamic basis keeping in mind the current market scenarios.

    As i have seen most of the times the markets will be close to the Stop Loss and then it will take a U turn



  13. #10
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    this is all about discipline.


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