5 beginner mistakes I made during my first year trading Forex

now there are five very embarrassing mistakes that I have made in my first year of trading and these are mistakes style don’t want you to make well we’ll talk about that today coming up next [Music] so if you only know I’m especially on cleaning I blow a lot of account I’m a loss very embarrassing mistakes I made some good traits which I think was good by today turned out that they are really shitty traits so time and time again I also find that a lot of other traders in your first few years of training they also make these mistakes just understand you’re not alone okay so the first mistake that I made my first about training is that now this also very common among baked in a stock investors is that they buy and sell just based on price now what do I mean by that because me I’m a star investor I don’t trade stock and I know that people will do that successfully so I finally lost our investors when they say that the price of the stock is very cheap they’ll just buy based on that in other words they are just buy based on what they see right now at this moment now what’s wrong this way of investing is that when you buy when the stock is cheap thinking that it’s going to go up that’s not the right way to invest because here’s the thing sometimes when a stock price is cheap it is cheap for a reason especially when it comes to penny stocks and not Valley companies a cheaper stock can also go cheaper and also a lot people just pick companies that they’d like just like that and also a lot of people when they see a stock price is very high they’ll be like okay so value let me just sell it in other words they are still buying so then based on what is he on the charts when it comes to investing in stocks long-term you know compared with the intrinsic value and you can calculate that by projecting the cash flow from Ekron year to future years so that’s for another video and when it comes to forex last time when I see an uptrend I’ll just buy just like that plus I’m gonna see a dump and yourself without taking into account that the market momentum has already been exhausted at the time when I bought it at the time when I saw it so we often times when sellin doctrine identity account of the fact that markets can reverse from a downtrend back to an uptrend they’re laying off stupid trades neither I trade blindly and when I buy it I don’t know whether said my stop-loss yellow was my TP target lost I guess it’s just very end up I want a reason it’s also because I wasn’t confident in my system back then I did not back test enough I did not practice it nothing a demo account so speaking of demo account in my first three months also watch the contact process after one to two months of trading them or I’d be like start gold light not only will get burned only to go few accounts that’s why I went back to demo trading for two years treat the demo for two years if I go back to life again so good mistake that I made is that I focus too much on can you guess what is it this thing was this percentage win wait so when I first started off I think that I was killing it when I can make 10 straight wins 20 straight wins I will achieve the district wins 40 straight wins so how do I do that if you’ve watched some my past videos when you make a buy right here today last time what I do is that I will set my TP target very quick all right then I stop loss I’ve said it that’s why it wants to go in fact there’s one called time I would set my TP target at 20 30 pips and then stop-loss target at more than hundred pips can you believe that that’s worse than being a gambler you know what I’m saying in other words I have a very bad wish to be sure because my main focus back then is just how can I get the highest win rate and on that day when I make a losing trade what happens that the price did not go up and hit my tip it again and then it start to retrace from here down like okay it’s gonna go up soon soon soon yeah so don’t know when but soon speaking of thought was comes that that mistake so when I see the price go all the way down and down down but then we just very near to my stop-loss what I’ll do is that okay um I can’t let my treat at four months hard work get white puck just like that so let me just do one thing okay I drag my stop-loss further downwards so they can let the price to brief but turns out that the price went further down and down down down and then it becomes so tiring to constantly adjust my stop-loss that I completely removed it so I remove my stop-loss then the price and stop going up it went further down then I get my gene called then McCrea cow gone just like that so in other words my third mistake is that I constantly adjust or even sometimes we move my stop loss now I was red as a pin with my TP target but I was super not disappear with my stop-loss and I was doing this because I was operating out of the fear of losing I don’t want to lose it is better to admit that you’re wrong right now than to prove to the market that you are right in other words respect mr. market have less ego now for mistake that I made I really like to take trades on non feeling days when there are no signals for my trading system and that day I was still trading so how do I feel I force a trade a lot of peanuts they can’t