My Mistakes in Forex Trading

By: Maya kadouf

They say a wise man learns from his mistakes. A wiser man learns from other people's mistakes. So what have I learnt in these few months of trading? I've learnt a few golden rules.

1. Patience. After losses after losses, you get patience pounded and drilled into your head. Until one day, you no longer feel that you've lost out if you didn't catch that big move.

2. Don't be greedy. It's so much easier trying to achieve a small target than a large one, e.g. taking profit at 20 pips rather than 150 pips. It is doable of course, to achieve large targets, different strategies call for different take profit points. But as a beginner, I feel it's much better to try to catch a small chunk each time. Firstly, even if it's a small chunk out of a big move, it's fine. Some people might have even lost on that same move by being rash. Secondly, if it was a reversal, you've already took profit. You've won while others lost. Thirdly, even when you do lose, it was a small stop-loss.

If you've seen 'The Secret', you would understand the Law of Attraction. They say good thoughts attracts good things, negative thoughts attract negative things. Even if you are constantly thinking about not letting something negative happen, that's exactly what will happen! Because you are thinking about it, you are therefore attracting it. It doesn't matter if you're thinking about something you want or do not want.

So with small targets to achieve, the win-loss ratio will definitely be better than when you try to achieve big targets. You feel good about yourself having so many wins and little small losses. You feel confident when you are trading, and are no longer concerned when a loss happens. You don't think about the losses, you are happy and thankful for the wins. Guess what, that's what you attract. Wins!

SLK Forex Journal

Foreign Exchange
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