11 Trader's sins!

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Among the list, what do you think is the biggest mistake a trader can do.

1. Not Having a Trade Plan...

2. Not Having Money Management...

3. Not Using Protective Stop Loss Orders...

4. Taking Small Profits and Letting Your Losses Run...

5. Overstaying Your Position...

6. Averaging a Loss...

7. Increasing Your Commitment with Success...

8. Over Trading Your Account...

9. Failure to Take Profits from Your Account...

10. Changing the Trade Plan Mid-Trade...

11. Not Having Patience

 
OlisFX:
Among the list, what do you think is the biggest mistake a trader can do.

1. Not Having a Trade Plan...

2. Not Having Money Management...

3. Not Using Protective Stop Loss Orders...

4. Taking Small Profits and Letting Your Losses Run...

5. Overstaying Your Position...

6. Averaging a Loss...

7. Increasing Your Commitment with Success...

8. Over Trading Your Account...

9. Failure to Take Profits from Your Account...

10. Changing the Trade Plan Mid-Trade...

11. Not Having Patience

Plan or strategy include all this steps, so I can bet not having it is the biggest sing you can ever make!

 

FEELING EMOTIONS is the biggest sin for trader.

 
JohnyFXTrader:
FEELING EMOTIONS is the biggest sin for trader.

But if u didn't feel emotions, u wouldn't be human.

 
fxvoilaaa:
But if u didn't feel emotions, u wouldn't be human.

True! So been a human isn't good for trading.

 

I'm not agree with you, guys. Stands a question: what are you trading for?

- make money

- save money

- emotions

If you have enough money and you don't trade you gamble - that is normal.

Who goes to casino and what's to earn money ( 2% of all customers). All other wants to win, to reach the sky, get ( not earn) easy money!

The same on Forex.

 
GlenGlen:

If you have enough money and you don't trade you gamble - that is normal.

I am not sure that most of the gamblers actually have "enough money" to gamble. Usually, it is the exact opposite...

Unfortunately, this is also a fact with newbies in forex trading. If you don't have at leat $500 to loose, don't even try!

 
daniellefr:
I am not sure that most of the gamblers actually have "enough money" to gamble. Usually, it is the exact opposite... Unfortunately, this is also a fact with newbies in forex trading. If you don't have at leat $500 to loose, don't even try!

I'm agree with you!

Emotions and trading don't work with each other good!

What does make a good trader so good?

P.s thanks Everybody for answers.

 

I think - most important: do not create the illusions for yourself.

Otherwise it will be same as with this joke (one person is inviting the other man to play forex instead of getting him real clue about profit, risk and ROI):

Winning Trading system.

System is the following:

1. 1 lot size.

2. $10,000 deposit size.

3. 22 working days in a month.

4. Profit:

- 25 pips per day;

- $2,500$ in day;

- $42,500$ in a month.

5. Stop-Loss:

- 25 pips a day during the 5 days a month;

- $2,500$ in a day;

- $12,500$ in a month;

Total profit: in a month (22 days) = $30,000$ for one pair only.

$150,000 for 5 pairs.

No any indicators or trading algorithm needed.

From this post

 

Great list. My biggest noob mistake was continually trying to pick the tops/bottom of trends. It's amazing how fast you lose money when you don't accurately guess a reversal.

 

I think on the first place is - not having a trade plan, but it's also very important to have patience, as we need it almost everywhere in our life!

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