handle those days when they are not trading Karen I’m a trader I’m not slant that’s what our traders they go into scalping other fairs on nineteen days when there’s no signals to get bored now here’s the thing it is normal especially got day traders during fetal position trainer to have no tricks on some days certain systems work on a ranging market certain systems were on a trending market if your system for example only works in a trending market you need avoid feeding on those days when the market is in consolidation if you apply your trend trading system onto a ranging market do not lose big time again numbers there’s a one size fits all system and although you remember that sometimes the best traits they were making I thought they did not make so you don’t know what to do with yourself on the nun training day go watch my video where I give you tips on what to do during non training days so they can better prepare for yourself on those days when you have a trick what I did back then I’m not fitting this is that I’ll just sit in front of computer and just stare the charts then there’s always this voice in my head that be like come on trend just this one time it’s going to work out now if you put a trade every single time when the voice inside your head tells you it is going to work out this time guess what the next time when you’re bored again you’re gonna listen to that stupid voice just make a biceps not hurting anybody but it’s not anybody about heart and money then the whole time cycle continues I mean okay I’m not kidding this and then it didn’t work out oh yeah I wonder why I didn’t work out man then I go into the tree again I take a revenge you took my money away I want it back it’s like an emotional Rock Hotel worse than the theme park on some days I’m like kids the computer on some days I’m a burn it so in other was back then I love waking my treating 10 it’s like my trainers morning afternoon night time routine I would look at my training plan and then be like yeah I hear what you’re saying but you know what today is my day even though I don’t know what I’m doing speaking of breaking my taint and this another event where I just love picking my training plan you know that I don’t sculpt but you might know that I used to sculpt it was doing my first year or treating because you know what scorpions very exciting number one number two I give me a lot of treat today number three very seldom they are not filling this box come on you can be busy for one entire day it feels like you’re making progress now here’s the thing if scoping works for you then keep doing that because I know a lot of successful Scopus institutions also do it but we’re often time these are professionals who have many years of experience or retail traders who have many years of experience but never ever do it when you are beginner stage okay because this was what I my next mistake is that I love picking my plant when there’s a high impact news because here’s the thing when you say for example NFPA the price going up and up and up you know this feeling where you’re like you feel like you’re missing out where your friends asks you out for party and then you’ve got no onions they won’t work Omo oh my god everybody’s making money except for me when I Scott back then it was me stop it it’s like I make up buy and sell at the same time sometimes I make many many bitrates buy here then the price goes up again by again price goes up there’s many made by others how much lot size of my training in each trade no idea my life was a big question mark and also here’s the thing when you apply your trainees to stop right into a high impact news your train system is will be rendered useless useless completely useless so we oftentimes gonna break my training plan makeup by randomly set my stop loss the price will come down in my stop-loss and then go all the way back up and then be like why Munsell stop-loss only to receive a call from my broker let me know the night Carolyn your accounts not doing so well I’m like why they’re my brokers like to even manage your risk so in other words there’s no risk management strategy all I care about where do I buy and where do I take my profits don’t tell me nothing about stop-loss what size calculation I’m not here you study meds I’m here to make money so these are some of the mistakes to learn the hard way and of course there are a lot more mistakes than me which are also very embarrassing I know guess what when you make stupid mistakes when you make dumb idiotic mistakes in the first year second year of trading it’s okay VOCs are saying a lot of people they make stupid mistakes they both have accounts and then they give up they give up don’t in defense between me and them it’s not them smarter it’s just that when I make stupid mistakes I’ve read it down and then bite one side but I have today take it back then I learn from it it’s okay to make mistakes as small as you learn from it it’s okay to both your accountant first few years it’s not your grandmother’s life savings okay so there let me know down a comment section below what are some mistakes that you learn the hard way when you first started out in trading okay so then I’m careful and I’ll talk to you in the next episode bye [Music]

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