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Successful traders often like to help other traders, sharing their best trades, strategies, results ; explaining how to take from the market 100p, 200p. or more.But they were not born successful traders. They become like this slowly, hardly, by making a lot of mistakes. I want to share with you one of my biggest mistakes when I lost about 35% of my account. I hope that it will be useful lesson not only for me but for someone else. Every trader knows, that nobody can predict market movements, even perfect Set Up may fall. But sometimes when both technical and fundamental analysis show particular direction the Trader may decide that this is the Moment to double its account.It was October 28 , 2014, NZD-USD.
Market analysis:
I expected down movement because there were Down impulse, Up correction , corrective trendline breakout AND Fundamental news with GOOD forecast about USD.
October 28,2014 14:30 USD Durable Goods Orders Previous: -18,4% , Forecast : 0,5%October 28,2014 14:30 USD Durable Goods Orders ex Transp. Previous: 0,4% , Forecast : 0,5%
Then I decided to open several positions: after Pin bar, after breakout, and one pending order to be executed when the news is launched.
But not only this.I was so confident that I sell much more shares than usually (about 10 times more) and finally removed the initial SL higher not to be hit from the news volatility. You see what happened.The news were worse than expected , my loss were big.October 28,2014 14:30 USD Durable Goods Orders Previous: -18,4% , Forecast : 0,5% , Actual: -1,3%October 28,2014 14:30 USD Durable Goods Orders ex Transp. Previous: 0,4% , Forecast : 0,5% , Actual: -0,2%
After that I decided not to break another my Rule- to have a rest after big loss or big win.The expected movement occurred on next day, I missed it but I did not regret. I was calm and balanced again. I was ready to focus on the next trading.
The trading Success is : 10% market analysis and trading strategy; 30% Risk control and money management; 60% Psychology- discipline, self control. If a trader in a particular moment uses a losing strategy, but has good money management , its loss might be max 10%.If he uses wrong money management, take great risk, then its loss might be 30-40%.But if he is not in good psychological condition- to be calm, balanced, patient, accurate- sooner or later he will lose all his money.When I think about this trading, I realize that I was not in proper psychological condition- I was so sure in my analysis, I was so bored to wait for trading signal, I wish so much to win, and then everything seems to be OK, no problem to break my money management rules only once, or maybe twice...If I was not so greedy, this would be a regular, acceptable loss of 2% - not THE BIG LOSS.I wondered how could I do that , but even now from time to time I fall in similar conditions. It is not so easy to control your own emotions. The Greed is very powerful, but there will no success if you cannot control it. Not only the greed, all your emotion - greed, fear, revenge, anger, sadness... Traders must love all their trades- losing and winning. This are most valuable lessons, this is the experience .I hope I help someone to improve its trading results or to find something useful. For me losses are more precious than wins. If you want to WIN, you should know how to LOSE...properly.
Market analysis:
I expected down movement because there were Down impulse, Up correction , corrective trendline breakout AND Fundamental news with GOOD forecast about USD.
October 28,2014 14:30 USD Durable Goods Orders Previous: -18,4% , Forecast : 0,5%October 28,2014 14:30 USD Durable Goods Orders ex Transp. Previous: 0,4% , Forecast : 0,5%
Then I decided to open several positions: after Pin bar, after breakout, and one pending order to be executed when the news is launched.
But not only this.I was so confident that I sell much more shares than usually (about 10 times more) and finally removed the initial SL higher not to be hit from the news volatility. You see what happened.The news were worse than expected , my loss were big.October 28,2014 14:30 USD Durable Goods Orders Previous: -18,4% , Forecast : 0,5% , Actual: -1,3%October 28,2014 14:30 USD Durable Goods Orders ex Transp. Previous: 0,4% , Forecast : 0,5% , Actual: -0,2%
After that I decided not to break another my Rule- to have a rest after big loss or big win.The expected movement occurred on next day, I missed it but I did not regret. I was calm and balanced again. I was ready to focus on the next trading.
The trading Success is : 10% market analysis and trading strategy; 30% Risk control and money management; 60% Psychology- discipline, self control. If a trader in a particular moment uses a losing strategy, but has good money management , its loss might be max 10%.If he uses wrong money management, take great risk, then its loss might be 30-40%.But if he is not in good psychological condition- to be calm, balanced, patient, accurate- sooner or later he will lose all his money.When I think about this trading, I realize that I was not in proper psychological condition- I was so sure in my analysis, I was so bored to wait for trading signal, I wish so much to win, and then everything seems to be OK, no problem to break my money management rules only once, or maybe twice...If I was not so greedy, this would be a regular, acceptable loss of 2% - not THE BIG LOSS.I wondered how could I do that , but even now from time to time I fall in similar conditions. It is not so easy to control your own emotions. The Greed is very powerful, but there will no success if you cannot control it. Not only the greed, all your emotion - greed, fear, revenge, anger, sadness... Traders must love all their trades- losing and winning. This are most valuable lessons, this is the experience .I hope I help someone to improve its trading results or to find something useful. For me losses are more precious than wins. If you want to WIN, you should know how to LOSE...properly.