newbie mistakes

[Alanmarshall]

Hi guys so relatively new to the forex market and unfortunately I've suffered pretty high loses the past week, I know where I've went wrong and I'm kicking myself for it but I'm wondering how many of you all have made the same mistakes and wiped out your account or come close to ? I've been involved for just under a year following signals but then decided to do my own trades with very limited education, cocky on my part and I've now (hopefully) learned from my mistake.

I usually learn from my mistakes and now that I've experienced this I'll be sure not to do it again. I was literally eating my dinner and took my eye off the chart for 1 minute and in that minute I was wiped out the trade in a flash resulting in alot of capital being taken out.

I'm looking at Chris Caper for the mentor course at 2ndskiesforex which has good reviews on here, interested in it as its quite big on mindset, anyone on here had much success from it?

I'm determined to make a success out of this and look at losses the way I look at any other business expense, luckily the loses I can afford and I'm not too bothered about it but I know it was down to not following the basic rules, I thought I could capatalise on the XAUUSD situation and gain quick profits but I was wrong.

Thank you in advance for any support and feedback.

you should demo mate, if you're not confident

 

[Jim B]

It’s all a learning curve sometimes it takes a big mistake to encourage you to take steps to improve your strategy and mentality.

 

[Petezaa]

Hi guys so relatively new to the forex market and unfortunately I've suffered pretty high loses the past week, I know where I've went wrong and I'm kicking myself for it but I'm wondering how many of you all have made the same mistakes and wiped out your account or come close to ? I've been involved for just under a year following signals but then decided to do my own trades with very limited education, cocky on my part and I've now (hopefully) learned from my mistake.

I usually learn from my mistakes and now that I've experienced this I'll be sure not to do it again. I was literally eating my dinner and took my eye off the chart for 1 minute and in that minute I was wiped out the trade in a flash resulting in alot of capital being taken out.

I'm looking at Chris Caper for the mentor course at 2ndskiesforex which has good reviews on here, interested in it as its quite big on mindset, anyone on here had much success from it?

I'm determined to make a success out of this and look at losses the way I look at any other business expense, luckily the loses I can afford and I'm not too bothered about it but I know it was down to not following the basic rules, I thought I could capatalise on the XAUUSD situation and gain quick profits but I was wrong.

Thank you in advance for any support and feedback.

Everybody makes mistakes when they first start trading. Personally I would stay well away from Gold for the time being, as it's a pair that is hard to trade if you are not used to the volatility.

Stick to a slower moving pair instead! Good luck

 

[momo3HC]

It’s all a learning curve sometimes it takes a big mistake to encourage you to take steps to improve your strategy and mentality.

Exactly.

 

[JayJones]

What best way not to make mistake?

 

[nahiyar]

Everybody makes mistakes when they first start trading. Personally I would stay well away from Gold for the time being, as it's a pair that is hard to trade if you are not used to the volatility.

Stick to a slower moving pair instead! Good luck

At the start, the trader should trade mostly in currencies so that he will not face volatile markets and high risks. Trading in Gold is not easy it is much attractive due to the possibility of high profits but managing this pair is so hard and needs a lot of capital to trade in the market .

 

[FerlandFx]

Not making use of the demo account, going straight into live trading without using the demo tools purposes is the first mistake i made.

 

[Ferrita]

What best way not to make mistake?

Newbie should practice on demo first, fund your real account with less money and work on your strategies. If it works for you then invest higher capital otherwise try back testing your strategies. Keep analysing your past trades to figure out your mistakes and work hard on it.

 

[JayJones]

Yes i do demo

 

[FxProTrader]

Not making use of the demo account, going straight into live trading without using the demo tools purposes is the first mistake i made.

It is always better to start your trading with the use of the Demo trading accounts and the main reason is that in the Demo trading the losses will be not real and you will stay safe.