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Thread: mistakes traders make!!!

  1. #16
    Bullish proaction@forexproaction.'s Avatar
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    It's also something to note this.

    If you have enough "room" to trade 0.1 lot (a $10,000 trade) you can then move your volume in .01 increments, such as 0.11, 0.12, etc.

    So, the only "trade off" is if you feel the need to trade LESS than 0.1 lot.

    At 500:1 a .1 lot trade of the eur/usd is roughly $28.00

    And, the trade is $1.00 per pip of movement.

    So, if you have say, $300 in your account and you put on a .1 lot trade, you now have $300 - $28 for $272 of USABLE margin. This is enough to absorb 272 PIPS against your position before a margin call.

    No trader should sit there and allow 272 pips to take their account, right?

    Our own trading rules use 5% as a guideline for how far to allow a single trade to draw down your account which would be about 15 pips on a $300 account.

    Meaning, use that as a stop loss level or even 10% for 30 pips.

    And trade, using a systemt that wins more than it loses (you can talk to us about that if you don't have one currently). You can build up the small account and start using the .01 increments as your account size grows to trading bigger than the .1 lot.

    Trade Safe!
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  2. #17
    Elder Analyst RahmanSL's Avatar
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    As I have posted elsewhere, my trading strategy is rather simplistic.

    Go in with a "Sell" position on (for example) Silver at the 28.70+ level. Preset TP for 26.70 and than wait it out over a period of days/weeks/months.
    The trick is to have patience and wait for currencies pair/commodity to go to the high side before entering a trade, and limiting (depending on account size) to max 2 open positions at any one time.
    I target 12 trades a year which should be more than sufficient to beat any interest offered by any banks on planet Earth : )
    "Making Profit IS EASY, keeping it IS NOT!"

  3. #18
    In Profit DollarBull's Avatar
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    Quote Originally Posted by RahmanSL View Post
    As I have posted elsewhere, my trading strategy is rather simplistic.

    Go in with a "Sell" position on (for example) Silver at the 28.70+ level. Preset TP for 26.70 and than wait it out over a period of days/weeks/months.
    The trick is to have patience and wait for currencies pair/commodity to go to the high side before entering a trade, and limiting (depending on account size) to max 2 open positions at any one time.
    I target 12 trades a year which should be more than sufficient to beat any interest offered by any banks on planet Earth : )
    There are lots of simple strategies out there that can easily make more than 15% per year. Even the simple MA crossover (using daily or weekly charts) can make you that much gain. The fight is only waged by those greedy pigs like (me) to grab every little turn and twist in the faster time scale into some profit.

    And no, I won't set any specific price targets to trade. Looking at the daily chart, if the Stoch, MACD, MA, and PSAR all of them show to trade in a particular direction, just go for it, leave it on for 10 weeks and you can thank me later!

    By the way, Fed just bought Treasuries. This means USD will weaken for the rest of the day. Getting busy!
    Last edited by DollarBull; 11-15-2010 at 04:27 PM. Reason: update

  4. #19
    Elder Analyst RahmanSL's Avatar
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    "The fight is only waged by those greedy pigs like (me) to grab every little turn and twist in the faster time scale into some profit".

    Seems like we belong to the same club : )

    I have trebled one of my Demo accounts within 3 days, turned a usd3k into usd77k within 2 weeks, but got into a couple very bad trades and got wiped out within 2 days.

    I have also trebled one of my Live account within 5 trading days and, again, due to 3 very bad trades, that account got wiped out within 2 days.

    Yes, the impatience to make the most amount of money in the shortest possible time is the downfall of all GREEDY Traders like...hehehe...you & I : )

    I am learning and will have to discipline and control my trading emotion before getting out my real money and going into Long Term Investment in Forex Trading.

    15% per year??? Heck, that would be chicken feed in forex trading! : )
    More like >500% per year is not that difficult to achieve within a year of careful trading....

    All the best trading the USD today.....but you might want to check out Silver & Gold, as well as Oil too, as they tend to trend upwards when USD weakens.
    "Making Profit IS EASY, keeping it IS NOT!"

  5. #20
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    less or more, i agree with you.
    but i think item 4 is more important for newbie

  6. #21
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    Many traders don’t realize the news they hear and read has already been discounted by the market. They frequently have a directional bias; for example, always wanting to be long. Lack of experience in the market causes many traders to become emotionally and/or financially committed to one trade, and unwilling or unable to take a loss. They may be unable to admit they have made a mistake, or they look at the market on too short a time frame.

  7. #22
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    and the most dangerous mistake is the lack of patience because this field needs the patient traders to learn and become good traders

  8. #23
    Intraday Master qlinks's Avatar
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    Quote Originally Posted by fxcarbon View Post
    Top 10 Mistakes Traders Make

    Following are 10 of the more prevalent mistakes I believe traders make in futures trading. This list is in no particular order of importance.

    1. Failure to have a trading plan
    2. Inadequate trading assets or improper money management.
    3. Expectations that are too high, too soon.
    4. Failure to use protective stops.
    5. Lack of "patience" and "discipline."
    6. Trading against the trend--or trying to pick tops and bottoms in markets.
    7. Letting losing positions ride too long.
    8. "Over-trading."
    9. Failure to accept complete responsibility for your own actions.
    10. Not getting a bigger-picture perspective on a market.
    Truly, these are the mistakes that one should avoid to succeed. If you can only follow these rules you can not be so far from winning.

  9. #24
    Market Maker cool user
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    Quote Originally Posted by onlyforsoldi View Post
    and the most dangerous mistake is the lack of patience because this field needs the patient traders to learn and become good traders
    many of us have an error in the trade because we are not doing our trade with high patience, but if we wait there will be discipline in us to have a better trading

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