• Australian (ASX) Stock Market Forum

Hello and welcome to Aussie Stock Forums!

To gain full access you must register. Registration is free and takes only a few seconds to complete.

Already a member? Log in here.

Your biggest FOREX trading mistake

Discussion in 'Forex and Cryptocurrencies' started by TulipFX, Jan 8, 2011.

  1. TulipFX

    TulipFX

    Posts:
    228
    Likes Received:
    0
    Joined:
    Dec 29, 2010
    My thread got hijacked by those silly share traders getting all wound up over early exits so I have started a new one seeing they wanted their own to lament not keeping a stock they sold at 25 cents.

    I have never been worried about an early exit, a what could have been trade. I find once you start worrying about what'ifs you miss what is infront of you.

    So to get the thread back to its original question:

    What in your FOREX trading have you really cocked up? and what big lesson did you take from it?




     
  2. IB12

    IB12

    Posts:
    88
    Likes Received:
    1
    Joined:
    Apr 7, 2010
    I think your only problem there was risk management and money management, and not particularly technical analysis, or automated trading.
    As technical analysis can be just as bunk as fundamentals if used in the wrong way.
     
  3. nichole

    nichole

    Posts:
    8
    Likes Received:
    0
    Joined:
    Jul 7, 2011
    My biggest mistakes were to over leverage and refuse to cut loss. These two mistakes cost me a total loss of USD$400k. I was also mentally wounded and develop a phobia to trade for awhile. Hopefully by sharing my experience, fellow traders can take note and be careful not to fall into these two pitfalls.
     
  4. The_Bman

    The_Bman

    Posts:
    41
    Likes Received:
    0
    Joined:
    Nov 4, 2008
    While not "Biggest" monetary loss in fact in some cases wins! I've on multiple occasions doubled my positions when setting up conditional orders incorrectly :banghead:

    I call this biggest as someone somewhere smarter than I said something about if you do the same thing again and expect a different outcome...

    101 stuff, get your orders right!
     
  5. Paulo30

    Paulo30

    Posts:
    44
    Likes Received:
    0
    Joined:
    Mar 30, 2010
    Not hedging positions, and taking too many pairs in one direction at one time (e.g. going long with EUR, GBP, AUD in one hit).

    PS- This only really applies to traders without strict SL. I trade long-term and don't use strict SL exits.
     
  6. nichole

    nichole

    Posts:
    8
    Likes Received:
    0
    Joined:
    Jul 7, 2011
    Try to have in place a stop loss mechanism, trust me, it is going to worth your effort in the long run. Sometime, safekeeping your cash and preserving them is a form of winning.
     
  7. G-Zilla

    G-Zilla

    Posts:
    55
    Likes Received:
    0
    Joined:
    Aug 12, 2006
    Having the TulipFX team run a managed account for me :rolleyes:

    Learnt to run better due diligence to and stick to my successful discretionary style :cool:
     
  8. cogs

    cogs

    Posts:
    375
    Likes Received:
    44
    Joined:
    Jul 21, 2007
    1. Didn't understand all the great usability of MT4 could be totally useless when hooked up to any market maker or broking service.

    2. Thinking there is a better way of trading than commission only.

    3. Trading during low volume. FX in particlular is too easily manipulated during these periods.

    Fixed commission and futures direct to CME is the only way to go for me.:cool:
     
  9. Roseanne Garriso

    Roseanne Garriso

    Posts:
    3
    Likes Received:
    0
    Joined:
    Apr 6, 2014
    If I want to success in this profession, I've to dedicate and a sharp minded trader as well. No emotion and have enough capability to take risks.
    That's my own opinion, am I right or Am I right ;)
     
  10. >Apocalypto<

    >Apocalypto< 20.03.2012

    Posts:
    2,233
    Likes Received:
    0
    Joined:
    Feb 2, 2007
    trading Forex:1zhelp::)
     
  11. barney

    barney

    Posts:
    3,640
    Likes Received:
    1,767
    Joined:
    Aug 17, 2006

    LOL .....

    I resemble that remark:D

    Welcome back Joe.
     
  12. barney

    barney

    Posts:
    3,640
    Likes Received:
    1,767
    Joined:
    Aug 17, 2006
    Actually I'll give you three mistakes to start with ..... If I wrote all my mistakes Joe Blow would need to apply for more bandwidth:rolleyes::)

    1) Opening a position about 5 seconds before an important news announcement came out ..... guess which way it went ... not so:cool:

    2) Opening a position in MT4 after I had been trading Futures and not realising I hadn't changed my lot size (I trade futures at much higher lot sizes than FX) ....... Market immediately spiked the opposite way and cost me a bucket load

    3) Holding onto losing positions too long/slash/adding to obviously poor positions instead of cutting or flipping



    I could go on:D
     
  13. Steve82

    Steve82

    Posts:
    2
    Likes Received:
    0
    Joined:
    Apr 25, 2014
    Auto trade and Robots!
     
Loading...

Share This Page