“A successful trader learns from the mistakes of others, a trader learns from his mistakes, and a failed trader learns from no one else.”
It is time to talk a little about myself, or rather about the beginning of my path of trading on the exchange and answer questions about what mistakes I made during trading. Why did I make these mistakes? How did you avoid these errors in the future? What errors on Forex could not be avoided? Is it possible to trade Forex without errors at all? To these and many other questions, I will try to give the most complete answer in this article.
Common Trader Mistakes: Introduction
Any trader has committed, is committing and will make mistakes. Probably the most popular topic in numerous forums that focus on trading in the financial markets is the topic of what needs to be done and what cannot. Numerous authors are trying to teach us how to trade in order to earn money on yachts and skyscrapers. But the truth is that 99% of these authors never even traded on real money. Countless examples, when a beginner opens a demo account, puts himself a deposit of 100,000 USD and begins to earn. After a week or even less, he decides to open a real account, but of course, he will not dare to deposit any significant amount on it. And the countless number of merged accounts starts at 10-15 USD. But only a few eventually decide to move to a new level – deposit more than 1000 USD into the account. Then they again step on the already familiar rake, and the accounts are reset again. If a person does not think about anything when trading on accounts of 10 USD (this is unrealistic in principle), then when the amount already worthy appears on your account, you begin to think. And when the bill begins to melt (with someone quickly, with someone slowly), we begin to think: “What am I doing wrong?”. After all, on the demo account, everything turned out fine. We are starting to look for what we are doing wrong. And when we (as we believe at that moment) find the reason, we try to share with like-minded people what we found. From here, numerous records appear on the net. Over time, when our deposit ends, we begin to comprehend the process with great zeal. But until it’s difficult to figure it out ourselves (most often due to the banal lack of knowledge in this area), and we begin to look for answers on the net. And there we come across articles and posts like us, but for some reason, we consider them much more experienced and believe that we can write ourselves. As a result, the circle closes, and the process of losing money is unclear why it continues indefinitely. Half of us can not stand it and quit trading once and for all, and the other half is divided into two more halves. Some of them quit practicing and go into philosophy, create portals and forums and begin to teach newcomers how to earn money, although they themselves … In general, we will not repeat it. And only the second half does not give up and continues to search. Sooner or later, these searches lead somewhere. After all, we all know that those who seek will find. And only after passing this primary path, you begin to more or less adequately assess the reality and principles of this mechanism under the name exchange. Many are already consciously deciding to leave, but few remain. And now these units, from the standpoint of their real personal experience, are capable of achieving a result. So if you want to achieve a result, you have 2 ways: to go through everything that I wrote about yourself, spending a fairly long period of time, or try to go this way on a shortened program. The word “try” is very important in this context. Because you can save time and gain experience in only one way – try not to make at least the basic mistakes of someone who has already gone this way. Unfortunately, there are very few who actually passed it (and do not claim to have passed). Therefore, you need to either go yourself or trust someone who says that he has passed. If you stumble upon a storyteller – start the journey again, losing valuable time and money. But you did try.
Why did I decide to write this introduction? In order for each of you to “try” to make an informed choice at this stage. In my articles, I only talk about my path, never referring to the experience of anyone else. In this article, I will talk about what mistakes I was making as a newcomer to forex and what I can make even now. And you have to make a choice: trust and accept, or close and go your own way.