Rookie Mistakes of Forex Traders

33 Responses to “Rookie Mistakes of Forex Traders”

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June 05, 2015 at 10:39 am, Chris Narum said:

Hi Kiril!

When I try to watch this video, but it just starts from about 32:30 I can’t get it to play from the beginning.
I was wondering if it is only I that have this problem or if you have got reports from other people too?

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June 05, 2015 at 10:58 am, Kirill said:

Hi Chris,

Thanks for letting me know. Nobody else has reported this issue. I will log a service request with the hosting company.

In the meantime, could you please try this link?

https://forexboat.wistia.com/medias/dhn2k7ahh7

Let me know if that works,

Cheers,

Kirill

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June 05, 2015 at 11:02 am, Chris Narum said:

Thanks for your quick reply.
That link works fine.

Chris

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June 05, 2015 at 11:37 am, Kirill said:

Happy to help! Enjoy

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June 10, 2015 at 12:28 am, Abe Lee said:

Hi Kirill,

Thank you very much for this video, it’s contain a grate lesson as usual .
actually I don’t use stop loss too much ,so after watching this video i’ll start to use
stop loss.
Thank you.

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February 01, 2016 at 3:59 am, Kirill said:

Thanks Abe! Glad the video gave you some valuable pointers 🙂

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June 10, 2015 at 12:43 am, Abdelmoula Elmastouri said:

Hi Kirill,

Thank you very much for this video, it’s contain a grate lesson as usual .
actually I don’t use stop loss too much ,so after watching this video i’ll start to use
stop loss.
Thank you.

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June 10, 2015 at 5:36 am, Kirill said:

Hi Abdelmoula,

Glad you found this video useful! More coming your way soon.

Cheers,
Kirill

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June 30, 2015 at 7:52 am, Steven Damon said:

Great video! Even after taking two of the courses, I can see myself falling victim to some of the rookie mistakes discussed. The ones that resonated very well were overtrading, doing so “just to trade” and basically tossing a system to the winds. I know this as I would be too eager to get in and just have at it. Ensuring I buckle down on a good strategy and sticking with it will do me well because I can see myself getting that first taste of victory and blind charging for more needlessly. I appreciated the Unrealistic Expectations as that was what ultimately got me to sign up for the course. I had heard about Forex via Binary Options and after watching some especially shady videos, it was great to see the possibilities of Forex presented in a more realistic manner. Yes I can make money with hard work, due diligence and learning from mine and other’s mistakes. No I probably can’t make money by tossing $250.00 into a robot and pray for the best.

I appreciated the myths because I can easily say all of them resonated at some point and have a tendency to do so. They’re like little demons hovering over head and alternating turns. When one things of Day Traders or Forex Trading, you expect them to have the know how of the fancy Wall Street gurus but its good to know otherwise. I also appreciated the recommendation of starting small for two reasons: 1. That’s basically where I’ll be starting in the first place so its good to know you don’t need a lot of money to start becoming successful and 2. Even with my humble trading beginnings I am experiencing all of the psychological effects now so I will be more tempered and thorough with my strategies and most importantly PATIENT down road. Like I said, I know I would be very tempted to deviate from a strategy the moment I catch a few victories…patience grasshopper.

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July 08, 2015 at 12:39 pm, Kirill said:

Hey Steven! Thanks for the comments!! You’re right, patience is KEY! It’s surprising how well you can train your self-control even with a small starting deposit. I would even say ESPECIALLY with a small starting balance. Because it is with a humble balance that you are impatient to jump straight into the game – the account is tiny, and so are the profits and you will feel like you are wasting your time since you are not earning anything substantial. But that’s where most beginners go wrong. At the start it’s not about making the $, but rather it’s about training yourself and getting into the habit and routine of trading and following a strategy. In the long run that’s worth more than any profits that ‘could have potentially maybe hypothetically’ been made in those starting months.

Glad you could resonate with some of the errors. That’s exactly it! That’s exactly what I wanted from this tutorial – for you to see what errors you can see yourself making and to be able to NOT make them 🙂

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September 02, 2015 at 11:04 am, pciibiz said:

Selecting the wrong lot size. Ouch!!!

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September 02, 2015 at 11:38 am, Kirill said:

I feel your pain! Been there, done that.

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October 18, 2015 at 8:51 am, Gluay said:

Thanks for the video. I have started trading on demo account for a week now. The mistakes I made were #3 & #4. I adjusted T/P to close the position earlier because the market didn’t move as fast as I wanted and I’m afraid of losing that profit. If I would stick to my initial T/P, I would have earned more. And I made that mistake 3-4 times! So I’ve already set up my rule not to adjust the trade. I also have about 4-5 open positions at a time. For this, I also set up another rule for me not to have accumulative risk for more than, say, 20% of balance on all open positions combined.

Anyway, do you think I should use Trailing Stop?

Regards,
Gluay

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October 19, 2015 at 10:38 am, Kirill said:

Hi Gluay! Thanks for sharing. Glad to hear how you have created rules to manage your emotions in trading.

Trailing Stop is an interesting one. For most of the strategies I use adding a Trailing Stop doesn’t improve them. However, it really depends on the strategy and I wouldn’t be able to tell you – you have to decide this for yourself.

Looking forward to seeing you on video #3. It’s coming your way soon 🙂

Cheers,
Kirill

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October 19, 2015 at 7:03 pm, Gluay said:

Hi Kirill,

For me, I don’t see the benefit of Trailing Stop for now. I have set TP and SL and just wait. I think adding a Trailing Stop can ruin my strategy. I have finished 2 of your courses (Beginner & MM). I will practice for a few weeks before I start real account.

