Everybody makes mistakes. I'm no different, and I have a sneaking suspicion neither are you. Perhaps you had the good fortune of not losing large amounts of money on your mistakes, but I have not been as fortunate. I have found that mistakes, contrary to popular belief, are actually a great thing. You see when we make mistakes, we are given the opportunity to recognize and learn from them. Usually, we learn the most from our own mistakes especially when they cause us pain. However, there is a proverb that states that a wise man learns from others' mistakes, not just his own.
I believe some mistakes are more universal in nature, and will have a negative impact on all traders, however there are other mistakes I have made that are only associated with a particular style of trading. As this series continues I encourage you to take the time to think about which mistake is which. An example of a general mistake would be not controlling your emotions while in a trade. Conversely there are mistakes that will go against a particular trading style. For instance, I know two traders one of which uses absolutely no indicators whatsoever. This trader only trades based on price action. However, I also know of another trader, who uses every technical indicator that he can in order to gain an advantage. Both of these traders are extremely successful at what they do and what one might consider a mistake may only be relevant to his own trading style and not the styles of another.
How you apply any lessons learned from my mistakes is certainly up to you, but if you're a beginning trader. I hope you can see the wisdom of learning from the mistakes of others.
Paul
P.S.
Since I've made more mistakes than I can cover in just one blog post, and indeed I continue to make mistakes, this will be an ongoing series on FXMtraining.com. And I hope to have other successful traders show you some of the greatest lessons they have learned while trading.
I believe some mistakes are more universal in nature, and will have a negative impact on all traders, however there are other mistakes I have made that are only associated with a particular style of trading. As this series continues I encourage you to take the time to think about which mistake is which. An example of a general mistake would be not controlling your emotions while in a trade. Conversely there are mistakes that will go against a particular trading style. For instance, I know two traders one of which uses absolutely no indicators whatsoever. This trader only trades based on price action. However, I also know of another trader, who uses every technical indicator that he can in order to gain an advantage. Both of these traders are extremely successful at what they do and what one might consider a mistake may only be relevant to his own trading style and not the styles of another.
How you apply any lessons learned from my mistakes is certainly up to you, but if you're a beginning trader. I hope you can see the wisdom of learning from the mistakes of others.
Paul
P.S.
Since I've made more mistakes than I can cover in just one blog post, and indeed I continue to make mistakes, this will be an ongoing series on FXMtraining.com. And I hope to have other successful traders show you some of the greatest lessons they have learned while trading.
