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newbie mistakes

Discussion in 'General Forex Talk' started by GQuigz67, Aug 12, 2019.

  1. GQuigz67

    GQuigz67 Recruit

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    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.
     
  2. FxMaster

    FxMaster Lt. Colonel

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    Well before you go live again I would like to suggest you to check below links and enough use of Demo account.
    Take a look at this link Forex Military School and start your Forex Journey (improve Forex knowledge)

    There are a few articles written by Pharaoh on some subjects you might find useful (broker selection, avoiding scams, etc.). You'll find most of them here:

    https://www.forexpeacearmy.com/r/author/8/pharaoh-financial-blog

    Use below link to contact fpa if you have any questions.
    https://www.forexpeacearmy.com/community/pages/FPA-FAQ-and-Knowledge-Base-TOC/

    And, if you got any question then feel free to write here. We are more than happy to assist our members.
    Have a great day :)
     
  3. JamesForexSlayer

    JamesForexSlayer Corporal

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    Did you demo much before you went live?
     
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  4. JamesForexSlayer

    JamesForexSlayer Corporal

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    Also for mindset, try "trading in the zone" by Mark Douglas
     
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  5. walpants

    walpants Private, 1st Class

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    seen this book recommend a few times, i must find time to read it
     
  6. TJ Forex

    TJ Forex Private

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    Risking too much and getting emotionally attached are the two biggest pittfalls for new traders.
     
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  7. Madalyn

    Madalyn Private, 1st Class

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    all newbies make mistakes
     
  8. nahiyar

    nahiyar Private, 1st Class

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    To be emotional and risking high seems to be the same when traders are in greed they take high risk without realizing its bad effects on capital. Only one motivation is behind it that they want more money in a short time period rather than they are able to manage this risk or not . Mostly we see taking risk is easy but when they are in difficulty to manage they had no way to come out safely.
     
  9. downtrend

    downtrend Sergeant

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    Too much risk-taking is the first mistake of newbies. They do not know how this risk will affect on their account. Taking risk is easy and managing is quite difficult. Once you take high risk you can loose that amount , winning ratio is low so all traders must try to take sucha risk that is suitable for them which they afford to loose.
     
  10. Morning1234

    Morning1234 Private, 1st Class

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    Then they work on the bugs and make new ones. A beginner can work on bugs for years and all to no avail. Because often in trading the error is not where it seems.
     

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