Mistakes Many Forex Traders Make (Part 2)
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  • #1 Collapse

    Mistakes Many Forex Traders Make (Part 2)
    Originally posted by pmann View Post
    1. One of the major mistakes that a forex trader can make is the lack of education and knowledge about the forex market. While you don't need a college degree or doctorate to succeed in forex trading, you can't succeed in it if you don't take the time to do a lot of study and research.

    future transactions.
    FIRST of all thanks for this great topic wich i hope it will help alot of new traders to open there eyes on the truth.

    forex is like any othere thing in life it have its basics and rules and u have to learn them befor u start trading .. baby can walk before he learn how to .. and thats why people spend so many money on lerning new stuff.

    so if u want to become good trader study hard and undertand this market and its Variables and it will become weapons in ur hand

    Originally posted by pmann View Post
    2. Another common mistake of forex traders is believing that it is a get-rich-quick scheme. There's no such thing as easy riches in forex, even though it's very easy to perform transactions with just a click of the mouse. Making money from forex trading is an extremely difficult task, requiring a lot of effort, knowledge, discipline, persistence and dedication. If you are lazy in your affairs, you won't succeed in forex trading.

    future transactions.
    Just remmeber one thing all on 1 click u can earn 10k dollar and in 1 click u can lose 100k dollar so its 2 way button .. and try not to hit the other one
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    Last edited by ; 17-02-2011, 05:43 PM.
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    Originally posted by pmann View Post
    4. Still another common mistake of forex traders is the lack of a sound money management strategy. Money management will limit your losses and allow you to cope with the huge risks involved in forex trading. A good money management strategy will help increase your profits and save your money for future transactions.
    us i always say money managment is the kay to your life not just your trading life .. understand if u lose evry thing in 1 time how u gonna cover your losses.

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    • #3 Collapse

      yes the best thing in forex is still risk to reward ratio. keep to it

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        Originally posted by jinx View Post
        That's for general personality or character. For more trader specific try Trader's Test in www.iitm.com.
        The link you provided is cool.

        I can not disagree with the test which it says about me.

        The test found me as a Values-Driven trader. Here are the details:

        You are self-directed and can easily grasp new ideas. You also have a clear sense of your values and a true commitment to them. As a result, you tend to develop a clear vision about how to best serve the good of all. And you tend to be very organized and decisive in implementing your vision.

        One of Your Trading Strengths - You can readily grasp how the markets work and develop new low-risk ideas.

        One of Your Trading Challenges - You may become quickly frustrated when your systems do not seem to be operating as you feel they should.
        I would recommend everyone to take the test to know more about them as a trader.

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          after taking Trader Test...

          i was described as : You are a Planning Trader,.. One of Your Trading Challenges - You may not honor your stops because you want to be right about your trades.

          yes, i didnt honor my stop loss ha ha ha ,,.. Self-knowledge is the first step to improvement..

          thanks for those who pointing out about this test .. at least it's fun to know way we trade from different perspective..
          Get your money back from Instaforex - ****** up to 80% ~ Affiliate Code XSO PM me for details

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            And here's a little explanation which might be useful to you related to the test:

            Personality Types Best Suited for Trading

            Only two trader personality types have all of the desirable characteristics of a successful trader. These are the Strategic Trader and the Planning Trader.

            Traders that fall into these personality types have the best probability of success as traders. Not only do they tend to have the greatest financial success when trading, but they also have what it takes to operate in the markets efficiently and profitably.

            Personality Types That can Succeed at Trading With Some Work

            A larger group of ten trader personality types have one or two of the desirable personality characteristics of a successful trader.

            The personality types that fall into this category consist of the Detailed Trader, the Facilitative Trader, the Innovative Trader, the Spontaneous Trader, the Independent Trader, the Administrative Trader, the Values Driven Trader, the Socially Responsible Trader, the Accurate Trader and the Adventurous Trader.

            Such traders need to work on developing the additional characteristics of successful traders that they initially lack.

            Personality Types That Find Successful Trading Hard Work

            At the bottom of the trading potential totem pole are three trader personality types that may well be better off leaving trading their money to others. These consist of the Artistic Trader, the Fun Loving Trader and the Supportive Trader.

            Individuals that fall into this group are somewhat challenged by trading and will often find trading successfully to be hard work. While the possibility of success as a trader exists if they are willing to work hard at it, they may do better as investors by lending their money to others to trade forex for them.
            I take it from here:

            Trader Personality Types
             

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              Originally posted by David View Post
              Interesting. I have undertaken the test, and it kinda looks correct.

              It has ranked me as an Administrative Trader haha

              Here are the results:
              I think sometimes some brokers do mistakes like they dont stop the order when the price rise after the quoted price order but with instaforex there is no mistakes at all

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              • #8 Collapse

                There have many common mistake that people pointed out but still, there have a big one, that is use the same strategy for different brokers.
                When discussing trading systems on forums, some traders report amazing results while other traders while being 100% disciplined in trading can’t achieve any similar performance~~ have you ever wonder why??
                 
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                  Originally posted by Hoang Long View Post
                  There have many common mistake that people pointed out but still, there have a big one, that is use the same strategy for different brokers.
                  When discussing trading systems on forums, some traders report amazing results while other traders while being 100% disciplined in trading can’t achieve any similar performance~~ have you ever wonder why??
                  I have used the same strategy on several brokers. The only changes I needed to do was the range between setup and trigger.
                     

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                    i think part of it would be greed or emotional control of losses. I think once we get on a winning streak we tend to believe we will have a higher risk of trading. One mistake and we will lose our confidence completely.
                     

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                    • #11 Collapse

                      The only person who can make you rich or wealthy is you - no one else is going to make you rich. i admit that we should learn from mistake, failure is a key to success in forex. what ever mistake is same, the different is how u deal with it.
                       

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                        Originally posted by jinx View Post
                        I have used the same strategy on several brokers. The only changes I needed to do was the range between setup and trigger.
                        Yeah, every Forex broker has own time zone settings for their trading platform which make daily and weekly charts can easily have different values and price ranges. For some trading strategy, that may give big effect.
                           
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                          Originally posted by Hoang Long View Post
                          Yeah, every Forex broker has own time zone settings for their trading platform which make daily and weekly charts can easily have different values and price ranges. For some trading strategy, that may give big effect.
                          You're right. But most newbies, even those who have started to make money in forex, don't even realize it. They think broker's price is a universal thing. The fact that some broker offer fix spread while other offer floating, which supposedly tells them that there are differences, are mostly taken for granted and forgotten by the next second.
                             

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                            Originally posted by Hoang Long View Post
                            There have many common mistake that people pointed out but still, there have a big one, that is use the same strategy for different brokers.
                            When discussing trading systems on forums, some traders report amazing results while other traders while being 100% disciplined in trading can’t achieve any similar performance~~ have you ever wonder why??
                            bro, any strategy had true and fake signals
                            so ppl who make good profits with any strategy they already have good Experience to know the true signals from fake signals
                            that's why some people make good profits with strategy while another people lose with the same strategy
                             

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                              Originally posted by fresh View Post
                              bro, any strategy had true and fake signals
                              so ppl who make good profits with any strategy they already have good Experience to know the true signals from fake signals
                              that's why some people make good profits with strategy while another people lose with the same strategy
                              That may one of factor cause the different but what I want to point here is every Forex broker has own time zone settings for their trading platform, not much but enough for win or loose!
                                 
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