Regards,
Gluay
P.S. I have also left some questions on your courses. If you have time, could you please have a look?

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November 19, 2015 at 9:07 am, reneleica said:

another good video, and appreciate it

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February 01, 2016 at 3:58 am, Kirill said:

Thank you reneleica!

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January 12, 2016 at 7:36 pm, Arik Karish said:

Kiril you the man!, please make more Course of Automatic/Algorithmic Trading for 2016!~, in the last course of “Forex Robots: Expect To Earn 175% P.A. Forex Robot Included!” you only used few months of data to create few profitable sets and then you ran it demo then live and etc.., but, the whole idea is to make the algorithm smart by taking many years of data as an IS part of data and then test it in OOS part of data and then make sets and test it on demo and then live and etc…, so while i already knew this information and then after viewing this course i thought to myself “why does he use only few months of data full of holes from METAQUOTES even and not live real broker’s data or ducascopy tick data to make those calculations…”, so that’s why im asking you to make a new 2016 professional course for making algorithmic systems and working with them exactly like you do it without no short cuts this time & in full depth. ;), Thank you my friend keep it rollin!, waiting for a comment from you though! happy 2016!

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January 14, 2016 at 3:55 am, Kirill said:

Hi Arik,

Happy 2016 to you too!

Thank you for the great comments. I am glad you are enjoying the courses.

“Full-depth” optimization can be quite involved, with as you mentioned in some cases the trader having to use tick data from Ducascopy and even tools like TDS for modelling. However, “full-depth” optimization is not that much different from what we discussed in the Forex Robots course.

The course covers most of the fundamentals and it is up to the student to take the described approach and tailor it to their trading systems and optimization preferences. Moreover, you will find that optimization of different EAs can have different requirements. For example, if you are working with a scalper, then you might need Tick Data to perform your backtests. A different EA might require working with multiple timeframes, and so on. Therefore, creating a course on optimization “exactly” how I do it wouldn’t make sense – because even I do it differently for different EAs.

Finally, this topic would not have sufficient demand to warrant creating a separate topic on it. Let’s stick to the fundamentals with real live examples which we already have in the existing course. Going forward from there, I believe students should discover their own paths and do their own research to suit their requirements. Of course, practicing everything on a Demo account.

I do appreciate your comments and look forward to seeing you in classes and on the live webinars!

Cheers,
Kirill

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January 14, 2016 at 10:10 am, Arik Karish said:

I understand, thanks for the comment, Haven’t seen no webinar from you yet though, and yeah some EAs require Tick data and some require only M1 data yes, i thought if you can do a Part #2 of that same course that will include a much more in-depth of how you do your things lets say now you will include bigger amount of history and different history source then Metaquotes one, and more interesting stuff, i would be your first buyer :), I just wanna say that you made some kind of revolution and released tips and secrets that no one would share in that industry and if it is to learn something about that industry i would like to learn it from you mate :), thanks.

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January 16, 2016 at 2:12 pm, Kirill said:

Thanks for the great feedback Arik! I will keep you comments in mind and see how I can share more knowledge with the world.

There will be a webinar in February. Invites will go out soon. Look out for it!

Kirill

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January 19, 2016 at 7:34 pm, Arik Karish said:

Your rock buddy!, thank you so much for sharing your time and knowledge as a pro with the world!, looking forward for more cool stuff from you mate!

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January 20, 2016 at 10:08 am, Alex Nwabunor said:

Nice tips

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January 31, 2016 at 1:46 am, abe4x4 said:

Great video, overtrading is my biggest mistake

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February 01, 2016 at 3:58 am, Kirill said:

Thanks for sharing abe4x4! Definitely, overtrading is like an addiction – it’s like checking your emails too many times per day or constantly looking at your phone. Traders need to practice willpower to prevent overtrading from happening. It takes time, but in the long run it’s definitely good to be able to control any spontaneous desire to check the terminal.

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January 31, 2016 at 1:51 am, abe4x4 said:

by the way Kirill, I am signed up for ALL of your course on Udemy, they are all great and I recommend them to everyone!

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February 01, 2016 at 3:56 am, Kirill said:

Thanks Abe4x4!

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February 05, 2016 at 11:18 am, Matt Pannach said:

Thanks Kirill Once again I have enjoyed your insight.

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April 12, 2016 at 4:00 pm, Fernando Baeza said:

Hi Kirill!!

I love the way you explain everything, you make it very simple and understandable. However I have questions. I opened an account with City Credit Capital and they use the Market Trader 2 as trading platform. Could I use my account with MT4? I mean, by the examples you provide, it’s so much user friendly and allows different tools to analyze everything.

all best,

Fernando

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May 13, 2016 at 3:51 pm, Rafael Moreno Garrido said:

Hi Kirill, thanks a lot because of your courses, they are great.

I did 4 and 6 mistakes, I thought that search in every currency pairs trading opportunities was the best. I have one question, is it right to take out most of profits in the account to have almost always the same balance (money management) in a period of time (for example, each month)?

Best regards

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June 20, 2016 at 9:22 pm, Zacharias Ottukallil said:

Rookie Mistake #1 took off all my initial investment 🙁

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August 02, 2016 at 12:02 pm, Santi said:

#myth: You can’t start with a low balance.
Don’t you think that starting with a very small amount like 1000 or 2000 will force you to over-trade?

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