What are your poor trading habits?

[Vladimir Rojas]

As we gain our experience, we form habits. They come in various forms, but they surely affect your trading performance. That is why you need to keep an eye on your habits. Keep good ones and eliminate bad ones

Here are the most common poor trading habits:

• Breaking your trading rules: When you don't follow your trading strategy or plan, you may forget about your goals. It affects your performance and brings results far from what you planned.
• Setting illogical Stop Losses: We spoke about it before. If you don't consider the market's conditions before you place a Stop Loss, it might not work how you expected.
• Aggressively making up for losses: The pain of loss hurts, but if you begin to trade more, hoping for compensation, it can lead to unpleasant results.

Do you have any of these habits? Here in the community, you can exchange your experience with other traders and form good habits together!

 

[Henow1969]

The lack of patience I have is one of the baffling habits I have. I sometimes lose patience and open order without waiting for the right entry, so I bid on the order. Those practices often end in frustration.

 

[trendie]

Impatience when in front of the screen.
I know that not doing something is a valid action, but I still sometimes I feel I should be "doing something".

 

[Love for Earth]

Hey guys.

I often lose confidence in my plays after a couple losses while day trading. I can usually keep my plays in the positive transactions. After a big loss however I will tighten up my buy points & lose out on potential gains.

 

[sharabela]

Yes, these are the most common poor habit by traders. We are human being and we are bound to make mistakes. Thing is we have to make sure that a single mistake does not hurt us too much. That is why there is risk management which must be maintained in Forex trading with every single trade. We must try our best to be disciplined as much as we can.

 

[HeavLeighGill]

I don’t do well with losses and tend to deviate from my strategy if I don’t get up and take a breather. Money is tight sometimes so I hate losing it, but I’ve been working on relaxing and taking a break when needed because it never ends well if you go off of emotions in those moments.

 

[pezza55]

Some great points there, I think the hardest is trying to continue after a loss. It can be so easy to get caught up in a downward spiral making the same mistakes. It's really important to take a step back and learn from any mistakes before trading again.

 

[tradingout]

Not using stop losses was a poor habit of mine a few months ago. But now I always make sure to make proper use of stop loss.

 

[FerarriBit]

Almost all successful and effective business people are all insatiable readers and learners. We know that some sales professionals consider reading a hobby or a pastime, but let us assure you that the more you read and learn from other people's experiences, the better you become and the more in the sales profession. Learning and reading make your time at work much more valuable and effective.

 

[Spread-Bettor]

• Breaking your trading rules: When you don't follow your trading strategy or plan, you may forget about your goals. It affects your performance and brings results far from what you planned.

I think it's the most common mistake, as at time we get tempted to deviate from the plan and then pay for it.

 

[IceThor]

Watching TV whilst trading

 

[IceThor]

Watching TV whilst trading

and eating while trading........I am fat now

 

[Leon212]

Used to be chasing loses

 

[WalletInvestor]

Watching TV whilst trading

I watch/listen to things in the background sometimes too even when I should concentrate. It can be a difficult habit to kick.

 

[IceThor]

I watch/listen to things in the background sometimes too even when I should concentrate. It can be a difficult habit to kick.

Sure is.

 

[Smith2525]

Not sticking to your plan

 

[pathsofglory]

My worst trading habit is being inconsistent in following my trading plan and recording my trades in a trading journal. It has proved really beneficial whenever I religiously maintain my trading journal but I don’t know why I find it so much of a hassle. Also, following my trading plan when the market behaves differently to what I’ve expected is a hard task for me. I always end up deviating from it and taking unexpected decisions.

 

[IceThor]

Concentration is mything

 

[IceThor]

Being a huge fan of rock music, I used to listen to songs while trading. But I have stopped doing so as it was full of distractions while trading.

What bands do you like?

 

[AliForexTalks]

One of the most destructive habits a trader can have is ignoring the rules of their own trading plan about when to enter and exit a trade. Breaking this bad habit means critically examining how you view the success or failure of any single trade.