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Learn from your past mistakes

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  • Rodríguez1988
    replied
    doing this will also makje you build your strategy

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  • Deliniel
    replied
    Absolutely agree!
    Especially with the passage which tells to learn the reasons for the losses. From my perspective, it is a key to success not only in trading but in any activity you take. Further development is impossible without learning from your mistakes and how can you learn from mistakes if you don't know why your last deals have failed. More than that, how can you choose a trading strategy if you don't really know whether it works or not?
    Analysing your past trades is crucial for trading and for making profits.

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  • Kelune
    replied
    This is very true because it is from our past mistakes that we learn to aemk better decisions in forex THere are countless number of traders that make mistakes everyday. THere are those who chose to learn from their mistakes and there are those who stay ignorant to only regret it later. If you want to be successful in forex then you need to be able to make the most appropriate decisions. You can never be sure of the decision is the most appropriate but if it is not the n the results will show it and then you can come up with better decisions. That is how you learn from your mistakes. If you have made it once then you try not to make it again.

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  • Agredritlan
    replied
    Errors are an integral part of trading that traders have to deal with all the time. If you get the most out of your downfalls, you can quickly gain the right experience and become a much better trader. I always advise newcomers to enter a trading journal that will allow them to analyze their mistakes and avoid them in the future. I also always say that you should look for the problem in yourself and not in external factors. It is up to you to make your decisions, so you should always be calm and aware of your actions. Among the most common mistakes, I can single out constant changes in the trading strategy, greed, and improper money management. These are the factors that cause you to lose your capital unnecessarily or even explode your account.

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  • Rogers
    replied
    Exactly Landorra, I also think that it is a crucial point in trading to understand what exactly you are doing wrong in your losing trades. This is what actually is growing our trading experience and leads to improvement of skills and strategy.

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  • landorra
    replied
    Originally posted by Rogers View Post
    I agree with Nuathris. There are many traders who switch their trading strategies when they start losing money. Instead, I think that it is better to do your best to fix your current strategy. In this way you will be able to learn something new about market and your skills. Right?
    Completely agree. Maybe our strategy is not the best one, but understanding why and not simply giving up is a winner feature in the long run.

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  • Rogers
    replied
    I agree with Nuathris. There are many traders who switch their trading strategies when they start losing money. Instead, I think that it is better to do your best to fix your current strategy. In this way you will be able to learn something new about market and your skills. Right?

    Leave a comment:


  • Nuathris
    replied
    I fully agree with the author, correct analysis of your mistakes will greatly increase your efficiency in further trading, many people give up after the first set of failures and that is where their path as a trader ends. The right attitude to mistakes is very important for a successful trader, if you cannot understand what the problem is, you can always turn to other experts for help, as practice shows, it is easier to look for other people's mistakes than your own. A lot of traders often change their trading strategies, which is why they often fail. And I am talking about experienced traders, on the contrary, beginners should try different strategies and determine what is best for them.

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  • Gholbizel
    replied
    ...Well, it makes sense, otherwise why do business further if you can't learn from your mistakes and start working differently?

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  • Rhonnon
    replied
    Mistakes are what help us get used to and build the right system of action that will work for our capitals. And we shouldn't expect everything to go smoothly. Mistakes and losses always piss us off, it's difficult, but only in our power to cope with such situations and further use the experience gained for our own benefit.

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  • Blazaronald
    replied
    There's nothing wrong with that, none of us are perfect, we all learn and do stupid things, so I take it philosophically and just always look for a way out.

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  • lal.remigiusz
    replied
    in the past as a mirror view of the future.

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  • amri.rudi
    replied
    I made the mistake of me in the past as a mirror for a period ahead of me

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  • Ytanne
    replied
    One of the best trait of a successful person is that he/she learns from their mistakes. A person will never achieve anything in life if he makes the same mistakes over and over. You need to be flexible and don't be one of the arrogant people. What do you guys have to say about it?

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  • Ubahon
    replied
    Mlawson71 what I usually do is analysis of my lose deals. I am trying to figure out what exactly I did wrong in order to make such deal. Then I try to make improvements, when possible, in my future trades. I am not sure what others are doing in this sense?

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